Europe Tourism market has reached USD 895,727.82 Million in 2019
The Europe Tourism market has reached USD 895,727.82 Million and is expected to grow nearly at a CAGR of above 5.8% to reach USD 1,295,914.51 by 2026.
Tourism plays a crucial role in European regions, adding to job and resource growth, sustainable development, improved cultural heritage, and influencing the European identity. Tourism-created infrastructure contributes more generally to local economic development, thus generating (or maintaining) jobs and helping to offset the decline in the industrial sector. The Tourism industry in European Countries makes a significant contribution to its economies. In previous years, Travel & Tourism supported 33.5 million jobs and 9.3% of total European GDP. By 2025, the Tourism industry’s total economic contribution is estimated to grow to 38 million jobs and 9.9% of total European GDP. Also, Tourism will be a key to economic recovery for countries hit hardest by recession and crisis, including Greece, Spain, and Portugal.
With the advancement in technology, traveling has become more comfortable as compared to previous years. The Internet has helped people to know about different countries, cultures, languages and has increased the desire to travel. With an increase in disposable income across the world and government initiatives of different countries to attract people is expected to drive the European tourism market. However, increasing crimes against tourists and growing threats to terrorism is the major restraint of the European tourism market.
Increase in disposable income is the growth driver for the Europe Tourism market
With the rise in disposable income across the globe, there is a rise in tourism. This is due to wage rises, and partly due to a decline in the price of essential goods such as food and clothing. Most households now have two income earners instead of one, have fewer children, and often have a private mode of transport. All of these factors will contribute to the development of the European tourism industry.
Technological advancement is the growth driver for the Europe Tourism market
The technological advancement will be the most significant driving force in customer experience customization over the next few years. The Internet of Things (IoT) provides essential features for the tourism industry. These include the inclusion of internet-connected sensors inside things such as vehicles, suitcases, buildings, and more. Many hotels offer their guests an app that allows them to engage with the room’s thermostat or control the room’s TV.
The international segment will contribute to the significant growth rate in the Europe Tourism market
International visitors to Europe are rising from all over the world. Tourism grew faster for the seventh consecutive year than retail exports, reducing trade deficits for many countries in Europe. A Europe is a continent with centuries of history, a rich cultural heritage and some of the most beautiful sceneries in the world the international tourist will continue to grow.
The adventure segment will contribute to the significant growth rate in the Europe Tourism market.
As travelers pursue new and different experiences, adventure tourism continues to grow in acceptance. Adventure tourism is a tourist activity that includes physical activity, a cultural exchange, or activities associated with nature. Not necessarily associated with base jumping or go scuba diving with sharks to be an adventure tourist (though those activities absolutely qualify). Adventure tourism is about connecting with a new culture or unique scenery.
France is expected to register significant growth in the Europe Tourism market
France is projected to grow at the highest CAGR in forecast years. Due to the increase in a visit to the Eiffel Tower, a symbol of Paris, is one of the most famous landmarks in the world. This feat of creativity is a structure made of 8,000 metal parts, crafted by Gustave Eiffel as a temporary display for the 1889 World Fair. Also, due to the presence of the Louvre museum in the former royal palace of French Kings, which ranks among the top European collections of fine arts. Many of the most famous works of Western Civilization are found here, including Leonardo, DaVinci’s, Mona Lisa, Veronese’s Wedding Feast at Cana, and the Venus de Milo sculpture from the 1st century BC.
Europe Tourism: Competitive Landscape
The Europe Tourism Market is dominated by many players, amongst them, the significant players are Intrepid Travel, Abercrombie & Kent, Topdeck, Globus Journey, Trafalgar, Topdeck, Insight Vacation, Penguin Travel, G Adventures, Tauck, Butterfield & Robinson, Zegrahm Expeditions and Other prominent players.