Global sports tourism market is projected to accomplish an extraordinary growth in the forecast period, 2024-2028 with an impressive CAGR. The market growth can be attributed to rising number of sports-event in the recent years. Moreover, the globalization is one of the major reasons behind the exponential growth of the sports tourism market. Rapidly rising number of players, and sports is also aiding to the growth of the global sports tourism market in the upcoming five years. Also, the rising focus on the seating capacity expansion in the various stadiums and sports arenas is further supporting the exponential growth of the global sports tourism market in the next five years. Advancements in the hospitality industry is also supporting the market growth. Countries involved in the specific sports events put extra focus on the hospitality management for the sports person, their staff, coaches, and fans in the country for the sports. The rapidly growing tourism is also benefitting the respective country’s economy and thereby supporting the further expansion of the market. In the recent incident of pandemic caused due to widespread COVID-19, tourism altogether halted. Domestic as well as international travelling was banned and the whole population was under strict lockdown. The incident had drastic effect on the market, in fact some of the major sports event like Olympics were postponed or terminated due to the virus. The concerns are still high though the market is making slow recovery as the delayed Olympics is now being conducted.
The global sports tourism market is segmented by sports, application, type, competitional landscape, and regional distribution. Based on sports, the market is further segmented into soccer tourism, cricket tourism, hockey tourism, tennis tourism, and others. Cricket tourism is anticipated to hold the largest revenue shares of the market and assert its dominance over the market on the account of rapidly increasing craze about the sports and increased number of fans for the sport, the teams, and the specific players. Moreover, number of international events being conducted by major economies is also aiding to the support of the global sports tourism market in the next five years. Soccer tourism is expected to register significant amount of the revenue shares of the market in the upcoming five years on the account of number of teams increasing in the European and American regions.
Holding the major shares of the global sports and tourism market are BAC Sports Ltd., DTB Sports Hospitality and Event Management Ltd., Great Atlantic Sports Travel, International Sports Management Inc., MATCH Hospitality AG, QuintEvents LLC, Sports Tours International Ltd., Sports Travel & Hospitality Group Ltd., Sportsnet Corporation Pty Ltd., TravelOsports, Fanatic Sports Pvt. Ltd., Veda Sports Marketing Private Limited (Sports Konnect), Venatour Ltd, Lions Sports Travel Ltd., Roadtrips Sports Travel, among others. Market players are actively involved in the research and technological development in the betterment of trip and tourism services. Internet availed tour packages are in trend are actively supported for the sports events for the fans as well as the sports persons thus aiding the growth of the market. Further advancement would aid the market value and brand establishment in the future five years.
Objective of the Study
- To analyze the historical growth of the market size of global sports tourism market from 2018 to 2021.
- To estimate and forecast the market size of global sports tourism market from 2022 to 2028 and growth rate until 2028.
- To classify and forecast global sports tourism market based on sports, application, type, competitional landscape, and regional distribution.
- To identify dominant region or segment in the global sports tourism market.
- To identify drivers and challenges for global sports tourism market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global sports tourism market.
- To identify and analyze the profile of leading players operating in global sports tourism market.
- To identify key sustainable strategies adopted by market players in global sports tourism market.
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Market insights research performed both primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of service providers, suppliers, and distributors across the country. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research could include the manufactures which could not be identified due to the limitations of secondary research. Market insights research analyzed the service vendors, distribution channels and presence of all major players across the country.
Market insights research calculated the market size of global sports tourism market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. Market insights research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by Market insights research.
Key Target Audience
- Service providers, end users, and other stakeholders
- Distributers and vendors of services and other stakeholders
- Organizations, forums, and alliances related to sports tourism
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
