Global Sports Tourism Market 2019-2023| 36% CAGR Projection over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jan 16, 2019--The global sports tourism market is expected to post a CAGR of over 36% during the period 2019-2023, according to the latest market research report by .
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Technavio predicts the global sports tourism market to post a CAGR of over 36% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing number of sporting events. The global sports tourism market is experiencing growth due to the rise in the number of sporting events across the world. Major national and international tournaments and events are being planned and conducted to promote sports tourism. New tournaments in existing venues are being conducted to attract more spectators, and new venues are being established for the existing tournaments to expand the reach and popularity of sports. For instance, in August 2018, the Afghanistan Cricket Board (ACB) announced the launch of Afghanistan Premier League (APL), a T20 format cricket league in Dubai, UAE. The first edition of the league, which featured five teams, was hosted in the UAE in October 2018. Thus, an increase in the number of sporting events will help in attracting more visitors to sporting destinations, leading to the growth of the sports tourism industry during the forecast period.
As per Technavio, the increasing number of fan zones will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global sports tourism market: Increasing number of fan zones
The stakeholders of the sports industry are focusing on attaining a wider audience to showcase tournaments and expand their reach. This is benefiting the sports tourism industry. However, the official arenas and stadiums for sporting events have a limited spectator handling capacity and number of tickets available for the event. To counter the issue, an increasing number of sports tournaments are focusing on establishing official fan zones. These fan areas can be established in the same region or city hosting the sports event, or in various other cities and regions different from the host. The fan arenas broadcast the sports events on large screens. Moreover, with an increase in the number of sports events, the number of fan zones is also expected to increase. Various sporting organizations such as UEFA and BCCI have established their official fan zones across different regions. Therefore, such measures, are expected to contribute largely to the growth of the overall global sports tourism market, during the forecast period.
“The increasing number of sports events organized across the world will drive the global sports tourism market. However, with the growing number of sports tourists, there has been an increase in the requirement of higher seating capacity at sporting venues across the world. Large seating capacity leads to high ticketing revenue generation, as huge number of visitors can be accommodated in the venues for sports events. Thus, several sports dubs and events are focusing on expanding their capacity to accommodate sports tourists,” says a senior analyst at Technavio.
Global sports tourism market: Segmentation analysis
This market research report segments the global sports tourism market by type (domestic sports tourism and international sports tourism), by product (soccer tourism, cricket tourism, tennis tourism, and others) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2018 with a market share close to 43%, followed by the Americas and APAC respectively. During the forecast period, the EMEA region is expected to continue dominating the global sports tourism market due to the increasing number of spectator footfalls for several sporting events.
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PUB: 01/16/2019 10:03 AM/DISC: 01/16/2019 10:03 AM