Water Adventure Tourism Market: Overview
Rapid rise in trend to experience adventure sports, and undertake activities that have the thrill factor on a vacation is fuelling the water adventure tourism market. Surge in disposable income and high spending power are some key factors indirectly influencing the water adventure tourism sector.
The water adventure tourism market is gaining from rising interest of individuals in water adventure sports. Water adventure sports are undertaken at water bodies such as lakes, canals, sea, creeks, ocean, and coastal areas. Water sports geeks travel specific locations to experience soft as well as hard water based adventures and activities such as canoeing, kayaking, water-skiing, sailing, river rafting, and scuba diving.
Water Adventure Tourism Market: Competitive Landscape
The water adventure tourism market features participation of large private companies, recreation departments, as well as small players that operate locally. In developed countries, revenues in the water adventure tourism market are held by both large private companies and government-led recreation departments.
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In developing countries, emergence of small companies run and managed by locals is giving a new dimension to the water adventure tourism market. Local populations near large water bodies are now creating water adventure clubs to attract tourism in these areas. Low prices of these small unorganized players in developing countries attracts middle-income populations to venture in these sports. This is limiting the scope of expansion of large private water adventure sports companies in these regions.
Water Adventure Tourism Market: Key Trends
Growing interest of individuals to experience thrilling water activities that involve some risk, is leading to upswing in demand for water sports. Individuals, families now travel to specific destinations such as Malaysia for white water rafting, California for kayaking, Brisbane for scuba diving, and Spain for wind surfing to experience the sport in the best setting. With such popularity of water sports at these destinations, governments have developed these areas to attract tourists, vacationers. Luxury hotels, resorts, cafes, and boardwalk are some facilities that governments have spent heftily to develop these areas. Such initiatives boosts the water adventure tourism market.
Participation of big sporting brands in the manufacture of water sport equipment is another factor boosting the water adventure tourism market. Large sporting brands such as Nike, Adidas, Mikasa, and Under Armour manufacture equipment for water sport activities. Reliability on the technology and manufacturing quality of these companies boosts consumer confidence to experience water sports at these locations. In Western countries, governments and recreation departments ensure high level of safety is maintained at these sites, and round the clock emergency service is available in the event of an accident. Sports equipment, training of activity associates, technical support are inspected regularly and are permitted to be operational on meeting quality standards. Such extensive efforts for safe water sport operations is indirectly benefitting the water adventure tourism market.
Water Adventure Tourism Market: Regional Assessment
North America and Europe hold dominance in the water adventure tourism market. Keen interest of individuals to experience thrilling water activities is key to the growth of water adventure tourism market. Individuals of almost all age groups, including senior citizens tend to experience risky water sports on vacation for adventure and thrill.
Efforts of governments to develop water adventure sports and adequate safety measures in place to prevent accidents attracts individuals to experience these activities. This further fuels the water adventure tourism market in the region.
Asia Pacific is emerging as a key region in the water adventure tourism market. Rising disposable income in developing countries of the region have led to spending on expensive vacations for different experiences. Individuals, families in urban areas of developing countries now take two to three vacations in a year for different experiences, including water adventure sports. This is boosting water adventure tourism market in the region.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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