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.
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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.
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.
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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.
“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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