|Status : Published||Published On : Jan, 2021||Report Code : VRCG7040||Industry : Consumer Goods||Available Format :||Page : 180|
The global sports tourism market is expected to grow at a CAGR of 35.2% during the forecast period. The global sports tourism is one of the most emerging sectors in tourism industry with decent growth rate in past two decades. Tourism sector is continuously evolving however, there is now a significant transformation in demand and traveler expectation. Nowadays, segmenting in an innovative way means aborting the typical pre-defined schemes, identical and generalist, trips with all the tourists doing same thing within a time period. On the other hand, tailor-made/custom packages are more trustworthy and chosen for sports travels.
Furthermore, it is expected that sport tourism will continue to gain momentum during the forecast period, opening up innovative avenues helping to improve the quality of life in different communities.
Insight by Types
On the basis of type, the market is bifurcated into hard sports tourism and soft sports tourism. Among these types, hard sports tourism segment captures largest market share in 2019 and is also expected to grow at fastest rate during the forecast period, owing to the number of people participating at a competitive sport event. These kinds of events act as a motivation to the viewers and attract large number of visitors to the events.
Insight by Sport Type
On the basis of sports type, the market is subdivided into adventure, basketball, cricket, football, golf, hockey, motorsports, rugby, tennis, winter sports, and other sports. Among these football and adventure accounted for the foremost share in the sports tourism market with being played across the globe in almost all the countries at large and small scale.
Insight by Destination
On the basis of destination, the market is subdivided into domestic and international. Of both the segments, the international destination segment accounted for a maximum share, owing to large number of international tournaments organized globally with huge investment supporting the growth of tourism sector.
Insight by End-User
On the basis of end-user, the market is bifurcated into individual & group and institution. Individual & group is expected to account the highest market share in current year and is expected to grow at fastest rate large number of travelers travelling as a solo participant or audience with sports as reason to travel.
There is a drastic growth in the number of inter-country and intra-country sports league in past few decades. These leagues are watched by not only the domestic audience but is source of attraction for international viewers as well. The trend is going to grow more during the forecast period.
The number of sports events and viewership are increasing globally. This is mainly due to availability of large sports infrastructure including stadiums, clubs, etc. Besides, interest towards the sports has also increased at fast rate in developing economies in last few years. Additionally, viewers for upcoming national and international sports events in 2020 and 2021 is expected to grow at double digit. Olympic Games in 2020 in Japan and FIFA World Cup in 2022 in Qatar are some of the most awaited tournament in coming years. All these factors will impact the Sports Tourism progression in the market in near future.
Sports tourism sector is highly fragmented, with large number of small and large players operating in the market. Further, the booking process has now shifted from manual to digital method, allowing travelers to make booking online. Due to which there is an increase in chances of fraudulent. such cases occurred happened in past are halting tourists to make booking online. This will impact the growth of market during the coming years.
Geographically, Europe is the largest sports tourism market with different type of sports being played in different countries. Besides, the region organizes some of the major sports tournaments and events attracting domestic and international audience.
Further, North America and APAC hold the second and third position in sports tourism market respectively. APAC is the fastest growing region during the forecast period and is expected to surpass the Europe share in next ten years. China, India and Australia are some of the prominent countries were sports event are organized at large scale.
Key players in the in the sports tourism market includes some of the major tourism companies who offers pre-defined and tailor-made packages for individual and group. Apart from this, the sector is a gigantic intercontinental business attracting investment, bringing political interest, media attention and millions of traveling spectators and participants. Therefore, sport is large business helping some of the economics in growing by organizing sports events in their country.
Some of the key players operating in the sports tourism market are BAC Sports, Club Europe Holidays Ltd., Gullivers Sports Travel Limited, Inspiresport, MATCH Hospitality, QuintEvents, Sports Travel & Hospitality Group, THG Sports, Unique Sports Travel Limited, and Victory Sports Tours.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research