Cultural tourism market size to grow by USD 6600.71 million from 2022 …

NEW YORK, Jan. 9, 2023 /PRNewswire/ — Technavio categorizes the global cultural tourism market as a part of the global leisure facilities market within the overall hotels, restaurants, and leisure market. The parent global leisure facilities market covers companies engaged in the operations of leisure facilities such as sports and fitness centers, stadiums, golf courses, and amusement parks. The global cultural tourism market size is estimated to increase by USD 6600.71 million. The market’s growth momentum will progress at a CAGR of 20.77%.

Technavio has announced its latest market research report titled Global Cultural Tourism Market 2023-2027

Technavio has announced its latest market research report titled Global Cultural Tourism Market 2023-2027

Discover some insights on market size before buying the full report -Request a sample report

Global cultural tourism market – Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

Global cultural tourism market – Vendor analysis
Vendor Landscape – The global cultural tourism market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer cultural tourism in the market are ACE Cultural Tours Ltd, Aracari Travel, Classic Journeys LLC, Envoy Tours, Exodus Travels Ltd., G Adventures, Geographic Expeditions Inc., Indigenous Tourism BC, Intrepid Group Pty Ltd., Kudu Travel Ltd., Martin Randall Travel Ltd, Myths and Mountains, Odyssey World, Responsible Travel, Tandem Travel OOD, Tauck Inc., Travel Leaders Group Holdings LLC, Travelogy India Pvt. Ltd., Wilderness Travel, and FROSCH International Travel LLC and others.
The global cultural tourism market is at its growing stage. This implies that the market in focus is characterized by growing affordability, increased preference for cultural tourism to break mundane lifestyles, and growing contribution toward GDP and employment.

Vendor offerings –

  • ACE Cultural Tours Ltd: The company offers cultural tourism such as Mozart Festival in Salzburg, Music and Opera in Vienna, and Art Nouveau in Belgium.

  • Aracari Travel: The company offers cultural tourism such as Tailormade Peru Trip.

  • Classic Journeys LLC: The company offers cultural tourism such as Colombia Cultural Walking Adventure.

  • Envoy Tours: The company offers cultural tourism such as Embracing Georgia, Enlinking Caucasus and 1-day tour to Armenia.

  • Exodus Travels Ltd.: The company offers cultural tourism such as Highlights of the Amalfi Coast and Discover the Baltics.

  • For Details on the vendor and its offerings – Buy the report!

Global cultural tourism market – Segmentation assessment

Segment overview
Technavio has segmented the market based on type (domestic cultural tourism and international cultural tourism), service (cultural eco-tourism, indigenous cultural tourism, and socio-cultural tourism), and geography (Europe, APAC, North America, Middle East and Africa, and South America).

  • The market share growth of the domestic cultural segment will be higher than the other segments during the forecast period. The category is projected to continue to dominate the market throughout the forecast period because domestic culture tourism provides knowledge of the nation’s tourism policies, governmental regulations, and risks related to cultural tourism.

Geography overview
By geography, the global cultural tourism market is segmented into Europe, APAC, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cultural tourism market.

  • Europe will account for 49% of the market’s growth during the forecast period. The growth of the market in Europe is fueled by some of the popular sites including Venice and its lagoon, the historic centers of Siena, the Piazza del Duomo in Pisa, and San Gimignano in Italy. In addition, Museumsinsel in Berlin, Cologne Cathedral, the town of Bamberg, and the Palaces and Parks of Potsdam and Berlin in Germany; Bourges Cathedral, and the Pont du Gard Roman aqueduct in France; and the Palaces and Parks of Potsdam and Berlin in Germany are popular tourist destinations. These world-famous sites in Western Europe are projected to boost the market in the area during the forecast period.

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Global cultural tourism market Market dynamics

Leading drivers – The growing affordability is notably driving the cultural tourism market growth. Due to the increase in households with double incomes, the per capita disposable income in industrialized nations is less volatile. This directly affects a person’s ability to spend money. High-end goods are now more accessible in developing nations due to rising purchasing power. As a result, increased disposable incomes in Pacific Rim nations like Malaysia, Indonesia, and Vietnam are anticipated to fuel the market growth during the forecast period.

Key trends – Growing instances of stress-related cases are the primary trend in the market. Some of the key elements impacting stress levels are money, family, employment, and personal health. Untreated stress can cause anxiety, irritation, hostility, lack of motivation or attention, restlessness, sorrow, or despair in many people. In addition to behavioral changes including angry outbursts, drug or alcohol misuse, overeating or undereating, social disengagement, and tobacco use, untreated stress can also lead to these behaviors. A person heals more quickly when they are in a new environment and take a break from their regular routine. As a result, cultural tourism businesses have more chances to attract visitors who are coming for health reasons. Such factors are expected to drive the growth of the market during the forecast period.

Major challenges – The threat from natural disasters is the major challenge impeding market growth. A natural disaster can threaten the revenue of the tourism sector. Depending on the extent of the natural disaster, rebuilding and maintaining infrastructure could be a very time-consuming task. For instance, Japan’s recovery following the earthquake and tsunami that occurred there in 2011 took approximately two years. Environmental catastrophes and political upheaval are two more dangers the tourism sector must deal with. Environmental disasters have a direct impact on agriculture, biodiversity, human health, and the tourism industry, and they require a 20–24 month recovery period. Hence, the long recovery period from natural disasters impacts market growth.

Driver, Trend & Challenges are the factors of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this cultural tourism market report?

  • CAGR of the market during the forecast period

  • Detailed information on factors that will drive the growth of the cultural tourism market between 2023 and 2027

  • Precise estimation of the size of the cultural tourism market and its contribution to the parent market

  • Accurate predictions about upcoming trends and changes in consumer behavior

  • Growth of the cultural tourism market across Europe, APAC, North America, Middle East and Africa, and South America

  • A thorough analysis of the market’s competitive landscape and detailed information about vendors

  • Comprehensive analysis of factors that will challenge the growth of cultural tourism market vendors

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Cultural Tourism Market Scope

Report Coverage

Details

Page number

159

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 20.77%

Market growth 2023-2027

USD 6600.71 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.68

Regional analysis

Europe, APAC, North America, Middle East and Africa, and South America

Performing market contribution

Europe at 49%

Key countries

US, China, India, Italy, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ACE Cultural Tours Ltd, Aracari Travel, Classic Journeys LLC, Envoy Tours, Exodus Travels Ltd., G Adventures, Geographic Expeditions Inc., Indigenous Tourism BC, Intrepid Group Pty Ltd., Kudu Travel Ltd., Martin Randall Travel Ltd, Myths and Mountains, Odyssey World, Responsible Travel, Tandem Travel OOD, Tauck Inc., Travel Leaders Group Holdings LLC, Travelogy India Pvt. Ltd., Wilderness Travel, and FROSCH International Travel LLC

Market dynamics

Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Service

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Website: www.technavio.com/

Global Cultural Tourism Market 2023-2027

Global Cultural Tourism Market 2023-2027

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