Credit: EIN Presswire
The global sports events market was valued at $184.61 billion in 2021, and is projected to reach $609.07 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031.
An athletic activity involving skill or physical prowess is referred to as a sporting event. These activities are typically competitive in nature and are supervised by a set of regulations established by a nationally recognized sanctioning body. Sports events are a beneficial, gratifying way to boost local economic activity, increase tax revenue, and highlight a host city on a regional or national scale. Hosting a sporting event can enhance the local economy and can attract sponsors to advertise their products which adds revenue to the sport events.
Growing interest in major sporting events like the FIFA World Cup, Olympic Games, UEFA Champions League, Cricket World Cup, Super Bowl, and Wimbledon Tennis as well as the ease with which tickets can be purchased for both online and offline sporting events through online ticketing portals are likely to support the expansion of the product market during forecast period.
There has been an increase in female sports viewers worldwide. In India as well, women and children make up a sizable share of the viewership pie, thus sports viewing is no longer primarily a male activity. For instance, women’s viewing of the IPL 13 increased by 23% in comparison to 2019 according to Broadcast Audience Research Council (BARC) India data. This percentage of female viewers is anticipated to rise since the women’s IPL has become quite popular in India.
Terrorism foundations consider sports events as large medium to spread their message. Many of the athletes are attacked due to national rivalry or for getting the attention of media. Terrorist attacks on sports events cause disruption among fan base and athletes, leading to failure/closure of events. Pakistani cricketers were banned from playing in the Indian Premier League (IPL) after the 2008 Mumbai terror attacks. In the first season of the IPL, Pakistani players were allowed to play but relations between Pakistan and India soured after the attack in 2008.
Lack of accountability of sports federations and Increase in terrorism & crime rate, political uncertainty are some of the restraining for the growth of the global product market. Sportspeople and the nation’s standing on the international scene suffer as a result of the conflict between various sports federations over national recognition. For instance, For instance, the seven-year recognition dispute between Hockey India (HI) and the Indian Hockey Federation (IHF) was only resolved in September 2015 when the Court of Arbitration for Sports (CAS) announced its decision, which allowed HI to continue serving as India’s national governing body for hockey.
According to the sports events market analysis, the market is segmented into revenue source, age group and region. By revenue source, it is segregated into ticket sale, sponsorship and others. On the basis of age group, the market is categorized into Below 20 years, 21–40 years and 41 years & above. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa and Rest of LAMEA).
According to the sports events market trends, on the basis of revenue source, the sponsorship segment was the highest contributor to the market, with $79,572.4 million in 2021, and is estimated to reach $282,962.2 million by 2031, at a CAGR of 11.3% during the forecast period. Sponsorship is a crucial source of funding for all types of sporting events. Sports event sponsorships involve businesses, non-profit organizations, and other organizations contributing money or other benefits in exchange for visibility and exposure for their brands. Many event planners work with sponsors to provide the funds they need to provide more engaging programming and pay for escalating costs.
Additionally, it works as a potent and successful marketing strategy to strengthen and expand brand recognition among certain niche markets. Thus, increase in number sports events and attendees or viewership for the particular sports event are likely to attracts more sponsors, which leads to increase the sports events market growth during the forecast period.
On the basis of age group, 21–40 years segment was the highest contributor to the sports events market size and is estimated to reach $314,883.3 million by 2031, at a CAGR of 11.1% during the forecast period. This group of people are more inclined towards sports and music concerts events. In addition, increase in interest toward choosing sport as carrier option is anticipated to positively impact the growth of the sport event industry. Rise in participation of the 21–40 years age group people in sporting activities will generate more viewership for the live sports events. Thus, growing popularity for sports and population the age growup of 21–40 years are likley to contribute for the growth of the sports events market size.
According to the sports events market opportunity, region wise, Asia-Pacific garnered the major sports events market share in 2021, and is expected to maintain its market share throughout sports events market forecast period. Asia-Pacific has some of the most in-demand destinations for sports events that involves countries such as Thailand, Singapore, China, South Korea, Hong Kong, and Indonesia. China is a major event market in Asia-Pacific that plays a crucial role in the development of the Asia-Pacific sports events market. In addition, social media has made it possible to have better networks, authentic information, and keep people updated about the upcoming sports events. This has helped companies to maximize the chances of sports event success in the Asia-Pacific region. Thus, above mentioned factors are likly to spur the growth of the Asia-Pacific sports events market demand during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sports events market analysis from 2021 to 2031 to identify the prevailing sports events market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the sports events market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global sports events industry trends, key players, market segments, application areas, and market growth strategies.
Sports Events Market Report Highlights
|By Revenue Source||
|By Age Group||
|Key Market Players||Ticketek Pty Ltd, Ace Ticket Worldwide, Inc., StubHub, Ticketmaster, Razorgator LLC, Ticket City, Inc., SeatGeek, GooTickets.Com, Tickets.com, LLC, TickPick LLC|
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