The Renaissance was largely built on the discovery of ancient learning and knowledge that had long been thought lost forever. The recovery of the previously lost treasures of antiquity infused Western Europeans with an insatiable spirit of exploration, which manifested itself in the Age of Discovery.
Thanks to the Renaissance, the world seemed a much bigger place all of a sudden, with so much more to see, experience, and understand. As well as the vast new intellectual vistas that were opening up, the development of international trade routes revealed a whole new world just waiting to be explored. The intellectual curiosity of Renaissance Man had been piqued, and so it was only natural that he would want to find out as much as he could about the big wide world beyond the boundaries of Europe. Suitably inspired, a number of great explorers took to the high seas in search of lost civilizations, hoping to uncover yet more cultural riches that would enhance Renaissance Man's understanding of the world and his place within it.
As the other answer said, the great driver of exploration that led to the discovery of the New World was the desire for trade with Asia. Asian countries such as India had goods Europeans craved, especially spices. For centuries, Europeans had gone overland to the East or via the Mediterranean Sea. When the Ottoman Empire acquired these trade routes, however, it began to charge prohibitively high tolls and tariffs to pass. Europeans were therefore motivated to find another way to the Orient.
When Vasco da Gama sailed to India around the tip of Africa, others were galvanized to find new sea routes. One was Christopher Columbus, who was sure sailing west would land him at India. The last thing he expected was to bump into a new continent. When he arrived in the Americas, it was as if a voyage to Mars had bumped into an invisible planet.
The surprise of finding a new continent changed plans: European countries became excited about exploration as a new way of garnering wealth.
As for the Renaissance, this was a rebirth of interest in the works and art of classical Greece and Rome. Out of it emerged the idea that humankind was valuable and important. This sense of worth encouraged people to try to achieve new things, leading to innovation and exploration.
More than anything else, the initial reason for European exploration of the New World was a desire to open new trade routes to Asia. Increasing wealth in Europe during this period led to a huge growth in the demand for expensive Asian spices. Great fortunes could be made for those who controlled trade routes with the East. The "discovery" of the New World by European explorers was quite unintentional. Explorers such as Christopher Columbus, Ferdinand Magellan, and Amerigo Vespucci were less interested in finding new land than in charting faster routes to Asian spices.
The Renaissance also saw a great growth in scientific discovery. Innovations in navigational tools and ship design took place during this period. Many of these advances, such as the triangular sail and the modern compass, came to Europe by way of Arabia with the return of Crusaders from the Holy Land. Without them, long ocean-going voyages would have been impossible.
By the early sixteenth century, it became clear that new lands were available to be exploited, conquered, and eventually settled. Spain, in particular, took the lead in conquering large amounts of Central and South America. A desire for resources, particularly gold, was a major motivator for this conquest. Parenthetically, with Catholicism under threat from the Protestant Reformation, the Spanish sought to spread their faith to new lands in order to strengthen it.
A competition with other European nations drove many explorers to claim land in the name of their respective empires. A race, particularly between Spain, Portugal, France, and England (and to a lesser extent Holland), drove many explorers and settlers to the New World.
http://nationalhumanitiescenter.org/pds/amerbegin/exploration/exploration.htm
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