NEW YORK, Dec. 15, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global sports tourism market size is estimated to grow by USD 771.4 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 15.2% during the forecast period. The report provides a […]
NEW YORK, Dec. 15, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global sports tourism market size is estimated to grow by USD 771.4 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 15.2% during the forecast period. The report provides a comprehensive forecast of key segments below-
Segmentation Overview
- Type
- 1.1 Domestic sports tourism
- 1.2 International sports tourism
- Product
- 2.1 Soccer tourism
- 2.2 Cricket tourism
- 2.3 Tennis tourism
- 2.4 Others
- Area
- 3.1 Passive sports tourism
- 3.2 Active sports tourism
- Geography
- 4.1 Europe
- 4.2 APAC
- 4.3 North America
- 4.4 South America
- 4.5 Middle East and Africa
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1.1 Fastest growing segment:
Domestic sports tourism is a significant segment in the global sports tourism market, with a large number of tourists traveling within their countries to attend various sports events. This includes both participation and spectating, as well as expenditures on hospitality and merchandise related to the sports event. The popularity of domestic sports tourism is due to several factors, such as the ease of transportation within regions, the use of a uniform regional currency, and the familiar cultural and regional backgrounds. Many domestic sports leagues are held across the world, and governments and sports teams are facilitating fan travel between venues, as seen in Qatar with free shuttle buses, the Doha Metro, taxis, and cab services, and dedicated lanes for fans. The growth of domestic sports tourism is also driven by the strong growth in developing economies, offering economic opportunities and regional benefits. The global domestic sports tourism market is expected to experience a steady YoY growth rate during the forecast period due to the familiarity it provides with a country’s tourism policies, government rules, and adventure sports risks.
Analyst Review
The sports tourism market is a dynamic and growing sector that brings together the excitement of sports and the allure of travel. Motorsport, cricket, tennis, and soccer are just a few of the popular sports that attract fans and travelers from around the world. Major events like the FIFA World Cup and UEFA Champions League draw massive crowds, while Formula 1, NASCAR, marathons, and triathlons offer unique experiences for participants and spectators alike. The sports industries have recognized the potential of this market and have initiated strategic partnerships to host events in premier travel destinations. The destination appeal and visitor experiences are crucial for sustained growth in sports tourism. Leisure travelers and fans seek authentic and memorable experiences, making sports events an integral part of their travel plans. The Olympics, basketball, baseball, hockey, and soccer are other sports that contribute significantly to this thriving market.
Market 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 Olympics are key players in this industry. Partnership initiatives between these entities and sports industries have led to the hosting of world-class sports events, making destinations premier travel attractions. Sports tourists seek adrenaline-fueled, experiences, driving sustained growth in the market. However, challenges include seasonal fluctuations, infrastructure limitations, and financial challenges for event organizers. The market caters to fans and travelers alike, offering leisure travel and live entertainment. Historical data shows a significant increase in visitor numbers, with top-tier athletes and host cities generating regional tourism revenues and economic growth. Sustainable practices, eco-friendly initiatives, and environmental awareness are becoming increasingly important to ensure long-term profitability and overall sustainability. Despite these challenges, the sports tourism market continues to be a captivating frontier, with safari tourism and travel & outdoor activities adding to its allure. Event organizers must address infrastructure limitations and carbon footprints while maintaining visitor experiences and overall sustainability.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor 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.
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Website: www.technavio.com/
SOURCE Technavio
