Increasing Global Demand For Heritage Tourism Market With Rising CAGR Forecast Till 2030Posted by Mrudula Anil Karmarkar on July 14th, 2023 San Francisco, 14 July 2023: The ReportHeritage Tourism Market Size, Share & Trends Analysis Report By Type (Cultural, Natural, Intangible), By End-user (30 & Under, 31 To 50, 51 To 70, 71 And Above), By Booking Channel, By Region, And Segment Forecasts, 2022 - 2030 The global heritage tourism market size is expected to reach USD 778.07 billion by 2030, registering a CAGR of 3.8% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to witness promising growth due to the increasing affordability of travel and rising disposable income. The increasing interest of travelers in cultural and natural heritage is likely to drive the growth of the market. According to the UNWTO, about 40% of all tourists worldwide are cultural tourists, spending on heritage sites. Moreover, increasing initiatives by the governments to improve heritage tourism is likely to increase access and spending on heritage travel and drive the heritage travel market growth. The cultural heritage segment accounted for the largest revenue share in 2021. This is significantly attributed to the higher consumer inclination to travel to historic monuments, palaces, buildings, and artifacts over other sites. Also, according to the UNESCO world heritage site list, cultural sites account for around 50% of all sites including natural as well as intangible heritage sites. The 51 to 70 segment accounted for the largest revenue share in 2021. This is mainly attributed to the consumer interest and consumer inclination associated with travel destinations. Baby boomers and older generations are more likely to choose heritage travel due to a huge interest in the traditional and cultural aspects of the different communities. During the forecast period, the millennial’s rising inclination towards travel and tourism is likely to be a promising factor for cultural tourism market growth. The online segment of the booking channel is expected to witness strong growth during the forecast period. This is attributable to the shift in the consumer profile. The increasing share of millennials and generation Z in the travel industry is likely to propel the online segment growth. Additionally, the implementation and launch of online booking channels by key players across the world are also expected to drive the growth of the segment during the forecast period. The Asia Pacific accounted for the highest revenue share in 2021. This is highly attributable to the presence of affluent heritage sites in the region. According to UNESCO, Asia Pacific accounts for more than 450 heritage sites comprising cultural heritage, natural heritage, and intangible heritage sites. Also, the higher population, and developed domestic travel account for the higher market revenue share of the region. Request sample report of Heritage Tourism Market@https://www.grandviewresearch.com/industry-analysis/heritage-tourism-market-report/request/rs1 Heritage Tourism Market Report Highlights
The global heritage tourism market growth is accelerated by the increasing travelers' interest in cultural travel. According to the United Nations World Tourism Organization, about 40% of all tourism across the world accounts for cultural and historical travel. The industry is continuously transforming, shaped by the changing lifestyle of consumers, burgeoning forms of culture, and increasing digital innovation. Moreover, the increasing trend of digitization and digital innovation in the travel and tourism sector is expected to facilitate the growth of the overall travel industry along with cultural tourism. Heritage Tourism Market Report Scope
List of Key Players in the Heritage Tourism Market
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