Size of the cultural tourism market will grow by USD 3.76 billion
At a regional level, Europe will have the highest growth. Italy and Germany will be the key countries in the old continent market
The "cultural tourism market by type (national cultural tourism and international cultural tourism), end user (cultural ecotourism, indigenous cultural tourism and sociocultural tourism), and Geography (Europe, APAC, North America, MEA, South America, Europe, APAC, North America, MEA and South America) - Forecast & Analysis report 2021-2025 has been added to Technavio's offering.The potential growth difference for the cultural tourism market between 2020 and 2025 is USD 3.76 billion Furthermore, the growth momentum of the market will accelerate at a CAGR of 16.41% during the forecast period.
By type, the domestic cultural tourism segment will contribute the highest market share growth among all segments during the forecast period. Internal cultural tourism represents more than 60% of total arrivals in the market. The growth of domestic cultural tourism is driven by flexible government regulations, no exchange fees, and familiarity with culture and language. In addition, national cultural tourism is profitable. In countries like 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 European market.