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.
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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.
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.
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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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.