Industrial tourism souvenirs and entry tickets; Sales to surge by 27.4% CAGR says FMI

The industrial tourism market size would reach US$ 1,663.6 million in 2023. It would surpass US$ 18,739.3 million by 2033. From 2023 to 2033, it would escalate at a CAGR of 27.4%.

Strategic collaborations between direct suppliers in the industry has paved the way for innovation. It is attributed to presence of combined resources of these partners.

On the other hand, relations between indirect suppliers reflect transactional operation. Deliveries and services are becoming increasingly dependable. Owing to such factors, the market is experiencing a steady rise.

Information transactions are rising between direct and indirect suppliers. These are acting against performance and risk management issues. They are also enabling players to strategize on spending.

Industrial tourism emerged in the 90s. It is gradually expanding its horizon across the globe. Domestic industrial tourism alone is presenting itself on an entirely new stage.

As per a new report by Future Market Insights, there were more than 1100 industrial destinations for tourists to visit. These attracted more than 5 million people from all over the world.

Undoubtedly, industrial tourism has become a vital part of development of the tourism industry. It would also help to expand the nation’s economy.

Industries are mainly set up in urban locations. With transformative advancement in industrialization, industrial tourism is on the high rise. It is also attributed to constantly changing demand concerning tourism.

When it comes to tours, industrial tours are the one sector that is often overlooked. Industrial landscapes have been regarded as associated with untidy locations.

They have chimneys emitting black smoke, workers in bad states, and machines with a lot of stinks & rust. Hence, industrial tourism was rewarded as untidy and disliked overall.

Curious concerns and zest to find answers on the functionality of urban space utility attracted several tourists in the historical period. Knowledge enthusiasts started moving toward industrial heritage sites to gain in-depth insights. It further gave rise to turning cultural sites into industrial heritage sights.

For instance, the Warsaw Project saw renewal of post-industrial heritage into new functions. It is surrounded by the Norblin Metallurgic Plant Housing Estates. It is considered as an implementation of rehabilitation.

It is a project from formerly devastated industrial areas. It has a high potential for cultural tourism. It involves industrial growth and expansion. It would help to create new opportunities for key companies in the next ten years.

2018 to 2022 Industrial Tourism Sales Outlook Compared to Demand Forecast from 2023 to 2033

Nowadays, tourist boards and individual companies are promoting industrial tourism. They are equipped with details since it gives them the edge to present it as part of a tour visit.

It will spike the number of bookings, which will ultimately contribute to the nation’s economy. Industrial tourism also serves as an opportunity in the education field. In this field, students want to be well-informed regarding a particular industry.

Industrial visits can also contribute to increasing the nation’s revenue and economy. It helps to be associated with entrance tickets, souvenirs, or added expenses for accommodation & food. The factor would hence positively contribute to the economy.

Push of tourist boards and initiatives by governments to expand tourism would drive demand. The global industrial tourism market exhibited around -14.6% CAGR during the historical period between 2018 and 2022. As per Future Market Insights (FMI), the sales in the market reached a valuation of US$ 1,338.4 million in 2022.

Key Industrial Tourism Market Trends

Turning Production Sites into Tourist Attractions to Popularize Government Tourism Packages

• In the early 20th century, tourists were very much interested in getting to know about how the industry works.
• Automobile factories of Henry Ford in Detroit for instance, were where the industrial visit was introduced.
• Later on, G Ford understood the benefit that comes with industrial tours.
• It is becoming the need of the hour for more than just exposure, especially for students.
• In fact, there are numerous production sites and plants that exist.
• Governments have turned them to tourist attractions where people can visit.
• They can get insights and engage in using utilities provided by the industry.
• It will give a boost to the nation’s economy.
• These initiatives will drive more industries and sectors to indulge into the practice. It would hence expand industrial tourism demand by 2033.

Personalized Package Tours for Industrial Visits to Gain High Popularity

• Industrial visits are done either individually or in groups.
• But, various programs for industrial visits can be personalized as per the need and requirement.
• These types of personalized industrial visits are on the rise.
• For instance, industrialtour.com in collaboration with Britannia, Amul, Bajaj, Cipla, BHEL, Infosys, and Mahindra, is providing personalized industrial tours.
• It is providing tours separately for different states or even cities in India to be precise.
• For example, Goa industrial visit, Pune industrial visit, and Sikkim industrial visit.
• The company aims to offer tourists information about a particular city’s industrial places that have rich historic backgrounds.
• Also, Funiskool Educational Tours company provides personalized tour packages and specialty tours,
• For instance, NASA tour packages and tours in remote cities such as Kesariya, Odisha, Ranchi, & Nalanda are offered by the company.
• These kinds of tours are personalized.
• They hold a deep historical value, which gives great exposure to all the students taking industrial tours.

Country-wise Insights

Expansion of Industrial Heritage Tourism Sector in Germany to Bolster Demand
Reconstruction is considered to be a key characteristic of economic development. Its perspective on a regional level is helping the industrial tourism market to strive.

Traditional industrial areas in Germany have launched various initiatives in the industrial heritage tourism field. It is the act of constantly restoring and exploiting old industrial sites.

It also features turning them into touristic sites as a useful strategy for regional renewal. It is seen as an important and interesting new combination. But, it could also be re-used for other economic activities with tourism. It is attributed to a slight limitation toward regional reconstruction.

India to Offer Industrial Hospitality Services to Promote Globally Acclaimed Factories
As a first-time initiative in India, the Gujarat state government prompted various tour packages. It started offering tourism packages for visiting industrial areas that are globally acclaimed.

Alang Ship breaking yard in Bhavnagar, Amul Dairy in Anand, and Tata Nano Plant in Sanand are a few examples. Gujarat is providing an exclusive offer called Gujarat’s Industrial Tour.

Akshar Travels Pvt Ltd., for instance, joined hands with TCGL. Both companies are promoting the tour on their website. Tourists can select from the places available.

It is promoting and showcasing industrial development. It is also contributing toward an economic boost of the country.

China to Combine Industrial Heritage Resources with Cultural and Creative Industries
China is encouraging the development of industrial tourism in the country. It is supporting the country’s old industrial cities as a part of tourism development. It is turning old industrial sites and plants into film studios.

For instance, the country is introducing a new type of industrial cultural tourism. It combines both education and entertainment.

The initiative to blend industrial heritage along with modern business would drive the market. The country is also turning old facilities into functional industrial parks. It is focusing on attracting movie producers and crew.

Competitive Landscape

Established players in the industrial tourism sector are executing differentiating strategies to capture high share in the competitive landscape. Key players are formulating on keeping all the aspects of their services and channel support in-house. They are trying to ensure that customers receive value on their spending.

Indirect suppliers are pacing their support channel to fulfill various needs in accordance with partnering direct service providers. Increased trend for partnerships and collaborations between suppliers across the industry would boost the industrial tourism industry in a progressive manner.

For instance
In January 2023, vineyards in Nashik announced their plans to recreate the Napa Valley experience in India. India lacks a culture where wine has been a mainstay for generations. It also does not have the endless, beautiful vineyards of Bordeaux, Tuscany, or Napa Valley. Hence, wine tourism specialists are creating customized itineraries for vineyard tours, food pairing, and wine tasting sessions.

These insights are based on a report on Industrial Tourism Market by Future Market Insights.

The article Industrial tourism souvenirs and entry tickets; Sales to surge by 27.4% CAGR says FMI first appeared in TravelDailyNews International.