The sports tourism market size was valued at USD 544.38 billion in 2023 and is expected to be worth USD 618.69 billion in 2024. The market is projected to reach USD 2,089.58 billion by 2032, recording a CAGR of 16.43% during the forecast period.
Sports tourism refers to a tourist's travel experiences, wherein they travel to different countries across the world to either watch their favorite sports event as a spectator or participate in it. Both, the athletes traveling to other countries to participate in sports tournaments and sports enthusiasts buying tickets to watch these events are a part of sports tourism.
However, the COVID-19 outbreak restricted the market's growth considerably due to a major decline in sporting events owing to lockdowns and traveling restrictions. This eventually caused a slump in this form of tourism in different countries.
Fortune Business Insights™ displays this information in a report titled, "Sports Tourism Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/sports-tourism-market-110568
Segmentation:
Increasing Interest in Basketball and Badminton Helped Others Segment Dominate Market
Based on sports type, the market is segmented into tennis, cricket, football/soccer, and others. The others segment holds a major market share due to rising interest in basketball and badminton in countries, such as Germany, India, the U.K., and China.
Increased Frequency of Traveling to Watch Sports Events Fueled Popularity of Passive Tourism
Based on sports tourism type, the market is segmented into active sports tourism, passive sports tourism, and nostalgia sports tourism. The passive tourism segment might dominate the global sports tourism market share as an increasing number of people are traveling to different countries to watch their favorite sports events.
Rising Government Support for National Sports Tournaments Accelerated Influx of Domestic Tourists
Based on tourist type, the market is divided into domestic and international. The domestic segment has captured the largest market share as governments across the world are supporting the domestic sports industry through various initiatives.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Top Company in the Sports Tourism Market:
- BAC Sport (U.K.)
- Gullivers Sports Travel Limited (U.K.)
- Club Europe Group Travel (U.K.)
- XLSportsTours (U.S.)
- Sportsnet Holidays (Australia)
- DTB Events (U.K.)
- Australian Sports Tours (Australia)
- Navigo Sports (U.S.)
- Dream Team Sports Tour (Italy)
- Melsh Sports Tours (India)
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading tourist types, sports types, sports tourism types, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Technological Innovations and Improvements in Online Booking Platforms to Propel Market Growth
Advanced technologies are being integrated into several sports to improve the quality of matches and enhance spectators' viewing experience. These technological innovations have also played a key role in increasing the profit margins of sports organizations as they provide them with several key platforms to promote their upcoming tournaments and events. Moreover, the introduction of technology in sports has also enhanced the efficiency of online booking platforms, making it easier for them to book their tickets and hotel accommodations.
However, several countries are currently facing severe geopolitical tensions, which can hinder the sports tourism market growth.
Regional Insights:
Increasing Number of Sports Tournaments Helps Europe Dominate Global Market
Europe is dominating the global market due to the rising number of sports events and tournaments, which has played a vital role in encouraging a large number of sports enthusiasts to visit the region to enjoy their favorite sports.
The market in North America is also expected to show promising growth due to a robust growth in the region's sports infrastructure.
Competitive Landscape:
Key Market Players to Engage in Partnerships and Collaborations to Maintain Their Dominance
Some of the leading market players are engaging in a wide range of collaborations, partnerships, and acquisitions to maintain their dominance. The key companies leading the market's growth include Club Europe Group Travel, BAC Sport, and Gullivers Sports Travel Limited, among others.
Notable Industry Development:
September 2022: Gullivers Sports Travel Limited inked a one-year partnership deal with NSW Waratahs to become the team's official sports travel partner. This partnership will also help the company increase its business in different countries.
