Sports Events Market to Reach $609.07Bn, Globally, by 2031 at 10.5% CAGR: Allied Market Research

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Aug 18, 2022, 11:30 ET

The expansion of sporting events business, rising per capita income, the burgeoning middle-class population, and rising disposable income drive the growth of the global yogurt market.

PORTLAND, Ore., Aug. 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Sports Events Market by Revenue Source (Ticket Sale, Sponsorship, Others), by Age Group (Below 20 years, 21 to 40 years, 41 years and above): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global sports events industry generated $184.61 billion in 2021, and is anticipated to generate $609.07 billion by 2031, witnessing a CAGR of 10.5% from 2022 to 2031.The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

Prime determinants of growth

The expansion of sporting events business, rising per capita income, the burgeoning middle-class population, and rising disposable income drive the growth of the global sports events market. In addition, the growing popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup along with rising digitization in China and India further fuel the market growth. However,unpredictability of ticket pricing and lack of price management restrict the market growth. Contrarily, the widespread acceptance of digital tickets and the expanding use of smartphones worldwide present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global sports events market, owing to implementation of the global lockdown. This led to cancellation or postponement of all sport events to safeguard the health of athletes and others involved in games.
Sports events such as football tournaments, basketball games, cricket, wrestling, and many others were canceled.
In addition, temporary closure of gyms, stadiums, pools, dance clubs, parks, and playgrounds hampered the growth of the market to some extent during the pandemic.
Nevertheless, in the post-pandemic, the market is recovering steadily.

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The sponsorship segment to maintain its leadership status throughout the forecast period

Based on revenue source, the sponsorship segment held the highest market share in 2021, accounting for more than two-fifthsof the global sports events market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 11.3% from 2022 to 2031.This is attributed to the fact that most of the sports events use sponsorship support to offer more exciting programs and help defray rising costs. Sponsorship is the key for strong marketing. It serves as a powerful and effective marketing tool to increase and reinforce brand awareness among targeted niche markets. The report also identifies the ticket sale segment.

The 21 to 40 years segment to maintain its lead position during the forecast period

Based on age group, the 21 to 40 years segment accounted for the largest share in 2021, contributing to nearly half of the global sports events market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 11.1% from 2022 to 2031, owing to active participation of individuals aged between 21 and 40 years in events such as exhibitions, conferences, sports events, seminars, and music concerts.The report also identifies segments including below 20 years and above 41 years.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global sports events market. This is attributed to the fact that North America has more flexible trade policies and regulations as compared to Western Europe. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031. The nations in this region are witnessing increase in sports leagues, digital activation, and ability to grow & adapt with innovative technology. This, in turn, drives the region.

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Leading Market Players: -

Ace Ticket Worldwide, Inc.
GooTickets.Com
Razorgator LLC
SeatGeek
StubHub
Ticket City, Inc.
Tickets.com, LLC
Ticketek Pty Ltd
Ticketmaster
TickPick LLC

These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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