India's Sports Market Poised to Reach $130 Billion by 2030: Report
New Delhi, Thursday - India's sports market is set to reach remarkable heights, with a projected value of $130 billion by 2030 at an impressive compound annual growth rate (CAGR) of 14 per cent, according to a latest report co-authored by Google and Deloitte.
The report also predicts the creation of up to 10.5 million jobs and $21 billion in indirect tax revenue by 2030, showcasing a transformative shift in how Indians engage with sports driven by government investments, a growing multi-sport culture, widespread digital adoption, and high-quality sports content.
At the forefront of this growth is the sports goods and apparel market, which is expected to double in value to $58 billion by 2030, fueled by an increasing fitness culture and increased discretionary spending. This trend highlights the significance of sports in contemporary Indian society.
"This is a pivotal moment for sports in India, as outlined in the report," said Roma Datta Chobey, Managing Director (Interim Country Lead), Google India. "We are witnessing a surge in multi-sport fandom, deep engagement from Gen Z, and growth in digital platforms."
The explosion of digital platforms has revolutionized sports consumption in India, with most fans now accessing sports content digitally. This trend is especially notable among the younger generation, with 43% of the fanbase falling within this age group.
Gen Z fans consume sports content predominantly online (93%), showcasing a preference for interactive and personalized experiences. Even during off-seasons, Gen Z fans maintain engagement levels, demonstrating an extraordinary dedication to their favorite sports.
"India's potential to become a global leader in sports is both an incredible opportunity and a powerful driver for nation-building," said Romal Shetty, CEO, Deloitte South Asia. "Advances in technology, including AI and cloud platforms, enable nurturing talent from the grassroots level to reach youth across the country."
The rising power of India's sports market poses immense opportunities for innovation and engagement for organizations and businesses looking to connect with passionate fans nationwide.
Sources:
- Deloitte South Asia
- (IANS)