Sports Tourism Market to Garner $1,803.7 Bn, Globally, by 2030 at 16.1% CAGR: Allied Market Research
Rise in GDP and employment contribution, increased popularity of sport tourism to break up monotonous lifestyle, advent of mobile ticketing, and surge in spending ability drive the global sports tourism market.
PORTLAND, Ore., Sept. 13, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Sports Tourism Market by Product (Football/Soccer, Cricket, Motorsport, Tennis, and Others), Type (Domestic and International), and Category (Active and Passive): Global Opportunity Analysis and Industry Forecast 2021–2030". As per the report, the global sports tourism industry was pegged at $323.42 billion in 2020, and is expected to reach $1,803.70 billion by 2030, growing at a CAGR of 16.1% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in GDP and employment contribution, increased popularity of sport tourism to break monotonous lifestyle, advent of mobile ticketing, and surge in spending ability drive the global sport tourism market. However, cancellation of sports activities due to limited budgets hinders the market growth. On the contrary, increase in number of athletic events and rise in tournaments in existing venues to attract more spectators than before are expected to open new opportunities for the market players in the future.
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Covid-19 scenario:
- The global sports tourism market took a hit due to the Covid-19 outbreak as several sports tournaments were canceled and international travel was banned.
- However, the market is expected to recover by 2022 due to increase in vaccination campaigns and active participation in sporting activities.
The motorsport segment is expected to manifest the highest CAGR through 2030
By product, the motorsport segment would showcase the highest CAGR of 17.4% during the forecast period, due to participation of top countries to host motorsports events. However, the football/soccer segment held the largest share in 2020, accounting for nearly one-third of the global sport tourism market, owing to popularity of football events such as the FIFA world cup.
The domestic segment held the largest share
By type, the domestic segment dominated the market in terms of revenue in 2020, contributing to nearly three-fifths of the global sports tourism market, due to heavy investments in sports infrastructure and popularity of sports in several countries. However, the international segment is expected to manifest the highest CAGR of 16.8% during the forecast period, owing to rise in disposable income, improved infrastructure, favorable government policies regarding international tourists, and relationship between host and concerned nations.
Europe, followed by North America, held the largest share
By region, the market across Europe, followed by North America, held the largest share in 2020, accounting for nearly two-fifths of the market, due to presence of large population and high participation in sports activities. However, the global sports tourism market across Asia-Pacific is projected to register the highest CAGR of 17.7% during the forecast period, owing to increase in sports participation and sports event hosting.
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Major market players
- BAC Sports
- Sports Travel & Hospitality Group
- QuintEvents
- THG Sports
- MATCH Hospitality
- Gullivers Sports Travel Limited
- Club Europe Holidays Ltd.
- DTB Sports Hospitality
- Inspiresport
- Great Atlantic Sports Travel
- Event Management Ltd.
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