Sports tourism | A fast growing industry | At a CAGR of 16.1%, the sports tourism market is expected to reach $1,803,704.0 million
PORTLAND, OREGON, USA, July 27, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Sports tourism market by Product, Type and Category: Global Opportunity Analysis and Industry Forecast, 2021-2030”, tourism The market size was valued at USD 323,420.0 million in 2020 and is projected to reach USD 1,803,704.0 million by 2030, registering a CAGR of 16.1% from 2021 to 2030.
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Drivers, constraints and opportunities
Increase in GDP and contribution to employment, increased popularity of sports tourism to break the monotonous lifestyle, advent of mobile ticketing and increase in spending capacity are driving the global tourism market jock. However, cancellation of sports activities due to limited budgets is hampering the growth of the market. On the contrary, the increase in the number of sporting events and the increase in tournaments in existing venues to attract more spectators than before are expected to open up new opportunities for market players in the future.
According to the ideas of the CXOs of large companies, sports tourism is one of the fastest growing segments of the tourism industry. Whether sports are the primary purpose of travel or not, more and more tourists are interested in participating in sports activities while on vacation. Sporting events of all shapes and sizes attract tourists as participants or spectators, and destinations attempt to add local flavors to events and provide authentic local experiences. Major sporting events, such as the Olympics and World Cups, can serve as a platform for tourism development if successfully exploited in terms of brand value, infrastructure development and other socio-economic benefits.
Sport and tourism are closely linked and mutually beneficial. Sports, whether practiced as professionals, amateurs or hobbies, require extensive travel to play and compete in various places and countries. Major sporting events, such as the Olympics, football and rugby leagues, have become powerful tourist attractions, contributing significantly to the tourism industry.
Take away key
Europe was the top revenue contributor, accounting for $119,018.6 million in 2020, and is expected to reach $624,081.6 million by 2030, at a CAGR of 15.7%.
The football/soccer segment was the largest contributor to the market, with $97,891.6 million in 2020, and is expected to reach $516,691.3 million by 2030, growing at a CAGR of 15.8% during of the forecast period.
Domestic segment was the largest contributor to the market, with $181,415.6 million in 2020, and is expected to reach $987,090.7 million by 2030, growing at a CAGR of 16.1% during the forecast period .
The passive segment was the largest contributor to the market, with $190,844.4 million in 2020, and is expected to reach $1,046,683.0 million by 2030, growing at a CAGR of 16.2% during the forecast period.
The global sports tourism market has been hit by the Covid-19 outbreak, with several sports tournaments canceled and international travel banned.
However, the market is expected to recover by 2022 due to the increase in vaccination campaigns and active participation in sports activities.
Motorsport segment expected to post highest CAGR through 2030
By product, motorsports segment would exhibit the highest CAGR of 17.4% during the forecast period, owing to the participation of top countries to host motorsports events. However, the football/soccer segment held the largest share in 2020, accounting for almost a third of the global sports tourism market, owing to the popularity of football events such as the FIFA World Cup.
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The domestic segment held the largest share
By type, the domestic segment led the market in terms of revenue in 2020, contributing almost three-fifths of the global sports tourism market, owing to heavy investments in sports infrastructure and the popularity of sports in several countries. However, the international segment is expected to show the highest CAGR of 16.8% during the forecast period, owing to increasing disposable income, improved infrastructure, favorable government policies regarding international tourists and relations between host and affected countries.
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, owing to the presence of a large population and strong participation in sports activities. However, the global Asia-Pacific sports tourism market is expected to register the highest CAGR of 17.7% during the forecast period, driven by increasing sports participation and event hosting. sportsmen.
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Main market players
Sports Travel and Hospitality Group
Gullivers Sports Travel Limited
Club Europe Holidays Ltd.
DTB sports hotel
Great sporting trip in the Atlantic
Event Management Ltd.
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