Cultural Tourism Market size to Increase by USD 3.76 Bn | Featuring Top Vendors Including ACE Cultural Tours, Classic Journeys, and Envoy Tours | Technavio – QNT Press Release

NEW YORK, May 12, 2022 /PRNewswire/ — The global cultural tourism market is set to grow by USD 3.76 billion between 2020 and 2025, accelerating at a CAGR of 16.41% during the forecast period. The market is segmented by type (domestic cultural tourism and international cultural tourism), end-user (cultural eco-tourism, indigenous cultural tourism, and socio-cultural tourism) tourism), and geographic (EuropeAPAC, North AmericaMEA, South America, EuropeAPAC, North AmericaMEA, and South America). The report provides detailed insights into how vendors are performing in terms of revenue generation, market position, product launches, and customer base among others.

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Key takeaways from the cultural tourism market study

  • Cultural tourism market size to increase by USD 3.76 billion at a 16.41% CAGR between 2020 and 2025
  • 4.58% year-over-year growth expected in 2021
  • 37% market growth to originate in Europe during the forecast period
  • The domestic cultural tourism segment observed maximum growth in the market in 2021
  • Dominant vendors include ACE Cultural Tours, Classic Journeys, Envoy Tours, Exodus Travels Ltd., Indigenous Tourism BC, Kudu Travel Ltd., Martin Randall Travel Ltd., Nature Quest New Zealand Ltd., Odyssey World, Responsible Travel, and Splitrock Environmental.

Cultural Tourism Market: Key segment analysis

The domestic cultural tourism segment will generate maximum revenue in the market during the forecast period. Domestic cultural tourism experiences an arrival of more than 60% of the overall arrivals in the market. The growth of the segment is driven by easy government regulations, no currency exchange rates, and familiarity with the culture and language.

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Cultural Tourism Market: Growth Drivers and Restraints

The cultural tourism market is driven by the growing affordability of people. The increasing per capita disposable has significantly boosted the spending capabilities of consumers. In addition, the increase in the number of working women and the rising number of dual-income households have enabled consumers to spend lavishly on cultural tourism and related activities. This is encouraging vendors operating in the cultural tourism market to make investments to promote their services through awareness campaigns. All these factors are expected to foster the growth of the global cultural tourism market during the forecast period .

“Although the increased preference for cultural tourism to break mundane lifestyle and the growing contribution toward GDP and employment will further boost the market growth, the high impact of terrorism might reduce the growth opportunities for market players”, says an analyst at Technavio.

The cultural tourism market report answers questions such as:

  • Is the market structure fragmented or concentrated?
  • What was the market size in 2020 and the forecast for the cultural tourism market through 2025?
  • Which are the best segment areas to invest in over the forecast period?
  • What is the market share of dominant and strong vendors in the cultural tourism market?
  • What are the latest trends and regulatory frameworks in the cultural tourism market?

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Cultural Tourism Market Scope

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