Sports Tourism Market is anticipated to Witness High Growth Owing to Increasing Interest in Adventure Sports Activities
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Sports Tourism Market Trends |
Market Overview
Sports tourism refers to traveling to participate in or to
watch sporting events or activities. It involves either watching professional
matches or sports events, recreational activities like hunting, fishing, golf,
skiing or cycling tours. The increasing interest of people in adventure and
outdoor activities has created high demand for sports tours and activities.
Sports tourism facilitates interaction and engagement with local culture and
communities. Countries are investing in sports infrastructure development to
promote sports tourism and attract international visitors.
The global sports tourism market is estimated to be valued
at US$ 769.37 billion in 2024 and is
expected to exhibit a CAGR of 12%
over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the sports tourism are Victory Sports Tours, 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.,
KNT CT Holdings, 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., Travel sport, Veda
Sports Marketing Pvt. Ltd., and TPI Ltd.
The key opportunities in the Sports
Tourism Market Trends include hosting of international sports events,
developing niche sports tourism packages, leveraging digital platforms for
customer engagement and transactions, tie-ups with local clubs and teams to
offer unique experiences.
The global sports tourism market is expanding rapidly as overseas travel for
sports is growing in popularity. Countries and localities are promoting their
unique offerings to attract international sports tourists. Investments are
being made in infrastructure to develop world-class facilities. Partnerships
with global sports federations are helping host international championships and
leagues.
Market Drivers and Restrains
The growing interest of people in experiencing adventure activities like
trekking, mountain biking, water sports during holidays is a key driver for the
sports tourism market. Travel companies are innovating their offerings to
include tailored sports activity tours and packages. Countries are also
allocating higher budgets for sports infrastructure and promotions to boost
sports tourism arrivals.
However, high travel and lodging costs involved in certain exotic destination
sports can restrain the mass adoption of specialized sports tours. Issues like
lack of standardization and seasonality also act as challenges for the
organized growth of the industry. Dependence on climatic conditions and seasons
affect the year-round demand for some sports activities negatively impacting
revenues.
Segment
Analysis
The sports tourism market is dominated by domestic sports tourism segment.
Domestic sports tourism involves traveling within one's own country to attend
or participate in sports events. It holds the largest share as it provides easy
accessibility and lesser travel costs for sports fans and enthusiasts.
International sports tourism is the second largest segment which involves
traveling across international borders for sports. However, domestic sports
tourism will continue its dominance during the forecast period due to
increasing interest of people in domestic sports leagues and tournaments
coupled with higher spending on recreation activities within one's own country.
Global Analysis
North America holds the largest share in the global sports tourism market owing
to high participation in sports and growing popularity of major sports leagues
like NBA, NFL, MLB etc in the US. Europe is the second largest and fastest
growing market driven by large fanbases of football clubs and international sports
events like UEFA Eurocup, Champions League. Asia Pacific is witnessing the
highest growth led by countries like India and China. Rising incomes, improving
sports infrastructure and government push for sports are enhancing sports
tourism in the region. Emerging nations of Latin America and Middle East &
Africa are expanding at a considerable pace due to increasing interest of
people in international sporting destinations and mega sporting events hosted
in these regions.
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Insights On- Sports
Tourism Market Trends
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