Global Sports Tourism Market Poised for Exponential Growth, Expected to Reach $1.8 Trillion by 2030
The global sports tourism market is on track to experience substantial growth in the next decade, with estimates suggesting a rise from $323.4 billion in 2020 to an impressive $1.8 trillion by 2030, marking a compound annual growth rate (CAGR) of 16.1%.
According to industry experts, the growth of sports tourism can be attributed to a growing number of sporting events worldwide, a rise in both active and passive sports tourism, and increasing popularity of international and domestic sports travel.
Expanding Market Segments
Sports tourism is broadly categorized into three main types: sports event tourism, celebrity and nostalgia sport tourism, and active sport tourism. Sports event tourism involves traveling to attend major sports events, such as the FIFA World Cup or the Super Bowl, while celebrity and nostalgia sport tourism revolves around fans traveling to witness sports events that feature their favorite athletes.
Active sport tourism pertains to individuals traveling to participate in sports, from marathons to skiing competitions. This category has also gained momentum, particularly with the rise of fitness and adventure travel.
A Growing Industry with Economic Benefits
Sports tourism stimulates significant economic growth in areas hosting these events, driving up demand for accommodation, hospitality services, transportation, and retail. Governments and private sectors are investing heavily in infrastructure necessary to accommodate the growing numbers of sports tourists, leading to increased public spending on stadiums, airports, and other venues.
Segment Breakdown and Market Trends
The global sports tourism market is segmented by product, type, category, and region. Football/soccer remains the largest contributor, with substantial growth driven by international sporting events. The motorsports, cricket, and tennis segments also contribute significantly to the market.
By type, the domestic segment holds a larger share compared to international sports tourism, while the passive segment is leading the market due to the sheer volume of fans attending international sports tournaments.
Market Outlook
The global sports tourism market is expected to continue its upward trajectory in the next decade. Emerging trends such as digital innovations like live streaming and augmented reality experiences are set to enhance the fan experience and further drive growth.
Key Market Players
Major players in the sports tourism market include top travel companies that cater to fans of various international sporting events, offering a range of packages from domestic to international destinations.
The market is expected to become an even more significant driver of global travel and economic growth as its projected value by 2030 reaches $1.8 trillion.