The global sports tourism market anticipates growing at a compound annual growth rate (CAGR) of 17% during the forecast period from 2021-2030. The market was valued at $323,420.0 million in 2020 and is forecast to reach $1552 billion by 2030.
Global sports tourism has been observed as one of the most rapidly expanding sectors in the tourism sector. The global sports tourism market is expected to grow, owing to the increasing interest of people. Moreover, governments of various developing countries including India, Sri Lanka, and Brazil have been investing in infrastructure to attract the tourist. As a result, it would prompt the growth of the global sports tourism market during the forecast period.
Moreover, a growing number of inter-country and intra-country sports leagues would enhance the growth of the global market. These international leagues are being watched by hundreds of audiences. As a result, this trend is expected to grow further during the forecast period. The growing interest of people in sports events is increasing the necessity for stadiums, clubs, etc. Apart from that, upcoming sports events, such as World Cup in 2022 and other tournaments, would enhance audience participation. This, in turn, would significantly boost the growth of the global Sports Tourism industry in the upcoming years.
However, the cancellation of such events, lack of financial resources, and poor management are expected to slow down the growth of the global sports tourism market.
Geographic Analysis
Europe forecasts to be the leading contributor to the growth of the global sports tourism market. The region is witnessing the growing interest of people in sports. Moreover, various sports tournaments and events are organized in the region. Thus, it would attract a higher number of domestic and international audiences.
Apart from that, North America and Asia Pacific regions are also expected to present significant contributions to the growth of the global sports tourism market, respectively. Various prominent sports events are organized in China, India, and Australia, which could enhance the revenue generation of the market.
COVID-19 Impact Analysis
The global sports tourism market growth was severely impacted due to stringent lockdowns and travel restrictions. Various events were canceled or postponed due to the sudden spread of the virus. However, the market is expected to recover by 2022. Sports tourism is expected to grow at the same pace during the analysis period.
Competitors in the Market
Key Market Segments
By Product
By Type
By Category
By Region
