For instance, in September 2023, AEG, a leading sports and live entertainment company, and the Los Angeles Tourism & Convention Board announced a strategic partnership. This agreement aims to elevate tourism opportunities for both organizations by showcasing Los Angeles as a premier travel destination for leisure travel and sports events. The partnership also intends to bring fans and travelers from around the world closer to the city, underscoring both partners’ commitment to the growth of world-class sports and live entertainment.
Sports Tourism Market Report Attributes
Report Attribute
Details
Base Year:2023Sports Tourism Market Size in 2023:USD 564.7 BillionForecast Period:2024 – 2032Forecast Period 2024 – 2032 CAGR:10%2024 – 2032 Value Projection:USD 1.33 TrillionHistorical Data for:2018 – 2023No. of Pages:255 Tables, Charts & Figures:281Segments covered:Sports, Tourism, Sporting Activity, Booking ChannelGrowth Drivers:Increasing popularity of major sports events globally Expansion of sports infrastructure and facilities Advancements in digital technology and online booking Collaboration between tourism and sports industries Pitfalls & Challenges:Seasonal fluctuations affecting event attendance and revenues Infrastructure limitations in less developed or remote regions
The expansion of sports infrastructure and facilities propels significant growth in the sports tourism market. Investments in state-of-the-art stadiums, arenas, training centers, and recreational facilities will enhance a destination’s attractiveness to sports tourists. Improved infrastructure accommodates larger events while providing opportunities for year-round sports activities, training camps, and tournaments, ultimately boosting visitor numbers and revenue generation for the destination.
In the landscape of the market, where travelers seek adrenaline-fueled adventures and immersive experiences, safari tourism emerges as a captivating frontier. Safari tourism in the sports arena promises thrill-seekers an unparalleled journey into the heart of athletic prowess and competitive spirit.
Seasonal fluctuations pose a notable downfall for the sports tourism market, impacting event attendance and revenues. Many sports events are heavily dependent on favorable weather conditions, resulting in lower participation or spectatorship during off-peak seasons. This inconsistency can lead to financial challenges for event organizers, affecting profitability and long-term sustainability. It may deter potential tourists who prefer predictable conditions for travel & outdoor activities, thereby limiting the market’s growth potential.
Sports Tourism Market Trends
The market is experiencing a shift toward sustainable practices and eco-friendly initiatives. With the growing environmental awareness, travelers are seeking destinations and experiences that prioritize conservation efforts, minimizing carbon footprints and promoting responsible tourism practices. For instance, in January 2024, FITUR Sports 2024 announced France 2024 as its Olympic and Sports Destination Global Partner. This partnership aims to promote France 2024 as a sports tourism destination during the International Tourism Trade Fair. The initiative highlights the country’s commitment to eco-friendly practices and responsible tourism, contributing to the overall sustainability of the market.
Major sports events are increasingly becoming the key factors in the market. With the rising global popularity of events, such as the Olympics, FIFA World Cup, and major championships, destinations are leveraging these occasions to attract visitors. The allure of witnessing top-tier athletes compete on a global stage has led to a surge in travel to host cities, boosting regional tourism revenues and economic growth.
Sports Tourism Market Analysis
Based on tourism, the market is divided into active, passive, and nostalgia. In 2023, the passive segment accounted for a market share of around 55%. Passive tourism is on the rise, with travelers increasingly opting for leisurely spectating experiences overactive participation. This trend reflects a growing interest in relaxed enjoyment of sports events and cultural immersion, augmenting the demand for spectator-friendly destinations and experiences.
For instance, in January 2023, Saudi Arabia launched investment funds focused on sports & entertainment events. The Public Investment Fund (PIF) formed SRJ Sports Investments, which aims to accelerate the growth of the sports sector in Saudi Arabia. By enhancing the sports sector’s infrastructure and offerings, such investments create more diverse & attractive opportunities for leisurely spectating experiences, catering to the preferences of passive sports tourists.
Based on the sales channel, the sports tourism market is categorized into online booking platforms, direct bookings, travel agencies, social media platforms, and others. In 2023, the online booking platforms segment accounted for a business share of 43% and is projected to grow by 2032. The sports tourism market is witnessing a surge in the demand for online booking platforms. With seamless accessibility and comprehensive offerings, these platforms empower travelers to easily plan and customize their sports-related vacations, increasing convenience and enhancing the overall booking experience.
