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 is a form of tourism wherein individuals travel to different states or countries to either participate in a sports event or watch it as a spectator. Many athletes travel to different nations or states to participate in sports, such as cricket, basketball, and football. Moreover, many people opt for nostalgia visits to places of historical importance where different sporting events were organized. These types of tourism are also a part of sports tourism.
However, the COVID-19 pandemic had an adverse impact on the market’s progress due to government-imposed travel restrictions forced people to stay indoors, which reduced tourist footfall at sports events and tournaments.
Fortune Business Insights™ displays this information in a report titled, “Sports Tourism Market, 2024-2032.”
Browse Details Summary for the Sports Tourism Market: https://www.fortunebusinessinsights.com/sports-tourism-market-110568
Top Companies Covered 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)
Segmentation:
Basketball and Badminton Games Gain Major Traction Due to Increasing Popularity of These Sports
Based on sports type, the market is segmented into tennis, cricket, football/soccer, and others. The others segment holds a major market share as sports, such as badminton and basketball are gaining immense popularity in countries, such as India, China, the U.S., and the U.K.
Increasing Individual Interest in Watching Sports to Boost Demand for 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 is expected to dominate the global sports tourism market share due to a notable rise in individual interest in watching sports tournaments and events from the stadiums.
Robust Expansion of Domestic Sports Infrastructure Increases Footfall of Domestic Tourists
Based on tourist type, the market is divided into domestic and international. The domestic segment holds a major market share as countries across the world are increasing their focus on expanding their domestic sports infrastructure.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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:
Increasing Number of Sports Events & Tournaments Will Augment Market Growth
There has been a major increase in the number of sports events and tournaments being organized across the world in recent years as several less-popular sports are also grabbing the attention of sports enthusiasts. This has led sporting organizations and governments to come together to organize tournaments for the same, which has played a key role in attracting millions of spectators from across the world to watch these events. This factor is expected to have a positive impact on the sports tourism market growth.
However, rising geopolitical tensions are causing a decline in sporting events, which can hamper the industry’s growth.
Regional Insights:
Europe Dominates Global Market Owing to High Popularity of Sports
Europe is dominating the global market as several sports, such as cricket, tennis, soccer, and football have a strong and vast fan following across the region. People from across the world visit European countries to watch sports present lucrative opportunities for the regional market to grow.
Asia Pacific is predicted to record a significant CAGR of 17.85% during the forecast period owing to the increasing number of domestic and international sports events.
Competitive Landscape:
Key Market Players to Focus On Business Expansion Strategies to Gain Strong Competitive Edge
Some of the top market players in the sports tourism market are focusing on expanding their business operations in various regions through partnerships, collaborations, and acquisitions to stay ahead of their competitors. The key companies operating in this market include Gullivers Sports Travel Limited, BAC Sport, Club Europe Group Travel, and many others.
Notable Industry Development:
July 2023: Gullivers Sports Travel Limited, a sports traveling services provider, signed a three-year partnership deal with Edinburgh Rugby, through which Gullivers Sports Travel Limited became the club’s official sports travel partner.
