June 17, 2024
Sports Tourism Market

Sports Tourism Market is Set to Flourish by Increased Participation in Recreational Sports

Sports tourism involves travel that centers around either watching or participating in a sporting event or activity. Today’s busy lifestyles have led to increased interest in sports and recreational activities that help manage stress and promote overall wellness. Consequently, the demand for sports tourism is rising steadily.

The global sports tourism market is estimated to be 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.

Sports Tourism Market Trends offers both spectators and participants memorable experiences that integrate travel and active or passive involvement in sports. Popular events that draw huge crowds include international cricket and football leagues as well as the Olympic Games. On the participation front, marathons, triathlons, cycling tours and adventure sports are some options people choose to stay fit while traveling. The industry is well organized with tour operators specializing in designing customized vacation packages involving sports activities, accommodation and local sightseeing. The global health and wellness trend continues to drive the sports tourism market.

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.

The growing popularity of recreational sports worldwide has increased demand for sports tourism. People are traveling more to participate in marathon runs, cycling tours, triathlons and other competitive and non-competitive sporting events. This rising interest in sports and wellness is a major driver for the industry.

The industry is also expanding globally with new destinations coming up that focus on developing sports infrastructure as well as hosting international tournaments. Countries in Asia, Africa, Latin America and the Middle East now offer unique sports tourism experiences. This widespread growth opens up new revenue avenues.

Market Key Trends

One of the key trends driving growth in the sports tourism market is the popularity of niche and extreme sports. Travelers, especially millennials, enjoy exploring unique experiential activities like kiteboarding, surfing, rock climbing, snow kiting etc. Tour operators are catering to this demand by curating specialized packages involving lesser known adrenaline-pumping sports. This emerging trend is opening up new destinations to the lucrative sports tourism market.

Porter’s Analysis

Threat of new entrants: The sports tourism market has low threat of new entrants as it requires high investments to build infrastructure for sports tourism destinations and partner with various sports leagues and event organizers.

Bargaining power of buyers: Buyers have moderate bargaining power in the sports tourism market as there are many existing options for destinations and sports events to choose from.
Bargaining power of suppliers: Suppliers of sports facilities, leagues and event organizers have high bargaining power as they play a key role in attracting tourists.

Threat of new substitutes: The threat of substitutes is low as there aren’t close substitutes for live sports and event experiences that sports tourism offers.

Competitive rivalry: The competitive rivalry is high due to presence of many tour operators competing on offer quality, price and partnerships.

Geographical Regions

North America accounts for the largest share of the global sports tourism market currently in terms of value, majorly driven by the United States. This is attributed to factors such as well-established sports infrastructure, strong domestic and international sports fanbase, and robust marketing by event owners and organizers.

The Asia Pacific region is poised to be the fastest growing market for sports tourism during the forecast period from 2024 to 2031. This can be accredited to rising tourism, infrastructure development for sports destinations such as in Thailand and India, and increasing popularity of international sports leagues and events in the region driving more fans to travel for live experiences. Countries such as China and India offer huge untapped potential with their large population and GDP growth supporting sports tourism sector expansion.

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