For instance, in November 2023, at the World Travel Market (WTM) London, MyTicketPro unveiled a reliable sports ticketing platform designed specifically for the tourism industry. This platform provides a reliable solution for travel professionals to access verified live ticket inventory for sports events. This enhances convenience and reliability, catering to the growing demand for seamless online booking experiences in sports tourism.
Europe dominated the sports tourism market with a major share of over 40% in 2023. Europe is witnessing a surge in multi-sport vacations, blending cultural exploration with active experiences such as hiking, cycling, and skiing. Travelers seek immersive adventures, driving demand for destinations offering diverse sporting activities amid scenic landscapes and historical sites.
For instance, in December 2023, LaLiga, the professional football league in Spain, partnered with Turespaña, the Spanish Tourism Board, to promote Spanish tourism through football. Through this collaboration, visitors are encouraged to explore Spain for its football matches as well as its rich cultural heritage, diverse landscapes, and various recreational activities. This initiative enhances the overall appeal of Spain as a destination for sports tourism, catering to travelers seeking immersive experiences beyond attending football matches.
Sports Tourism Market Share
BAC Sports and Gullivers Sports Travel Ltd. hold a significant market share in the market. These prominent players in the market are primarily focused on curating and providing comprehensive travel experiences tailored to sports enthusiasts and fans. These companies specialize in organizing travel packages, tours, and accommodations for major sporting events, tournaments, and competitions across the globe. They leverage their expertise and industry connections to offer a wide range of services, including ticket procurement, transportation arrangements, accommodation bookings, hospitality packages, and guided tours, ensuring that sports tourists have seamless and enjoyable experiences from start to finish.
Moreover, major players in the market also play a pivotal role in promoting sports tourism destinations and events, both domestically and internationally. They collaborate closely with event organizers, sports federations, venues, and local authorities to create compelling marketing campaigns and promotional initiatives aimed at attracting sports enthusiasts and fans. By highlighting the unique attractions, cultural experiences, and hospitality offerings of each destination, these companies strive to enhance the overall appeal and visibility of sports tourism, driving increased attendance, participation, and economic impact for host cities and regions.
Sports Tourism Market Companies
Major players operating in the sports tourism industry are:
BAC Sports
Grand Slam Tennis Tours
Gullivers Sports Travel Ltd.
Marathon Tours & Travel
Navigo Sports Tour, LLC
Premium Sport Tours
Saddle Skedaddle
WorldStrides Sports
XL Sports Tours
Xtreme Gap Year
Sports Tourism Industry News
In February 2024, JETSETLIFE debuted as the leading marketplace for sports travel worldwide. Utilizing advanced technology, the company will provide access to previously unavailable pre-booked inventory and exclusive entry to prestigious global sporting events. It will offer a distinct secondary marketplace, where fans can effortlessly list & trade travel bookings including non-cancellable ones, mirroring the ease of buying and selling sports tickets.
In June 2023, ITW UXP and Club Vistara forged a partnership to enhance travel experiences for sporting events both domestically and internationally. Serving as the airline’s retail and lifestyle partner, ITW UXP curates tailor-made sports-themed packages for avid travelers. These packages encompass event tickets, transportation, lodging, sightseeing opportunities including stadium tours and the chance for interactions with athletes.
The sports tourism market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
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Market, By Sports
Soccer/Football
Cricket
Basketball
Tennis
Hockey
Others
Market, By Tourism
Market, By Sporting Activity
Adventure sports tourism
Individual sports tourism
Team sports tourism
Spectator sports tourism
Market, By Booking Channel
Online booking platforms
Direct bookings
Travel agencies
Social media platforms
Others
The above information is provided for the following regions and countries:
North America
Europe
UK
Germany
France
Italy
Spain
Nordics
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Argentina
Rest of Latin America
MEA
UAE
Saudi Arabia
South Africa
Rest of MEA
Source link : https://www.gminsights.com/industry-analysis/sports-tourism-market
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Publish date : 2024-03-04 21:16:22
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