Sports Tourism Market size is set to grow by USD 771.4 billion from 2024-2028, Increasing number of sporting events to boost the market growth, Technavio

NEW YORK, July 12, 2024 /PRNewswire/ — The global sports tourism market size is estimated to grow by USD 771.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 15.2% during the forecast period. Increasing number of sporting events is driving market growth, with a trend towards development of VR technology. However, cancelation of sports events due to financial constraints poses a challenge. Key market players include ATPI Ltd., BAC Sports Ltd., DTB Sports Management Ltd., Fanatic Sports Pvt. Ltd., Gala Management Services Ltd., Global Sports Travel and Tours Pty Ltd., International Sports Management Inc., ITC Travel Group, JTB India Pvt. Ltd., Kintetsu Group Holdings Co. Ltd., Match Hospitality AG, QuintEvents LLC, Sports Tours International Ltd., Sports Travel and Hospitality Group Ltd., Sportsnet Corp. Pty Ltd., The Hospitality Group, Thomas Cook India Ltd., travelOsports, Veda Sports Marketing Pvt. Ltd., and Victory Sports Tours.

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Key Market Trends Fueling Growth

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Market Challenges

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Segment Overview 

This sports tourism market report extensively covers market segmentation by

Type 1.1 Domestic sports tourism1.2 International sports tourismProduct 2.1 Soccer tourism2.2 Cricket tourism2.3 Tennis tourism2.4 OthersArea 3.1 Passive sports tourism3.2 Active sports tourismGeography 4.1 Europe4.2 APAC4.3 North America4.4 South America4.5 Middle East and Africa

1.1 Domestic sports tourism- The sports tourism market is a thriving industry that attracts millions of fans and travelers every year, seeking world-class sports, live entertainment, and immersive experiences. According to historical data, sports tourists have shown a significant increase in visitor numbers, particularly in segments covered by domestic and international sports events. However, pitfalls and challenges such as seasonal fluctuations, infrastructure limitations, and financial challenges pose challenges for event organizers aiming for profitability and long-term sustainability. Infrastructure limitations include arenas, training centers, and recreational facilities that may not meet the demands of top-tier athletes and potential tourists. Moreover, eco-friendly initiatives, sustainable practices, and environmental awareness are becoming increasingly important for overall sustainability, reducing carbon footprints, and minimizing tourism practices’ negative impact on the environment. Safari tourism and other travel and outdoor activities offer captivating frontiers for sports tourists, adding to the adrenaline-fueled experiences. Regional tourism revenues and economic growth are significant benefits of successful sports tourism events, making them essential contributors to host cities’ development. Despite these advantages, it is crucial to address the financial challenges and ensure predictable conditions for the success and profitability of sports tourism events.

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Research Analysis

Sports tourism is a thriving market that brings together the excitement of world-class events and the allure of premier travel destinations. Motorsport enthusiasts rev their engines for Formula 1 races and NASCAR events, while cricket fans flock to witness the passion of the game in international tournaments. Tennis aficionados serve up their love for the sport at the US Open and Wimbledon, and soccer fans cheer on their teams during the FIFA World Cup and UEFA Champions League. Strategic partnerships between sports industries and tourism boards have led to the successful event hosting of marathons, triathlons, Olympics, and more. These initiatives enhance destination appeal and offer unique visitor experiences, contributing to sustained growth in sports tourism. Basketball, baseball, hockey, and other sports also draw fans and travelers from around the world, making sports events a significant driver of leisure travel.

Market Research Overview

The sports tourism market encompasses various segments, including Motorsport, Cricket, Tennis, FIFA World Cup, UEFA Champions League, Formula 1, NASCAR, Marathons, Triathlons, Adventure races, and more. Travel agencies, tour operators, hospitality chains, event management companies, and Olympic Games are key players. Strategic partnerships and event hosting in premier travel destinations offer sustained growth through leisure travel and sports events. Fans and travelers seek immersive experiences with world-class sports and live entertainment. Value projection and historical data reveal potential visitor numbers, with segments like safari tourism showcasing a captivating frontier. However, pitfalls and challenges include seasonal fluctuations, infrastructure limitations, and financial challenges for event organizers. Sustainable practices, eco-friendly initiatives, and environmental awareness are essential for long-term profitability and overall sustainability. Infrastructure development, including arenas, training centers, and recreational facilities, is crucial to accommodate sports tourists. Regional tourism revenues and economic growth are significant benefits, making sports tourism a vital component of the global tourism industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeDomestic Sports TourismInternational Sports TourismProductSoccer TourismCricket TourismTennis TourismOthersAreaPassive Sports TourismActive Sports TourismGeographyEuropeAPACNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

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SOURCE Technavio