LONDON--(BUSINESS WIRE)--The sports tourism market is expected to grow by USD 1,381.02 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts
The increasing number of sporting events across the world are attracting more spectators in the sport tourism industry. Also, many national and international tournaments and events are being planned and new sporting venues are being established to expand the reach and popularity of sports. For instance, the 15th PTT Thailand Grand Prix 2018 attracted over 222,000 visitors and generated revenue more than USD 96 million. Similarly, in February 2018, the Formula One World Championship announced its plans to relaunch F1 races in Argentina. An increase in the number of such sporting events is attracting more visitors to sporting destinations, which is driving the growth of the global sports tourism market.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44823
As per Technavio, the rising focus on seating capacity expansion will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Sports Tourism Market: Rising Focus on Seating Capacity Expansion
The rise in the number of sporting events is attracting more visitors to sporting destinations. With the growing number of sport tourists, there has been a demand to increase the seating capacity to accommodate more spectators at sporting venues. Hence, many sports clubs and sports venue operators are focusing on expanding seating capacities. For instance, in October 2018, FC Cincinnati announced its plans to invest USD 200 million to construct a new stadium that can accommodate over 21,000 spectators. The stadium is expected to be completed by 2021. Many such expansion projects across the world are expected to have a positive impact on the growth of the global sports tourism market during the forecast period.
“Growing government support for sports tourism and expanding fan base of various sports will further boost market growth during the forecast period”, says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Sports Tourism Market: Segmentation Analysis
This market research report segments the sports tourism market by Product (Soccer tourism, Cricket tourism, Tennis tourism, and Others), Type (Domestic sports tourism and International sports tourism), Geography (Europe, APAC, North America, South America, and MEA), and Category (Passive sports tourism and Active sports tourism).
The European region led the sports tourism market in 2019, followed by APAC, North America, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the rising popularity of various sporting events such as the PREMIER LEAGUE, Liga de Fútbol Profesional, Wimbledon, ROLAND-GARROS, F1, MotoGP, and cricket tournaments in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.