The mountain and ski resort industry is expected to reach USD 17.5 billion in 2025 and grow to USD 49.2 billion by 2035. It is projected to expand at a CAGR of 10.9% from 2025 to 2035, driven by increasing adventure tourism, rising disposable income, and the growing appeal of winter sports.
Mountain and ski resort revenues are increasing as adventure tourism and winter sports gain popularity. Destinations like Aspen, Zermatt, and Whistler have seen a surge in bookings, while sustainable tourism initiatives have led resorts to invest in eco-friendly infrastructure and artificial snowmaking technologies to maintain year-round operations.
Luxury travelers are also fueling growth by seeking exclusive winter retreats. Resorts such as St. Moritz and Courchevel continue to attract high-net-worth individuals with premium ski chalets, Michelin-star dining, and personalized concierge services. Meanwhile, middle-range resorts in Austria, Colorado, and Japan are expanding their offerings to cater to both experienced skiers and beginners.
| Attribute | Details |
|---|---|
| Current Mountain & Ski Resort Industry Size (2024A) | USD 15.7 Billion |
| Estimated Mountain & Ski Resort Industry Size (2025E) | USD 17.5 Billion |
| Projected Mountain & Ski Resort Industry Size (2035F) | USD 49.2 Billion |
| Value CAGR (2025 to 2035) | 10.9% |
| Market Analysis of Top Players Share in 2024 | ~30%-35% |
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The mountain and ski resort industry has expanded steadily, growing at a CAGR of 10.3% from 2020 to 2024, reaching an estimated market size of USD 15.7 billion in 2024. This growth is expected to continue at a CAGR of 10.9% from 2025 to 2035, projecting a market size of USD 49.2 billion by 2035.
This growth is influenced by multiple factors. These include an increased demand for winter sports tourism, adventure travel, and eco-friendly resort experiences that propel the industry forward. An increase in disposable income along with growing interest in outdoor tourism recreation has encouraged travelers to spend more time on ski and mountain resort stays. The shift toward year-round tourism is also a contributing factor; resorts diversify their offerings toward hiking, spa retreats, and other sustainability-focused travel options beyond the winter seasons.
In turn, luxury resorts have capitalized on this trend through personalized services and high-end amenities, while mid-range and budget resorts have increased to accommodate the larger number of tourists. Given the increasing investment in technology, infrastructure, and sustainability initiatives, the mountain and ski resort market is poised to experience strong, sustained growth for the next ten years.
| Year | Comparison of Resorts Industry vs. Mountain & Ski Resorts Industry |
|---|---|
| 2020 | The result was a decline in the global resort industry leading to huge loss of revenue due to the COVID-19 pandemic. The mountain and ski resorts industry was also negatively affected by lockdowns, travel restrictions, and the worsening winter sports tourism. |
| 2024 | The resort industry recovered, reaching USD 1.2 trillion, driven by leisure tourism and increased travel demand. Meanwhile, the mountain and ski resorts industry reached USD 15.7 billion, supported by the return of adventure tourism and strong domestic demand. |
| 2025 | The resort industry is projected to grow to USD 1.45 trillion, with luxury and sustainable tourism driving demand. Similarly, the mountain and ski resort market is expected to hit USD 17.5 billion, with increased investments in sustainability and off-season activities. |
| 2035 | The resort market will be over the USD 2.5 trillion mark, powered by technology integration and immersive experiences. The mountain and ski resorts industry is going to be about USD 49.2 billion, with advanced infrastructure, eco-tourism, and experiential travel as major drivers. |
The mountain and ski resorts industry is witnessing steady growth as the demand for adventure tourism, sustainable travel, and immersive winter sports experiences grows. The sector was severely impacted in 2020 due to global travel restrictions and the closure of ski resorts but has rebounded since then, reaching USD 15.7 billion in 2024. Industry leaders are now investing heavily in sustainability initiatives, technology integration, and year-round tourism to maximize revenue.
