Technavio estimates the global sports tourism market to grow by USD 1.38 billion, progressing at a CAGR of over 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Sports Tourism Market 2020-2024 (Graphic: Business Wire)
The market is driven by the increasing number of sporting events. However, the cancelation of sports events due to financial constraints might challenge growth.
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Sports Tourism Market: Product Landscape
Based on the product, the market saw significant growth in the soccer tourism segment in 2019. The segment is driven by the well-connected travel network and the growing hospitality industry that encourages soccer enthusiasts to travel to countries to spectate the sports in person. The market growth in the segment will be significant over the forecast period.
Sports Tourism Market: Geography Landscape
57% of the market's growth originated from Europe in 2019. The development of sporting culture among students in countries such as the UK is one of the prime reasons fueling the growth of the sports tourism market in Europe.
The UK and Germany are the key markets for sports tourism in Europe.
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Major Three Sports Tourism Market Vendors:
BAC Sports Ltd.
BAC Sports Ltd. operates its business through the Sports segment. The company offers packages for sports events.
DTB Sports Hospitality and Event Management Ltd.
DTB Sports Hospitality and Event Management Ltd. operate its business through the Events segment. The company offers packages for sports events.
Great Atlantic Sports Travel
Great Atlantic Sports Travel operates its business through the Packages segment. The company offers packages for sports events.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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