June 18, 2024
Sports Tourism Market

Sports Tourism Market is Poised to Witness High Growth Owing to Increasing Demand for Experiential Travel Experiences

Sports tourism involves travel which includes participation or interaction with sports and includes both a combination of leisure and business purposes. The increasing popularity of sports leagues around the world along with the growing trend towards experiencing engaging travel opportunities have accelerated the growth of sports tourism globally. Sports tourist have shown preference for active engagement with local sporting activities and events rather than being just spectators. This has led to development of new sports and activities at destinations which provide highly memorable experiences to travelers.

The global sports tourism market is estimated to be valued at US$ 1787.72 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Market drivers

The growing millennial population inclined towards novel experiences while traveling is a key driver for Global Sports Tourism Market Share. Their interest in experiencing new activities and passion for various sports has boosted visit to destinations hosting global sporting championships and leagues. Additionally, the increasing social media coverage of unique sports has further popularized niche activities, driving more travelers to explore lesser known sports options while traveling.

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 rising popularity of global sporting leagues offers huge opportunities for attracting sports fans to new destinations. Countries are leveraging major sporting events to promote themselves as tourism hotspots. Technological advancements have enabled real-time engagement for remotely located fans with live sporting experiences.

Current challenges in the Sports Tourism market
The sports tourism market is facing certain challenges currently like-

The covid-19 pandemic has significantly impacted the sports tourism market globally. Travel restrictions and social distancing norms have led to cancellation or postponement of various sporting events. This has negatively affected the revenues of companies in this market.

Higher travel and accommodation costs associated with sports tourism activities pose a deterrent for budget travelers and families. International travel continues to be relatively expensive for many potential tourists.

Climate changes and extreme weather conditions pose a threat to certain outdoor sporting events. Events sometimes have to be cancelled or relocated due to unpredictable weather patterns. This leads to losses for the organisers.

Lack of proper infrastructure like sports facilities, transportation and accommodation in some regions act as a hindrance for the growth of sports tourism in those areas. Developing adequate infrastructure requires large investments.

SWOT Analysis
Strength: Strong fan following for international sports events attracts large tourists. Growing interest of people in active leisure vacations centered around sports.
Weakness: Higher costs involved than regular types of tourism. Dependence on successful conduct of sporting events.
Opportunity: Emergence of new sports and adventure activities offering scope to attract new participants. Developing infrastructure in new destinations.
Threats: Threat of pandemic outbreaks disrupting plans. Political instability or unrest in certain regions.

Geographical regions with high market value
North America currently accounts for the largest share of the global sports tourism market in terms of value. Countries like the US are home to international leagues in leading sports and host many marquee events that attract thousands of visitors.

Europe is another major revenue generator, driven by popularity of international football clubs and tournaments in countries including the UK, Spain, Italy and Germany. Asian countries like China, India and Japan are growing as popular sports tourism destinations.

Fastest growing geographical region
The Asia Pacific region is projected to experience the fastest growth in the sports tourism market during the forecast period. Countries like India and China have been aggressively promoting sports and hosting international events to boost inbound tourism. Improving connectivity and infrastructure will aid the emergence of new destinations in the Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it