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%.
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.
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.
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.
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.