LONDON–(BUSINESS WIRE)–The sports tourism market is expected to grow by USD 1,381.02 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increasing number of sporting events across the world are attracting more spectators in the sport tourism industry. Also, many national and international tournaments and events are being planned and new sporting venues are being established to expand the reach and popularity of sports. For instance, the 15th PTT Thailand Grand Prix 2018 attracted over 222,000 visitors and generated revenue more than USD 96 million. Similarly, in February 2018, the Formula One World Championship announced its plans to relaunch F1 races in Argentina. An increase in the number of such sporting events is attracting more visitors to sporting destinations, which is driving the growth of the global sports tourism market.
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As per Technavio, the rising focus on seating capacity expansion will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Sports Tourism Market: Rising Focus on Seating Capacity Expansion
The rise in the number of sporting events is attracting more visitors to sporting destinations. With the growing number of sport tourists, there has been a demand to increase the seating capacity to accommodate more spectators at sporting venues. Hence, many sports clubs and sports venue operators are focusing on expanding seating capacities. For instance, in October 2018, FC Cincinnati announced its plans to invest USD 200 million to construct a new stadium that can accommodate over 21,000 spectators. The stadium is expected to be completed by 2021. Many such expansion projects across the world are expected to have a positive impact on the growth of the global sports tourism market during the forecast period.
“Growing government support for sports tourism and expanding fan base of various sports will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Sports Tourism Market: Segmentation Analysis
This market research report segments the sports tourism market by Product (Soccer tourism, Cricket tourism, Tennis tourism, and Others), Type (Domestic sports tourism and International sports tourism), Geography (Europe, APAC, North America, South America, and MEA), and Category (Passive sports tourism and Active sports tourism).
The European region led the sports tourism market in 2019, followed by APAC, North America, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the rising popularity of various sporting events such as the PREMIER LEAGUE, Liga de Fútbol Profesional, Wimbledon, ROLAND-GARROS, F1, MotoGP, and cricket tournaments in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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