by Sports hospitality refers to offering hospitality packages or experiences to sports fans and viewers. It includes match tickets, meet and greet passes with sports stars, fine dining experiences, accommodation in premium locations, and curated tours of sports facilities. These experiences offer luxury services to fans and viewers providing exclusivity and unmatched access. The global Sports Hospitality Market is estimated to be valued at US$ 17.45 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Changing fan expectations is one of the key trends driving growth in the global sports hospitality market. Younger fans today expect a premium experience when attending live sports matches and events. They want interactions, premium amenities and a sense of exclusivity beyond just watching the game. Sports hospitality providers are catering to these evolving demands by curating immersive experiences with a 360-degree approach. This includes exclusive pre-match activities, fine dining options, meet and greets with legends, customized tours and luxury accommodation options. The experiential nature of these packages is attracting both casual and die-hard fans, helping accelerate revenue growth for sports hospitality companies.
Segment Analysis
The global sports hospitality market is dominated by the corporate hospitality segment, which accounts for over 40% of the market share. This is due to corporations using luxury sports hospitality services as branding exercises or client entertainment opportunities. The corporate hospitality segment offers premium services such as luxury suites and boxes, gourmet dining options, and concierge services to corporate clients.
Key Takeaways
The global Sports Hospitality Market Share is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis reveals that North America currently dominates the global market, accounting for around 35% share. This is attributed to major sports leagues in countries like the US that generate significant demand for sports hospitality experiences. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period, driven by increasing corporate spending on sports sponsorship and entertainment in countries like India and China.
Regional analysis:
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This can be attributed to rising standards of living, increasing disposable incomes, and surging investments by corporations in sports leagues and events for branding purposes in countries such as India and China. Various international sports hospitality companies are also expanding their presence in the region.
Key players:
Key players operating in the sports hospitality market are Keith Prowse, RTR Sports Marketing Ltd, ATPI Ltd, RK Sports Hospitality, White Label Hospitality, CSM Sports and Entertainment LLP, DTB Sports Hospitality and Event Management Limited, Honey & Co. Ltd, Wood Media Group Ltd, Hospitality Finder, Legends International, On Location Experiences, QuintEvents, Sportsworld, The Sports Travel Company, TLA Worldwide, VIP Sports Events, World Sports Group, IMG, Wasserman, Octagon, WME Sports, CAA Sports. IMG and WME Sports dominate the global market due to their widespread portfolio of sports hospitality offerings all over the world.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
