Monday, July 1, 2024 In 2020, the global market for sports tourism was valued at approximately $323.4 billion. Forecasts suggest that by 2030, this market could escalate to about $1.
8 trillion, growing at a compounded annual growth rate (CAGR) of 16.1% over the period from 2021 to 2030. Sports tourism involves traveling to participate in or view sports events outside one’s usual environment.
This sector has seen a significant rise in popularity over the past decade, with more individuals traveling long distances to experience their favorite sports events firsthand. This sector can be categorized into three main types: sports event tourism, celebrity and nostalgia sport tourism, and active sport tourism. This industry has been a boon for people across all demographics, contributing to economic development through various sectors like accommodation, dining, and retail.
Sporting events enhance local economies by fostering improvements in infrastructure and services that support increased tourist activity. The industry is experiencing growth due to the increasing number of sports events worldwide. More tournaments are being organized in both new and existing venues to enhance fan engagement and expand sports’ geographic reach.
This expansion is anticipated to boost demand for hospitality services near these venues and propel the industry’s growth further. Key market players include BAC Sports, QuintEvents, Sports Travel & Hospitality Group, MATCH Hospitality, THG Sports, Cl.
