DUBLIN--(BUSINESS WIRE)--The "Sports Tourism Market by Product, Type, and Category: Global Opportunity Analysis and Industry Forecast 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global sports tourism market size was valued at $323,420.0 million in 2020, and is projected to reach $1,803,704.0 million by 2030, registering a CAGR of 16.1% from 2021 to 2030.
Sports tourism is a rapidly expanding segment in the travel/tourism industry. In fact, it is the fastest growing segment of the travel industry today, generating billions of dollars each year. Sports tourism is a growing trend that will expand in the coming years.
While recent technological advancements may not appear to have a significant impact on the sports industry, they most certainly have. People now have access to resources that were not available a decade ago, due to availability of purchasing sports tickets online through various applications and websites. People are also more aware about when and where the games and competitions will take place in advance, allowing them to better plan for the cost and time required to attend the events.
COVID-19 had a significant impact on sports tourism. Most local, national, and international events have been cancelled or are taking place in a different format, such as with a limited number of participants. Due to travel restrictions, many outdoor activities and programs have been cancelled. However, some types of sports tourism activities, such as outdoor recreation, are alternatives to mass tourism, their popularity is expected to rise in the future.
The sports tourism market will grow significantly as the number of national and international tournaments increases. Among the major events that will take place during the forecast period are Cricket South Africa's new T20 league and the Volleyball Federation of India's Pro Volleyball League. As the number of sporting events increases, so will the number of tourists visiting sporting destinations, fueling the growth of the sports tourism industry.
Furthermore, sports are being used to promote tourism in countries such as Russia, the UK, Germany, India, China, the U.S., Spain, and Canada. Sports tourism caters to a wide range of tourists who travel to different parts of the world to participate and watch sporting events. Tourists also spend money on transportation, lodging, and food and beverages. This has a positive impact on economy because sports tourism promotes the growth of the tourism supply chain, which leads to GDP growth in the country. As a result, several governments are focusing on promoting sports tourism in order to increase revenue from their tourism industry, thereby driving the market's overall growth.
The global sports tourism market is segmented on the basis of product, type, category, and region. On the basis of product, the market is categorized as football/soccer, cricket, motorsport, tennis, and others. As per type, it is divided into domestic and international. Based on category, the sports tourism market is segmented as active and passive. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, the Netherlands, and The rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, and The rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Argentina, the UAE, and The rest of LAMEA).
Key Benefits
- The report provides a quantitative analysis of the current market, estimations, trends, and dynamics of the global sports tourism market size from 2020 to 2030 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped based on the market share and market trends.
- Porter's five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segment and size assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global sports tourism industry.
- Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
Market Dynamics
Drivers
- Mobile ticketing
- Increase in GDP and employment contribution
- Rise in spending ability
- Sports tourism is becoming popular as a way to break up monotonous lifestyle
Restraint
- Cancellation of sports activities due to limited budget
Opportunities
- Rise in the number of athletic events throughout the globe
- New tournaments are being held in existing venues to attract more spectators
Companies Mentioned
- BAC Sports
- QuintEvents
- Sports Travel & Hospitality Group
- MATCH Hospitality
- THG Sports
- Club Europe Holidays Ltd
- Gullivers Sports Travel Limited
- Inspiresport
- DTB Sports Hospitality
- Event Management Ltd
- Great Atlantic Sports Travel
For more information about this report visit https://www.researchandmarkets.com/r/3vum4x
