Sports Tourism Market to Grow by USD 771.4 Billion (2024-2028), Driven by Rising Sporting Events, with AI Impacting Market Trends - Technavio

NEW YORK, Nov. 18, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global sports tourism market size is estimated to grow by USD 771.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.2%  during the forecast period. Increasing number of sporting events is driving market growth, with a trend towards development of VR technology. However, cancelation of sports events due to financial constraints  poses a challenge.Key market players include ATPI Ltd., BAC Sports Ltd., DTB Sports Management Ltd., Fanatic Sports Pvt. Ltd., Gala Management Services Ltd., Sports Travel and Tours Pty Ltd., International Sports Management Inc., ITC Travel Group, JTB India Pvt. Ltd., Kintetsu Group Holdings Co. Ltd., 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., travelOsports, Veda Sports Marketing Pvt. Ltd., and Victory Sports Tours.

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Market Driver

The sports tourism market is a thriving industry, with motorsport, cricket, tennis, FIFA World Cup, UEFA Champions League, Formula 1, NASCAR, marathons, triathlons, adventure races, and various other sports events attracting millions of fans and travelers each year. Travel agencies, tour operators, hospitality chains, event management companies, and Olympic host cities form strategic partnerships to provide world-class sports experiences and turn sports events into premier travel destinations. Historical data shows sustained growth in sports tourism, with visitor numbers projected to increase due to the allure of live entertainment and experiences. However, challenges such as seasonal fluctuations, infrastructure limitations, and financial challenges persist. Event organizers must ensure profitability and long-term sustainability by addressing these issues and implementing sustainable practices, eco-friendly initiatives, and conservation efforts. Sports tourists seek adrenaline-fueled experiences, and adventure tourism, safari tourism, and travel & outdoor activities are captivating frontiers for the industry. Destination appeal, visitor experiences, and regional tourism revenues contribute to economic growth. Partnership initiatives between sports industries and tourism practices are essential for overall sustainability and attracting potential tourists to predictable conditions. 

The emergence of Virtual Reality (VR) technology poses potential challenges to the sports tourism industry. VR refers to the generation of interactive and simulated environments using computers and software. This technology enables users to engage in virtual activities, including sports, through simulations. The number of VR applications in sports is growing, with offerings such as Facebook Spaces and VR stadium views. These simulations provide experiences, including suite views, player information, and game rewind features. While still in its early stages, the integration of VR technology in sports could significantly impact the industry by offering alternative ways to experience live events. 

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Market Challenges

• The sports tourism market encompasses various segments like Motorsport, Cricket, Tennis, FIFA World Cup, UEFA Champions League, Formula 1, NASCAR, Marathons, Triathlons, Adventure races, and more. Travel agencies, tour operators, hospitality chains, event management companies, and Olympics are key players. Partnership initiatives between these industries and sports events create a premier travel destination for fans and travelers. However, challenges exist. Seasonal fluctuations and infrastructure limitations in arenas, training centers, and recreational facilities impact visitor numbers. Financial challenges for event organizers can affect profitability and long-term sustainability. Pitfalls include unpredictable conditions, carbon footprints, and environmental awareness. Safari tourism offers adrenaline-fueled experience. However, it faces challenges such as eco-friendly initiatives and conservation efforts to ensure overall sustainability for visitors and top-tier athletes. Regional tourism revenues and economic growth are crucial for host cities. In conclusion, the sports tourism market requires strategic partnerships, sustainable practices, and predictable conditions to ensure sustained growth. Event hosting and visitor experiences remain the focus, with a balance between financial success and environmental awareness.
• Sports tourism relies on the organization of sports events to attract tourists. Hosting such events necessitates significant financial investment. Investors are crucial for funding the management, marketing, and operation of sports leagues. Expenses include marketing costs, player and staff salaries, and infrastructure development. Over the years, these expenses have risen significantly due to the pursuit of broader reach and larger fan bases. Franchise sales in sports leagues like IPL, PSL, and Big Bash League are a common means of securing investor support.

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Segment Overview 

This sports tourism market report extensively covers market segmentation by  

1. Type 
• 1.1 Domestic sports tourism
• 1.2 International sports tourism
2. Product 
• 2.1 Soccer tourism
• 2.2 Cricket tourism
• 2.3 Tennis tourism
• 2.4 Others
3. Area 
• 3.1 Passive sports tourism
• 3.2 Active sports tourism
4. Geography 
• 4.1 Europe
• 4.2 APAC
• 4.3 North America
• 4.4 South America
• 4.5 Middle East and Africa

1.1 Domestic sports tourism-  Domestic sports tourism is a significant segment in the global sports tourism market. This type of tourism involves tourists traveling to sports events within their own countries for participation or spectatorship. Domestic sports tourism includes expenditures on hospitality and merchandise related to the sports event. Many domestic sports leagues take place worldwide, attracting a large number of domestic tourists due to the convenience of regional transportation, uniform currency, and cultural familiarity. Governments and sports teams are facilitating fan travel between venues, such as Qatar's Doha Metro and free shuttle buses. The growth of domestic sports tourism is driven by the expansion of developing economies, offering economic opportunities and regional benefits. The domestic sports tourism market is projected to experience year-over-year growth rate during the forecast period, making it an attractive segment for investors. Familiarity with a country's tourism policies, government rules, and adventure sports risks also contribute to its growth.

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Research Analysis

The sports tourism market is a thriving industry that brings together the excitement of sports and the allure of travel. Motorsport, cricket, tennis, and soccer are just a few of the popular sports that attract fans and travelers from around the world. Major events like the FIFA World Cup and UEFA Champions League draw massive crowds, boosting the economies of host cities and countries. Partnership initiatives between sports industries and tourism sectors have led to innovative event hosting and enhanced visitor experiences. Destination appeal and sustained growth are key factors in becoming a premier travel destination for sports fans. Leisure travelers also seek unique experiences, making sports events an integral part of their itinerary. Marathons, triathlons, and other endurance races offer participants and spectators a challenging and rewarding experience. Basketball, baseball, hockey, and other sports continue to captivate audiences and contribute to the growth of the sports tourism market.

Market Research Overview

The sports tourism market encompasses various segments, including Motorsport, Cricket, Tennis, FIFA World Cup, UEFA Champions League, Formula 1, NASCAR, Marathons, Triathlons, Adventure races, and more. Travel agencies, tour operators, hospitality chains, event management companies, and Olympic games are key players in this industry. Strategic partnerships and event hosting in premier travel destinations offer sustained growth and experiences for fans and travelers. Sports tourists seek adrenaline-fueled adventures, live entertainment, and value-added services. Historical data projects a captivating frontier for this market, with segments covered including Basketball, Baseball, Hockey, Soccer, and more. However, pitfalls and challenges include seasonal fluctuations, infrastructure limitations, financial challenges for event organizers, and the need for sustainable practices and eco-friendly initiatives. Safari tourism is an emerging trend, offering unique experiences and contributing to regional tourism revenues and economic growth. The market's long-term sustainability relies on predictable conditions, travel and outdoor activities, and a focus on overall sustainability, including sustainable practices, conservation efforts, and environmental awareness to minimize carbon footprints and maintain visitors' interest. Top-tier athletes and host cities also play a significant role in attracting potential tourists and enhancing the market's profitability.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Domestic Sports Tourism
• International Sports Tourism
• Product
• Soccer Tourism
• Cricket Tourism
• Tennis Tourism
• Others
• Area
• Passive Sports Tourism
• Active Sports Tourism
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio