Sports Tourism Market is anticipated to Witness High Growth Owing to Rising Interest in Sports among Travellers
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Sports Tourism Market Growth |
The global sports tourism market is a growing tourism niche.
Sports tourism involves either passive or active participation in games and
sports. Tourists increasingly want customized travel experiences that combine
active participation or spectatorship of sporting events along with travel and
accommodation. Sports tourism provides entertainment through major
international or domestic sporting events, visiting sports attractions and
stadiums, competing as an individual or as part of a team, or improving skills
at a sports academy. The growing popularity of cable and digital sports
coverage has boosted interest in various domestic and international sports
championships like cricket, football, basketball among others. This is enabling
the growth of sports tourism as more people want to attend live matches and
experience the electric atmosphere of sporting events.
The Global sports tourism market is estimated to be valued at US$ 769.37 Bn in 2024 and is expected
to exhibit a CAGR of 12.% over the
forecast period 2024 To 2031.
The growth can be attributed to rising disposable incomes,
growth of the travel industry, ease of travel and increasing interest in niche travel
experiences. Sports event organizers are leveraging sports tourism for
generating greater profits besides promotional benefits.
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. These key players provide customized
sports travel packages and handle travel ticketing, accommodation bookings,
destination services, local transportation and VIP match experiences.
The key opportunities in the global Sports
Tourism Market Growth include niche opportunities like golf tourism,
cricket tourism, adventure sports tourism and niche sporting events. Emerging
economies in Asia and Latin America with growing middle class and interest in
international sports represent a major opportunity. Developing sports
infrastructure and hosting global sporting events help promote tourism and
related industries in a destination.
The market is witnessing global expansion through new collaborations between
travel operators, event sponsors and national sports bodies. Cross-promotion
helps drive tourism during sporting seasons. Regional sports leagues and
localized tournaments are helping augment sports tourism potential globally.
Market Drivers
Rising popularity of various international and domestic
sporting leagues and events has been a major driver for the sports tourism
market. For example, popularity of cricket and football leagues attracts
international visitors. Growing interest of millennials and generation Z in
adventure sports is expanding opportunities in mountain biking, trekking,
skiing, surfing tourism.
Market Restrain
In spite of the growth opportunities, market penetration
remains low in certain regions due to lack of sports travel infrastructure and
professional operators. High travel and accommodation costs during major
sporting events also limit the mass appeal of niche sports tourism. Cultural
barriers and lack of sporting culture or interest in some regions also pose
challenges for the industry. Language barriers and difficulty in coordinating
international travel further restrain market growth to a certain extent.
Segment
Analysis
The global sports tourism market is dominated by domestic
sports tourism segment. Domestic sports tourism involves traveling domestically
for watching as well as participating in sporting events, games, and
tournaments. The segment dominates as it provides several opportunities for
travelers to watch live sporting events across regions within their respective
countries itself. This has significantly boosted the growth of the overall
domestic sports tourism segment.
The international sports tourism segment is the fastest growing segment.
International sports tourism involves traveling outside one's own country for
the purpose of active or passive involvement in sports. Key factors such as
increasing disposable income of people, promotions by sports federations and
clubs and wider accessibility to international sports events have been driving
the growth of this segment.
Global Analysis
The North American region dominates the global sports
tourism market and is expected to continue its dominance during the forecast
period. High awareness regarding fitness and health, growing sports culture,
and presence of many major international sports leagues and teams have been
driving the growth of the sports tourism market in this region.
The Asia Pacific region is projected to experience the highest growth during
the forecast period. Factors such as rising incomes, increasing health
awareness, improving sports infrastructure, government initiatives to promote
sports, and hosting of international sporting events are expected to boost the
demand for sports tourism in Asia Pacific. Countries like China, India are witnessing
rapid growth in their sports tourism industries.
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Insights On- Sports
Tourism Market
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