Technavio: Cultural Tourism Market to Reach $3.76 Billion by 2025
The potential growth difference for the cultural tourism market between 2020 and 2025 is $3.76 billion. In addition, the growth momentum of the market will accelerate at a CAGR of 16.41% during the forecast period.
Technavio has announced its latest market research report titled Cultural Tourism Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025.
The cultural tourism market has been segmented by type (domestic cultural tourism and international cultural tourism), end-user (cultural eco-tourism, indigenous cultural tourism, and socio-cultural tourism), and geography (Europe, APAC, North America, MEA, and South America).
By type, the domestic cultural tourism segment will contribute the highest market share growth among all segments during the forecast period. Domestic cultural tourism accounts for more than 60% of the overall arrivals in the market. The growth of domestic cultural tourism is driven by easy government regulations, no currency exchange rates, and familiarity with the culture and language.
Moreover, domestic cultural tourism is cost-effective. In countries such as India, domestic tourism is growing with the help of local campaigns and government support. The share of this segment is likely to continue to dominate the market during the forecast period.
By geography, Europe will account for the highest market share growth during the forecast period. Italy and Germany are the key countries in the market in Europe.