Resilience and Recovery in the Ski Resort Industry
Key ski resorts have shown solid resilience despite challenges that occurred initially at the advent of the pandemic. Aspen Snowmass in Colorado has been utilizing dynamic pricing in the lift ticket and accommodation system to attract a more substantial influx of visitors with maximum revenue maximization. Meanwhile, Zermatt, Switzerland, has augmented its artificial snow-making systems that would provide consistency in skiing weather conditions even as climates vary.
Vail Resorts saw 15% more revenue in 2024 than before the pandemic, with the primary drivers being strong demand for high-end winter travel and an improved Epic Pass subscription model. It suggests that travelers are willing to invest in premium, experience-driven vacations, especially within luxury ski resorts.
Sustainability and Eco-Tourism Initiatives
Ski resorts are now integrating eco-friendly practices in order to attract environmentally conscious travelers. Alterra Mountain Company has launched its Carbon Neutral 2030 initiative, investing in solar energy, electric snowmobiles, and waste reduction programs across its properties. Whistler Blackcomb in Canada has also implemented an AI-powered energy management system to optimize electricity consumption across lifts, hotels, and snow machines.
In Europe, Chamonix-Mont-Blanc has launched electric shuttle services and enhanced railway connectivity, which have made it easier for visitors to reach the resort while reducing carbon emissions. Meanwhile, resorts in Norway and Sweden are focusing on sustainable infrastructure, including geothermal heating systems and zero-emission hotel accommodations.
Expansion of Off-Season Activities
Industry leaders are diversifying their offerings to counter the seasonal nature of ski resorts. Hakuba Valley's resorts in Japan offer summer-mountain biking, hot spring retreats, and cultural excursions, bringing visitors beyond winter time. Banff and Lake Louise in Canada are diversifying their hiking and wildlife tourism programs, driving off-season revenues.
The industry is expected to reach USD 49.2 billion by 2035, driven by technology integration, sustainable tourism, and premium experiences. The market will be led by resorts that invest in AI-driven guest experiences, smart ski lifts, and luxury winter lodges. With evolving traveler preferences, the mountain and ski resort industry is set to redefine adventure tourism, offering high-value, year-round experiences for global tourists.
| Countries | Domestic vs. International Tourists (%) |
|---|---|
| United States | Domestic: 65% / International: 35% |
| France | Domestic: 40% / International: 60% |
| Switzerland | Domestic: 35% / International: 65% |
| Canada | Domestic: 55% / International: 45% |
| Japan | Domestic: 60% / International: 40% |
| Italy | Domestic: 45% / International: 55% |
| Austria | Domestic: 50% / International: 50% |
| Germany | Domestic: 70% / International: 30% |
| Australia | Domestic: 75% / International: 25% |
| Norway | Domestic: 50% / International: 50% |
Mountain & Ski Resorts Performance in 2024
Mountain and ski resorts remain as one of the favorite destinations among both domestic and international tourists. In countries having large mountain areas and a highly developed winter sport culture, there is a more significant contribution by national visitors for the survival of the industry.
National visitors have long-term reservations in the country's best skiing destinations, thus availing season passes, discounts locally, and proximity to hometowns. These visitors significantly contribute to the revenue, especially in regions that have several ski resorts that are visited by returning customers every year.
International tourists in tourist regions significantly generate the demand. Countries having legendary ski resorts and high-end, luxury ski resorts at great elevations along with diverse winter sport activities attract cross-border visitors searching for distinct experiences in skiing.
They typically book all-inclusive resort packages and guided skiing as well as higher-end hospitality experiences. These segments have significant impact on the overall spending by travelers on upscale lodgings, finer dining experiences, and packages offering adventure tourism experiences.
Resorts in both well-known international winter sports centers and domestically popular resorts tailor their services to accommodate the needs of both tourist segments. Certain regions, such as Whistler or Aspen, experience a balanced flow of local and international visitors, creating a lively market where the two markets supplement each other.
The sustainability and further growth of the industry are maintained only when the industry hosts loyalty-building homegrown visitors, plus high-spending international visitors.
Ski resorts generate significant revenue by being exclusive sites with premium experiences and high-demand winter activities, while providing exclusive services. All this infrastructure, technology, and luxury feature composes an ecosystem that maximizes visitor spending.
