India's Sports Market Forecasted to Reach $130 Billion by 2030
New Delhi: India's sports market is set to boom, with a projected value of $130 billion by 2030, according to a report by Google and Deloitte. The compound annual growth rate (CAGR) is expected to be 14 per cent, driven by increasing government investments, a rising trend of multi-sport culture, digital adoption, and quality sports content.
The report predicts the creation of up to 10.5 million jobs and $21 billion in indirect tax revenue by 2030. The sports goods and apparel market is leading the way, expected to double in value to $58 billion by 2030, driven by a growing fitness culture and increased discretionary spending.
According to Roma Datta Chobey, Managing Director (Interim Country Lead), Google India, "This is a pivotal moment for sports in India. We're witnessing a surge in multi-sport fandom, a growing popularity of digital platforms, and deep engagement from Gen Z, who represent the largest segment of India's sports fanbase."
The report highlights the significance of digital platforms in transforming sports consumption in India. Most fans now access sports content digitally, with 93 per cent of Gen Z fans consuming sports content online. This trend is driving demand for interactive, personalized experiences.
Romal Shetty, CEO, Deloitte South Asia, said that India's potential to become a global leader in sports is a tremendous opportunity and driver for nation-building. "With the advancements in technology from AI to cloud platforms, we have a unique opportunity to nurture talent from the grassroots level, reaching youth in every corner of the country."
The growing popularity of digital platforms and increasing government investments are expected to create new opportunities for businesses and organizations to connect with passionate fans across the nation. As Gen Z continues to drive demand for interactive sports experiences, the future of Indian sports looks brighter than ever.
Related News:
- India's government has proposed a budget of $25 billion for the development of sports infrastructure and programs.
- Several major sports franchises have invested in digital platforms to engage with their fans and promote their brands.
- The Indian government has also announced plans to increase participation in Olympic Games by participating in more events.