Europe Tourism Market, By Type (Local/Domestic and International), By Purpose (Adventure, Business, Medical, Religious and Others), By Country (France, Spain, Italy, United Kingdom, Germany, Turkey, Austria, Greece and Others); Trend Analysis, Competitive Market Share & Forecast, 2016-26

Published:
July 2020
Report Code:
BWC20089
Available Format:
PDF PDF Icon
Pages:
115

europe tourism market bwc20089

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Europe Tourism Market Forecast and Trends

The Europe Tourism market has accounted USD 895,727.82 in 2018 and is expected to grow nearly at a CAGR of above 5.8% to reach USD 1,295,914.51 Million by 2025.

According to the European Travel Commission’s (ETC), Europe tourism enjoyed a healthy 4% increase in tourist arrivals in 2019 compared to 2018. While the rate of expansion was moderate compared to previous years across specific individual destinations, the overall regional performance remains in the definite boundary. Increasing numbers of tourist arrivals generate income and support employment and investment in Europe, not only acting as a catalyst for economic expansion but also contributing to and demonstrating the social and cultural value in the region.

The Tourism sector in European Countries makes a substantial contribution to its economies. In previous years, including tourism direct, indirect, and induced impacts, Travel & Tourism supported 33.5 million jobs and 9.3% of total European GDP. By 2025, the Tourism sector’s total economic contribution is expected to grow to 38 million jobs and 9.9% of total European GDP. In addition, Tourism will be a key to recovery for countries hit hardest by recession and the economic crisis, including Greece, Spain, and Portugal.

Europe Tourism Market Overview:

Europe is one of the most visited tourist attractions as the region is covered by many famous and unforgettable historic sites, and also has beautiful ancient buildings and construction works. Europe's beaches are clean, and sunshine makes the scenery stunning.

Tourism plays a major role in the growth of European regions, contributing to the creation of jobs and resources, sustainable development, enhanced cultural heritage, and the shaping of the European identity. Infrastructure created for tourism purposes contributes more broadly to local economic growth while creating (or maintaining) employment and help counteract the decline in the industrial sector.

In Europe, Southern and Mediterranean Europe is the most visited group of countries with about 193 million arrivals, followed by Western Europe (171 million), Northern Europe (66 million), and Central and Eastern Europe (70 million). Top five out of ten destinations in the world are located in the European countries, which are France, Spain, Italy, Germany, and the United Kingdom. Tourism can be particularly important in remote, peripheral regions, where tourism-related services are often a significant source of income for the local population. This is particularly true in many of Europe's island states and areas, as well as in coastal and alpine regions. The primary beneficiaries of the growing demand for services relating to tourism in remote areas tend to be small and medium enterprises.

 

 

Growth drivers 

Rising disposable income

People across the globe have increased disposable income that they can spend on themselves.  This is partly because of rises in salary and partially because the price for essential goods such as food and clothing has fallen. Many families now have 2 income earners rather than one, they have fewer kids and often have a private mode of transportation.  All of these factors will lead to European tourism market growth.

Technological growth

Millennials have played a vital role in this change in tourism trends. They love traveling and are excited about new technology as well. The combined interest has created a new sense in which social media, apps, forums, and so on play a vital role. By that same token, the travel industry has joined the fray at changing its business model and product offering to attract tourists, as it becomes increasingly aware of this phenomenon. The cell phone has become a tour guide, the perfect locator for restaurants, travel agencies, maps, and much more. During the whole buying process, and it is by the side. All these factors have contributed to the rise in the European tourism market.

Restraints

Increasing Crimes

Crime against tourists, particularly murder and kidnapping, is quickly picked up by regional and international media and can have both an immediate impact in terms of cancellations and the issuance of travel advisories and a long-term impact. It takes both a sufficient passage of time and a significant promotional effort to persuade tourists to return to destinations that are widely seen as unsafe. Increasing criminal and terrorists activities in Europe is the major restraint for the Europe tourism industry.

Europe Tourism Market: By Type

Based on Type, the Europe Tourism market is segmented into Local/Domestic, and International. International segement dominated the market in previous years and is expected to grow at a high CAGR during the projected year. International visitor to Europe from all over the world is increasing. Growth in international tourist arrivals and earnings continues to outpace the Europen economy, benefiting from growing tourism income from both developing and advanced economies. Tourism exports grew faster than retail exports for the seventh consecutive year, reducing trade deficits in many countries.

Europe Tourism Market: By Purpose

Based on Purpose, the Europe Tourism market is segmented into Adventure, Business, Medical, Religious and Others. Adventure segment had the largest share in the previous years and is expected to grow at significant rate. People across the world love adventure travel. Every year, Europeans make 100 million adventure trips. Besides there being many adventure travelers, they also contribute immensely to the local economies they visit. Europeans seeking unique experiences, plus changes in technology and the growing interest in wellness experiences, are affecting the adventure tourism market, offering many opportunities.

Adventure travel hardly requires skills and experience. Some examples include fishing, hiking, backpacking, birdwatching, camping, canoeing, horseback riding, kayaking, safaris, sailing, and surfing. All these factor will lead to the Europe tourism market growth.

Europe Tourism Market: Country insights

By geography, the Europe Tourism Market segregated into France, Spain, Italy, United Kingdom, Germany, Turkey, Austria, Greece and Others. France dominated the Europe tourism market share with 89.6 million visitors, and is expected to dominate the market in the forecast period. France is world’s most visited country, due to the presence of enormous castles, palaces, cathedral across the country. France is known for its Effiel tower, museums and wine.

Spain tourism market is also expected to grow at a significant rate due to the presence beautiful beaches, palaces, and its food.

Europe Tourism: Competitive Landscape

The Europe Tourism Market is dominated by many players, amongst them, the major 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.

Recent Development:

Ø  February 2020, Intrepid Travel, the founder of adventure travel in Melbourne, Australia, partnered with travel publisher Lonely Planet to create a new range of co-branded tour packages.

Ø  February 2020, Insight Vacations has increased its support to travel agents by relaunching its Agent App, now featuring new revenue enhancing enhancements.

The objective of the Study:

Ø  To analyze and forecast the Europe Tourism market size of the market, in terms of value.

Ø  To examine the careful market segmentation and forecast the market size, in terms value, based on the country by segmenting the Europe Tourism market into France, Spain, Italy, United Kingdom, Germany, Turkey, Austria, Greece and Others.

Ø  To outline, categorized and forecast the Europe Tourism market based on the type, and purpose.

Ø  To examine competitive developments like technological advancement, services, and regulative framework within the Europe Tourism Market.

Ø  To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

By Type

Ø  Domestic/Local

Ø  International

By Purpose

Ø  Adventure

Ø  Business

Ø  Medical

Ø  Religious

Ø  Others

By Country

Ø  France

Ø  Spain

Ø  Italy

Ø  United Kingdom

Ø  Germany

Ø  Turkey

Ø  Austria

Ø  Greece

Ø  Others

Business Questions answer by the report

Ø  How will the market drivers, restraints and opportunities affect the market dynamics?

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

Ø  Which segment dominates the market or region and one will be the fastest growing and why?

Ø  A comprehensive survey of the competitive landscape and the market participant players

Ø  Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority and that is why BlueWeave Consulting offers customization according to Company's specific needs. The following customization options are available for the report:

Additional Company Information

Ø  With five additional company detail analysis

Ø  Additional country analysis

Ø  Detailed segment analysis



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