The primary source of revenue for most resorts comes from the sales of ski lift passes. Top-end resorts such as Aspen Snowmass in Colorado and Courchevel in France command high rates for well-manicured slopes, gondolas of state-of-the-art technology, and exclusive ski zones. Dynamic pricing models have recently been introduced by resorts, whereby ticket prices change according to demand to maximize profit during peak periods.
Luxury accommodations generate even more revenues. St. Moritz, Switzerland, and Whistler Blackcomb, Canada, draw the high net worth to their private chalets, ski-in/ski-out lodges, and five-star hotels. Each of these offers a personalized ski guide, helicopter transfer, and access to some VIP slopes and thus charges the top dollar.
Retail and equipment rentals also play an important role. Resorts such as Zermatt in Switzerland and Park City in Utah exploit the demand for ski and snowboard rentals, branded apparel, and gear upgrades. Luxury brands like Bogner and Rossignol have also signed partnership deals with many of the resorts, further increasing their luxury shopping offerings within resort villages.
Après-ski culture is a driver of further spending. High-profile ski resorts include Michelin-starred dining, high-end spas, and exclusive nightlife experiences. For example, Verbier in Switzerland generates millions through après-ski lounges where elite travelers spend on fine dining and premium spirits.
It creates the resorts dominant revenue generators by diversifying through accommodations, retail, dining, and exclusive experiences in the mountain and ski resorts industry, therefore ensuring profitability and long-term growth.
Domestic tourists significantly contribute to the revenue of mountain and ski resorts through consistent visitation, long-term loyalty, and off-season profitability. Domestic tourists, unlike international travelers, return multiple times a season, thus benefitting resorts through repeat business and sustained spending.
In the USA, Vail Resorts exploits tourists with season passes like the Epic Pass, permitting unrestricted access through many resorts throughout a season, providing early seasonal revenues and therefore certain skier visits throughout a season. Simultaneously in Japan, at Niseko United, such professionals from the Japanese capital togo for short skiing weekends bringing reliable cash influxes.
Domestic travelers further generate more money due to their longer stays and family travel. Banff and Lake Louise, in Canada, generate more revenues per visitor through ski packages offered with lodging, rentals, and ski lessons. Kitzbühel in Austria generates return visits that provide brand loyalty for several years in a row with high spends on accommodations, food, and après-ski activities.
Beyond winter, domestic tourists support off-season activities like hiking, mountain biking, and wellness retreats. Resorts such as Zermatt in Switzerland and Aspen in Colorado generate summer revenue from local visitors who engage in guided treks, adventure sports, and spa getaways. This diversification reduces dependency on winter tourism and stabilizes annual earnings.
Domestic tourists also drive the retail business. Resorts such as Whistler Blackcomb in Canada indicate that local visitors spend more on ski equipment and clothing than international visitors, who tend to replace equipment less often. Many resorts have aligned with local brands to boost retail sales, which in turn boosts revenue.
Mountain and ski resorts rely nearly entirely on domestic tourism because they target repeat visits, seasonal tourism, and bundled experiences to continue and expand year-round.
The mountain and ski resorts industry in the United States is booming, with high visitor numbers, strong domestic tourism, and continuous investment in infrastructure and technology. Resorts in Colorado, Utah, and California are setting new records in revenue and visitor engagement, fueled by demand for winter sports and adventure tourism.
In Colorado, Vail Resorts has reported steady growth, multi-resort season passes such as the Epic Pass driving pre-season revenue and assuring higher visitation throughout the ski season. Aspen Snowmass draws high-net-worth visitors who spend money on luxury lodging, fine dining, and premium ski experiences that greatly contribute to resort profitability.
Utah's Park City Mountain Resort is one of the largest ski areas in the USA and has been helped by more domestic travel and corporate retreats. Many USA based businesses send their employees for team-building exercises at ski resorts, which has helped midweek occupancy rates.
Jackson Hole in Wyoming has benefited from its advanced terrain reputation, attracting a mix of elite skiers and adventure-seekers willing to spend on premium lift tickets and guided backcountry experiences. California's Mammoth Mountain is adopting high-tech guest experiences, such as AI-recommended skis and lift access through mobile. Digital amenity upgrades have enhanced guest experience satisfaction and resort spend.
