June 22, 2024
Sports Tourism Market

Sports Tourism Market is Driving International Travel Trends

Market Overview

The sports tourism market refers to travel involving either observing or participating in a sporting event or activity. Popular sports tourism includes visiting stadiums to watch professional sporting events, participating in sports at destinations known for a certain sport or activity, and more. Sports tourism offers physical and mental health benefits to travelers as well as opportunities for cultural exchange and networking.

The global sports tourism market size is valued at US$ 769.37 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period from 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.

The growing popularity of Sports Tourism Market Growth events is contributing to increased demand in the sports tourism market. Major international tournaments and leagues are attracting millions of domestic and international spectators each year. This is driving the need for specialized tourism services catering to sports fans.

The global expansion of various sports leagues and tournaments is also supporting the growth of the international sports tourism industry. Events are being hosted across multiple countries each year, encouraging travel between destinations for sports. This is helping to promote certain locations as sports tourism hotspots.

Market Key Trends

International sports tourism is being driven by trends such as specialized sporting facilities and infrastructure developments. Countries and cities are investing in world-class stadiums, training centers, and recreational spaces dedicated to specific sports. This allows destinations to attract major competitions as well as recreational sports tourists throughout the year. Specialized infrastructure plays a key role in establishing locations as hubs for sports travel.

Porter’s Analysis

Threat of new entrants: The sports tourism market requires high initial investments for building infrastructure and establishing partnerships. This poses a medium threat of new entrants.

Bargaining power of buyers: Individual sports tourists have low bargaining power compared to organizations booking in bulk. However, large sporting brands can negotiate on pricing and services.

Bargaining power of suppliers: Popular sporting destinations and venues hold strong negotiating power against tour operators due to their brand value and demand.

Threat of new substitutes: The experience of virtual and esports tourism is increasing but cannot entirely replace the appeal and memories of experiencing live sporting events.

Competitive rivalry: The market is highly fragmented with local players competing on additional services while global operators compete on scale, reputation and fleet coverage.

Geographical Regions

North America accounts for the largest share of the global sports tourism market in terms of value. This is attributed to the strong sports culture and large-scale sporting events held in the US. Europe is also a major regional market led by the UK, Germany and France.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be attributed to improving infrastructure for sports facilities, emerging sporting nations and tourism promotion by countries like India, China and Vietnam to cash in on the popularity of international sports competitions.

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