Sports Tourism Boom: 16.1% CAGR by 2030

Record Growth Predicted for Sports Tourism Market

The size of the worldwide sports tourism market was estimated at $323,420.0 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 16.1% from 2021 to $1,803,704.0 million by 2030.

Sports tourism is travel that involves seeing or participating in a sporting event while the traveller is not in their everyday environment. Sports tourism is the movement of people from one area, nation, or state to another to attend a game or athletic event. The number of people visiting sporting events has increased considerably over the last ten years, even though sports tourism has not always been prevalent. Sports tourism's unexpected rise in popularity is fueled by people travelling great distances to see their favourite games. Sports tourism can be divided into three categories: active sport tourism, celebrity and nostalgia sport tourism, and sports event tourism.

People of all ages, regardless of origin or socioeconomic condition, have profited from sports tourism. Sports tourism is an investment made in the tourism sector that effectively boosts the economy. It promotes economic growth by offering a range of housing options, including hotels, restaurants, and retail stores. Towns or venues hosting athletic events endeavour to enhance multiple aspects that could potentially aid in promoting tourist visits.

With more sporting events being held globally, the global sports tourism business is expanding. New tournaments are being conducted in already-existing locations to boost spectator involvement, and new venues for already-existing tournaments are being constructed to improve sports' appeal and reach. The tourism sector will benefit from additional sporting events by drawing more travellers to athletic facilities, increasing future demand for hotel and resort services. A rise in athletic events will contribute to the influx of tourists at athletic facilities and the growth of the sports tourism sector. The global market for sports tourism will be driven by the rise in athletic events hosted across the globe.

BAC Sports, QuintEvents, Sports Travel & Hospitality Group, MATCH Hospitality, THG Sports, Club Europe Holidays Ltd., Gullivers Sports Travel Limited, Inspiresport, DTB Sports Hospitality and Event Management Ltd., and Great Atlantic Sports Travel are some of the major companies in the global sports tourism market.

The global sports tourism market comprises the product, type, category, and region segments. The market is divided into categories according to product, including motorsport, tennis, cricket, football/soccer, and others. It is separated into domestic and foreign categories based on kind. The sports tourism market is divided into two categories: active and passive. The sports tourism market in North America, Europe, Asia-Pacific, and Latin America is examined regionally.

The global love and tremendous popularity of football made the football/soccer segment the most significant revenue contributor in 2020, according to market trends for sports tourism. The domestic segment had the most critical market share by type. The expansion of the domestic segment has mainly been attributed to government development programs and massive investments in sports infrastructure, including playing fields, stadiums, and sports clubs. Due to the rise in sporting events and activities worldwide, the passive segment of the sports tourism industry held the largest share based on category.

Globally, there is a growing need for extra seats in athletic stadiums due to a rise in sports tourists. Larger seating capacities at sporting events lead to better ticket revenue collection because more people may be accommodated there. The increased revenue from ticket sales and sports packages will aid the growth of the sports tourism business. Many sporting events and organizations are putting a lot of effort into increasing their ability to hold sports enthusiasts. Conversely, suppose franchisee teams are not financially supported. In that case, events may be cancelled, which would be detrimental to the sports tourism industry and would constrain the global sports tourism market.

One significant market trend that is anticipated to arise is the expansion of fan zones. The players in the sports sector are concentrating on expanding their audience base to highlight events and broaden their influence. The sports tourism sector benefits from this. Official fan zones are being established at an increasing number of athletic events. These fan areas can be set up in a number of different cities and regions that are not hosting the athletic event, or in the same region or city that is.

Three possible effects of COVID-19 on the world economy are direct effects on demand and output, supply chain and market disruption, and financial effects on enterprises and financial markets. The COVID-19 pandemic had a significant impact, causing quarantines and travel bans, restaurant closures, and an outright ban on all indoor events in more than forty countries. As a result, there has been a notable decrease in the demand for sports tourism, a decline in business, an increase in public fear, and a sense of unease about the future.