Sports Tourism Market is anticipated to Witness High Growth Owing to Increasing Interest in Adventure Sports Activities

Comments · 23 Views

Market Overview

Sports tourism refers to traveling to participate in or to watch sporting events or activities. It involves either watching professional matches or sports events, recreational activities like hunting, fishing, golf, skiing or cycling tours. The increasing interest of people in adventure and outdoor activities has created high demand for sports tours and activities. Sports tourism facilitates interaction and engagement with local culture and communities. Countries are investing in sports infrastructure development to promote sports tourism and attract international visitors.

The global sports tourism market is estimated to be valued at US$ 769.37 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period of 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 hosting of international sports events, developing niche sports tourism packages, leveraging digital platforms for customer engagement and transactions, tie-ups with local clubs and teams to offer unique experiences.

The global sports tourism market is expanding rapidly as overseas travel for sports is growing in popularity. Countries and localities are promoting their unique offerings to attract international sports tourists. Investments are being made in infrastructure to develop world-class facilities. Partnerships with global sports federations are helping host international championships and leagues.

Market Drivers and Restrains

The growing interest of people in experiencing adventure activities like trekking, mountain biking, water sports during holidays is a key driver for the sports tourism market. Travel companies are innovating their offerings to include tailored sports activity tours and packages. Countries are also allocating higher budgets for sports infrastructure and promotions to boost sports tourism arrivals.

However, high travel and lodging costs involved in certain exotic destination sports can restrain the mass adoption of specialized sports tours. Issues like lack of standardization and seasonality also act as challenges for the organized growth of the industry. Dependence on climatic conditions and seasons affect the year-round demand for some sports activities negatively impacting revenues.

Segment Analysis

The sports tourism market is dominated by domestic sports tourism segment. Domestic sports tourism involves traveling within one's own country to attend or participate in sports events. It holds the largest share as it provides easy accessibility and lesser travel costs for sports fans and enthusiasts. International sports tourism is the second largest segment which involves traveling across international borders for sports. However, domestic sports tourism will continue its dominance during the forecast period due to increasing interest of people in domestic sports leagues and tournaments coupled with higher spending on recreation activities within one's own country.

Global Analysis

North America holds the largest share in the global sports tourism market owing to high participation in sports and growing popularity of major sports leagues like NBA, NFL, MLB etc in the US. Europe is the second largest and fastest growing market driven by large fanbases of football clubs and international sports events like UEFA Eurocup, Champions League. Asia Pacific is witnessing the highest growth led by countries like India and China. Rising incomes, improving sports infrastructure and government push for sports are enhancing sports tourism in the region. Emerging nations of Latin America and Middle East & Africa are expanding at a considerable pace due to increasing interest of people in international sporting destinations and mega sporting events hosted in these regions.

Get More Insights On- Sports Tourism Market Trends

Explore More Related Topic- Scaffold Technology

disclaimer
Comments