June 18, 2024
Sports Tourism Market

Sports Tourism Market is Estimated to Witness High Growth Owing to Advancement in Travel and Technology

Sports tourism involves travel that has sports as one of the main motives, thus it includes both passive and active participation in sports. It offers unique experience to watch local, national and international sporting events live. Factors such as rising interest in new sports such as eSports, new events and venues, and growing popularity of fantasy sports etc. are attracting more tourists. Also, advancements in travel and technology such as improved connectivity, mobile applications, online booking platforms etc. are making sports tourism more accessible than ever before.

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.

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 emerging destinations for niche sports, growing popularity of fantasy sports and new sporting venues and infrastructure projects. Furthermore, advancements in technologies such as Virtual and Augmented Reality are allowing novel sports viewing experiences and attracting more consumers.

Market Drivers

The major market driver for sports tourism is rising interest of people in adventure and new sporting experiences. Travelling to new destinations to watch live sports has become a trend among sports enthusiasts. Additionally, increasing disposable income levels across countries and growing tourism promotion by governments are fueling the market growth. Improved air, road and rail connectivity to sporting venues have made travel more convenient and affordable for sports fans.

Current Challenges in Sports Tourism Market

The sports tourism market is facing various challenges which are hampering its growth. Some of the key challenges are lack of proper infrastructure across various regions, high costs associated with sports events, and dependence on seasons and availability of sporting events. Many destinations still lack world class sports infrastructure like modern sports stadiums, arenas, pitches etc which are mandatory to host major sporting leagues and international events. This limits their potential to attract sports tourists. Additionally, organizing international sporting events require huge costs which is a massive challenge for destinations and organizers. The market also largely depends on availability of sporting calendar and seasons which create peaks and troughs in demand throughout the year. This affects sustainable growth of businesses in this industry.

SWOT Analysis

Strength: Growing popularity of niche sports and events is expanding options for sports tourists. Strong branding of global sporting leagues and tournaments is driving interest.

Weakness: Seasonal nature of demand creates instability for tourism players. High investment requirements for developing sports infrastructure.

Opportunity: Emerging markets in Asia and Latin America provide vast untapped potentials. Digital technologies can help improve access and experience.

Threats: Risk of strikes and event cancellations due to geopolitical issues or pandemic. Aggressive competitive landscape can squeeze profit margins.

Geographical Regions

North America currently dominates the global sports tourism market in terms of value. This is attributed to presence of largest sporting leagues and events in countries like U.S. and Canada that attract large volume of domestic and international sports tourists. Europe is another major regional market led by countries like UK, Germany, France etc that regularly host international football tournaments and other niche sports.

Fastest Growing Region

Asia Pacific region is witnessing fastest growth and expected to outpace global sports tourism rates over forecast period. This is due to rising interest in international sports events among middle class, improving infrastructure, and governments prioritizing sports development through initiatives like Summer Olympics and Asian Games. Countries like India, China, Thailand, Malaysia etc are emerging as top destination markets from the region.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.