June 21, 2024
Sports Tourism Market

Sports Tourism Market is Estimated to Witness High Growth Owing to Increasing Participation in Adventure Sports

Sports tourism involves traveling to different locations locally or internationally to participate, attend, or observe sports events organized at these places. Factors such as rising interest in adventure sports and involvement of people in sports tourism programs are fueling the growth of this market. Sports such as golf, skiing, water sports, hiking, and cycling are gaining popularity among tourists visiting places to enjoy their passion for sports in a unique environment.

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 2024 to 2031.

Key Takeaways

Key players operating in the sports tourism market 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 focusing on expanding their product and service offerings while strengthening distribution channels globally.

The key opportunities in the Sports Tourism Market Growth include customized packages for specialized sports, increasing number of international sports events, and growth of sports academies. The rising popularity of less commercialized sports is also creating new opportunities. Countries such as India and China represent vast untapped markets for sports tourism. Furthermore, growing sports infrastructure and promotion of niche sports are supporting the global expansion of the sports tourism industry.

Market Drivers

Increasing participation in adventure sports is a key market driver. Tourism boards and private companies are collaborating to promote local sporting destinations and activities. Events such as Olympics and FIFA World Cup are generating interest among sports enthusiasts to visit the host nations. Sports tourism associations are creating awareness about the health and social benefits of incorporating sports activities into vacation plans. This is positively impacting the growth of the global sports tourism industry.

PEST Analysis

Political: Sports tourism is often regulated by government policies related to immigration, safety and security, and environmental regulations. Changes in visa norms or safety policies could impact the flow of sports tourists between countries.

Economic: Macroeconomic factors such as GDP growth, currency fluctuation, and disposable incomes influence the spending power of tourists on leisure activities including sports tourism. A strong economy encourages more sports travel.

Social: Population growth, health awareness, interest in niche sports, and growing middle class are major social drivers of the sports tourism industry. As more people participate in diverse sporting events, the associated travel for watching games also sees an uptick.

Technological: Technologies facilitate the planning, booking, and experience of sports tourism market vacations. Mobile apps and immersive technologies provide up-to-date information to sports enthusiasts and enhance their experience through virtual and augmented realities. Live sports streaming has allowed fans to follow their favorite teams and players globally.

In terms of value, the sports tourism market is presently concentrated in Western Europe and North America. Countries like the US, Germany, UK and France have established sports infrastructure as well as a sport-loving population. These regions also host the world’s biggest sporting leagues and events that are a major lure for tourists.

The Asia Pacific region is poised to emerge as the fastest growing market for sports tourism in the forecast period. Economies in China, India, Indonesia and Vietnam are experiencing strong GDP expansion that is empowering more individuals to undertake sports trips abroad. International events scheduled across the continent like the Asian Games and Olympics will further propel sports value travel within Asia.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.