Sports tourism involves traveling to different locations within one’s own country or overseas to participate in, watch, research on or learn about sports. Sports tourism products provide opportunities for active or passive involvement in sports. Some of the main components include sports events, sports tours, cruise ships for sports, theme parks, and sports training and participation. Watching popular international or national sporting events is one of the biggest draws of sports tourism. The other major types are passive sports tourism, sports event tourism and nostalgia sports tourism.
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.
The demand for Global Sports Tourism Market Share is growing exponentially across the globe. People are increasingly interested in experiencing iconic sporting destinations and participate in recreational activities to remain fit during vacations. This has encouraged many travelers to include sports as an integral part of their trips.
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. These players are expanding their businesses globally in order to meet the rising demand of sports tourists.
Globally, the sports tourism market is expanding on the back of rising international and domestic tourism. Many countries are promoting niche sports and developing required infrastructure to host popular international sporting events. This is helping them boost their brand image and also attract sports enthusiasts from different parts of the world.
Market Key Trends
Increasing popularity of sports events is a major trend fueling the growth of global sports tourism market. International sports tournaments such as FIFA World Cup, ICC Cricket World Cup, and Olympics are broadcasted globally attracting hundreds of millions of viewers. This has inspired many fans to visit the host cities and watch their favorite teams and players live in action. Moreover, growing health awareness is encouraging travelers to actively participate in sports while on vacations helping the market gain considerable traction. The emergence of social media is also bringing global communities of sports fans closer together which is likely to support the development of sports tourism industry in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty makes threat low for new companies.
Bargaining power of buyers: Buyers have high bargaining power due to availability of many tour operators and packaged tours.
Bargaining power of suppliers: Suppliers of various services have moderate power due to dependency of tour operators on them.
Threat of new substitutes: Threat from other niche travel experiences is moderate as each has their own unique appeal.
Competitive rivalry: Intense as operators compete on quality, experience, pricing and add-on services.
The North American region dominates the sports tourism market in terms of value due to the large fan base and presence of many professional leagues. Western Europe is another major regional market due to support for local football clubs and teams.
The Asia Pacific region is expected to witness the fastest growth in the sports tourism market over the forecast period. This is attributed to growing interest in international sporting events and increasing spending power in emerging nations like China and India. Countries are aggressively promoting their sporting infrastructure to attract global tournaments and matches. This will significantly aid the expansion of sports tourism in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
