Germany Travel & Tourism Market to be Dominated by Domestic Traveling till 2026
Increasing investments in the development of domestic
tourism and growing consumer awareness are driving the growth of the Germany travel
& tourism market in the forecast period, 2022-2026.
According to TechSci Research report, “Germany
Travel & Tourism Market By Type (Domestic, Inbound and Outbound), By
Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour
Packages, Travel Insurance, Others) , By Purpose of Visit (Business, Leisure
& Recreation, Education, Medical, Social Activity and Others), By Region,
Competition, Forecast & Opportunities, 2026”, the Germany travel & tourism market is expected to witness
promising growth during the forecast period, 2022-2026. The travel & tourism
industry across the globe experienced a setback due to the onset of the COVID-19
pandemic.
After the relaxations in the travel restrictions and the growing
consumer awareness, the market is expected to witness a steady growth in the upcoming
years. Germany travel & tourism market has a vast growth potential for both
travel agencies and tour operators. Supportive government policies and schemes
to boost the travel industry is expected to positively impact the country's
economy.
The presence of plans like the 2019 National Tourism Strategy, which
aimed at strengthening tourism in the country and prepare the tourism sector
for future endeavors, are influencing the market growth. The Federal Ministry
for Economic Affairs and Energy has established a Centre of Excellence for
Tourism under the Tourism 2030 project and emphasizes the implementation of the
tourism policy objectives by looking at the country's economic, technical, and
social developments.
The development of the education sector by adopting advanced measures
and the availability of the student exchange programs coupled with the ongoing
technological advancements in the healthcare industry is expected to create
lucrative opportunities for the Germany travel & tourism market growth in
the next five years.
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The Germany travel & tourism market is segmented on the basis of type,
product/service offering, purpose of visit, competitional landscape, and
regional distribution.
On the basis of type, the Germany travel & tourism market is divided
into domestic, inbound, and outbound. The domestic segment is expected to
witness significant growth in the forecast years, 2022-2026. The COVID-19
pandemic-imposed travel restrictions and quarantine regulations and the ban on
international travel adversely impacted the tourism industry. The imposed
restrictions accelerated the demand for domestic traveling. The high demand for
home stays have profited the local house lords, guests, and hoteliers.
On the basis of the product/service offering, the Germany travel &
tourism market is divided into ticket reservations, hotel booking, holiday/tour
packages, travel insurance, others. The hotel booking segment is expected to
grow at a rapid rate during the forecast period. The fierce competition among
the hotels based on cost, comfort, and services provided and the adoption of
attractive marketing strategies are expected to fuel the hotel segment's
growth. Hotels are providing complementary services such as breakfast services
to attract more customers.
On the basis of the purpose of visit, the Germany travel & tourism
market is divided into business, leisure & recreation, education, medical,
social activity, and others. The business segment followed closely by the
leisure and recreation segment is expected to hold the largest market share in
the next five years. Growing industrialization and improving economic
conditions are fueling the business activities in the country.
Expansion of the companies globally and locally and the ongoing trade
activities are creating the need for taking business trips to expand the
business to other parts of the world. The surge in the number of tourists who
can afford a lavish lifestyle and the offering of quality hospitality services
provided by the market players are expected to attract a lot of customers to
release their stress and spend a quality holiday in Germany.
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“Market players are
making efforts to make the visitors feel comfortable and safe while traveling
through the tourist places in Germany. Measures of safety are being introduced
at the point of entry to ensure tourist health and wellness. Market players are
training the visitors via webinars and providing armchair travel activities to
consumers covering virtual tours, engaging the tourists through social media
campaigns, which are expected to propel the Germany travel & tourism market’s
growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Germany Travel &
Tourism Market By Type (Domestic, Inbound and Outbound), By Product/Service
Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel
Insurance, Others), By Purpose of Visit (Business, Leisure & Recreation,
Education, Medical, Social Activity and Others), By Region, Competition,
Forecast & Opportunities, 2026”, has evaluated the future growth potential
of Germany travel & tourism market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Germany travel & tourism market.
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