Water Adventure Tourism Revival Supporting Diving Tourism Growth at 5.9% CAGR: New Study
Diving tourism is becoming increasingly popular globally. With global travel and tourism industry projected to grow at above 13% in the coming decade, it will present lucrative opportunities for growth of diving tourism. Future Market Insights (FMI) in a recent study has forecast the market for diving tourism to exhibit 5.9% CAGR between 2020 and 2030.
Diving Tourism Market
A recent market study published by Future Market Insights on the diving tourism market off...
Rise in water adventure tourism is expected to remain a chief growth driver. Increasing demand for experiencing adventure sports and water activities has been driving special interest tourism. Against this backdrop, diving tourism market will be presented with attractive opportunities for growth.
Disintermediation-the Evacuation of Middle-Man Enabling Growth
In the travel & tourism sector, the inclination has been towards disintermediation, meaning the evacuation of the middle-man—a tour administrator or travel planner/agent—who has traditionally associated the customer in the source market to the ground overseer in the objective market. As the vacationers can access information and trusted customer reviews online, they are likelier to go straight to the provider.
Explorers are progressively more associated with the adventure activities and seldom leave without a phone or tablet to capture their vacation moment or keep in contact with friends and family. This trend is breaking down geographic limits and permitting explorers to wander further afield than ever before.
Moreover, with the increase in government initiatives in the form of public-private partnerships to promote tourism, the surge in travel tendencies on online media, rivalry among travel services in the contribution of reasonable travel packages, reduced travel restrictions as well as the economic evolution are the factors responsible for propelling the growth of diving tourism market in foreseeable future.
Key Takeaways from the Diving Tourism Market Study
- The revenue generated by the travel and tourism industry was approximately 6.3% of the global gross domestic product in the year 2019 and diving tourism was approximately 0.003% of the total GDP in 2019
- In the year 2019, the diving tourism industry witnessed a growth of approximately 4.9% due to better and quicker air traveling, making previously remote areas accessible, easier traveling, increase in the number of paid holidays per person globally, increase in the outdoor activities among millennials in developing countries and other factors
- Online booking is the most lucrative booking channel for the coming foreseeable future. The companies are currently focusing on digital media platforms due to consumer’s inclination towards third-party services
- In-personal booking account for the highest value share in the diving tourism market. However, online booking is expected to expand at the highest CAGR owing to secure payment, easy cancellation policy, and less paperwork, and others
- Europe holds the largest value share in the global diving tourism market due to growing consumer consciousness and the high concentration of operators and destination sites in the region, which accelerates the market in the specific region.
“Companies are recommended to focus on innovation & attractive services pertaining to various diving tourism activities and create moments beyond the expectations of travellers. Run more events like Fiji Fiesta which help to drive the bookings,” says an FMI analyst.
Impact of COIVD-19 & 2020 Market Analysis
The COVID-19 pandemic has considerably diminished global economic activity and caused critical instability and disturbance in global financial markets. The COVID-19 pandemic and the measures taken by various countries in response have adversely affected and could in the future materially adversely impact the diving tourism business, results of operations, and financial condition.
During 2020, aspects of the diving tourism business were unfavourably affected by the COVID-19 pandemic. Coronavirus and the subsequent travel limitations around the globe, along with the Movement Control Order (MCO) put into place, has severely impacted the tourist and diving industry across the world.
E-learning has been growing in popularity for some time and has been embraced by various training agencies and dive centers like PADI, SDI, NAUI, and others to greater and lesser degrees, but the flow of divers and dive students is expected to be very low.
Who is winning?
Some of the key players operating in the diving tourism market are Fly & Sea Dive Adventures, Project Expedition, Bluewater Travel, Island Expeditions Company Limited, Liveaboard Adventures, national Geographic Expeditions, Deep Blue Adventures, Caradonna Adventures, Advanced Diver Mexico, The Natural Travel Collection Ltd., PADI Travel, Hidden Depths Dive Tours, Scuba Travel, Dive The World, World Dive and Sail International, Entrada Travel Group, Quicksilver Group, Dive Adventures, and among others.
- In 2021, World Dive and Sail International are going to organize the DRT (Diving, Resort, and Travel) show in Shanghai, the most effective B2B2C platform and the largest diving expo in Asia. The partners for the DRT Show Shanghai are PADI, UTD, SDI, DAN World, Ocean Seeds, TDI, TPB, and many others.
- In 2019, Fly & Sea Dive Adventures partnered with The Dive Shop for exclusive dive travel coordination. This partnership would enable the company to enhance and grow its travel business segment.
- In 2019, Project Expedition entered into a supplier partnership with KHM Travel Group. Through this partnership, KHM Travel Group advisors would have access to competitive commissions when booking on Project Expedition’s curated platform of 12,000 tours and excursions across 800 cities.
Get Valuable Insights into Diving Tourism Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global diving tourism market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the diving tourism market based on the diver type (professional diver, active diver, casual diver, and new diver), tourist type (international, and domestic), age group (15-25 years, 26—36 years, 36-45 years, 46-55 years, 56 years and above), tour type (independent traveller, tour group, package traveller), consumer orientation (men, women, and children), and booking mode (online booking, phone booking, in personal booking) across seven major regions.
According to Future Market Insights’ recent market report titled “Diving Tourism Market: Global Industry Analysis 2015-2019 and Opportunity Assessment 2020-2030”, Diving tourism has grown exponentially all over the world in recent years with tourists visiting destinations previously undiscovered. This allows for a new destination to market themselves as truly unique, appealing to those explorers looking for rare, incomparable experiences.
The global diving tourism market in 2019 was valued at ~US$ 2,841.4 Mn and is projected to grow at a CAGR of ~ 5.9% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.