Besides winter sport activities, USA ski resorts make money even beyond winter seasons. For example, there is Lake Tahoe and Killington in Vermont that easily multiplied into several adventure hotspots providing four seasons of activities such as hiking and mountain biking together with ecotourism.
As long as there is diversification of offerings, they are sustainable beyond the off-season. The USA mountain and ski resort industry is booming, driven by continuous investments in sustainability initiatives, infrastructure expansion, and digital transformation. The market now caters to high-end luxury travelers and budget-conscious adventure seekers alike.
Switzerland’s mountain and ski resorts industry continues to perform exceptionally well, driven by high-spending international tourists, luxury winter experiences, and year-round adventure tourism. Iconic destinations such as Zermatt, St. Moritz, and Verbier attract global travelers who seek premium ski experiences, world-class hospitality, and scenic alpine landscapes.
Zermatt, home to the Matterhorn, consistently ranks as one of the most profitable ski destinations. The resort benefits from high-end international tourists, particularly from the UK and Asia, who book multi-week stays in five-star chalets with private butler services and exclusive ski instructors. To maintain consistent snow conditions, Zermatt has invested in state-of-the-art snowmaking systems and lift infrastructure, ensuring a seamless ski experience despite climate fluctuations.
St. Moritz dominates the luxury segment, drawing in celebrities, royalty, and elite travelers. The resort hosts prestigious events such as the White Turf horse races on a frozen lake and private ski competitions, generating significant revenue through VIP access packages.
Luxury hotels like Badrutt’s Palace and Kulm Hotel report consistently high occupancy rates, with visitors spending heavily on fine dining, spa treatments, and high-end shopping. Verbier attracts a younger, adventure-seeking crowd, generating revenue through heli-skiing, off-piste skiing, and vibrant après-ski experiences. The resort’s partnership with Xtreme Verbier, a key freeride skiing event, has positioned it as a global hub for professional and amateur extreme skiers.
Switzerland’s ski resorts have also expanded into summer tourism, offering hiking, glacier trekking, and high-altitude wellness retreats. Resorts like Grindelwald and Jungfraujoch have successfully transitioned into year-round destinations, increasing overall revenue stability. By focusing on luxury tourism, sustainability initiatives, and four-season offerings, Switzerland’s ski resorts maintain their position as a global leader in the high-end mountain & snow tourism industry.
The global mountain and ski resorts industry continues to evolve as leading resorts and operators invest in new infrastructure, technology, and guest experiences to enhance their offerings. Key players such as Vail Resorts, Alterra Mountain Company, Aspen Snowmass, Whistler Blackcomb, Zermatt Bergbahnen, and Courchevel remain at the forefront of industry growth, expanding their services to meet increasing demand.
Some of the key developments in the mountain and ski resorts industry are as follows
| Attribute | Details |
|---|---|
| Forecast Period | 2025 to 2035 |
| Historical Data Available for | 2020 to 2024 |
| Market Analysis | USD Million/Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; MEA |
| Key Segments Covered | Service Type, Booking Channel, Tourist Type, Tour Type, Demography, Age Group |
| Key Companies Profiled | Vail Resorts, Inc.; Alterra Mountain Company; Boyne Resorts; Powdr Corporation; Aspen Snowmass; Zermatt; St. Moritz; Verbier; Davos-Klosters; Vallées; Portes du Soleil; Whistler Blackcomb; Zermatt Bergbahnen; Niseko United; Hakuba Valley |
The global mountain and ski resorts market is valued at approximately USD 15.7 billion in 2024. Analysts project it to reach USD 17.5 billion in 2025 and grow to around USD 49.2 billion by 2035, with an estimated CAGR of 10.9%.
Increasing demand for winter sports tourism, adventure travel, and sustainable tourism is fueling market growth. Resorts are expanding year-round operations by introducing summer activities like hiking and mountain biking, while luxury ski destinations are attracting high-net-worth individuals through premium accommodations and exclusive experiences.
Leading resort operators include Vail Resorts, Alterra Mountain Company, Aspen Snowmass, Whistler Blackcomb, Zermatt Bergbahnen, and Courchevel.
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