Sports Tourism Market is to grow at a 17.3% CAGR, with the United States leading the market through 2030

The Sports Tourism Market is expected to reach USD 1775.26 Bn by 2030. The Sports Tourism Market is driven by increasing demand for sporting events, better transport options, infrastructural spending, and increased disposable incomes.

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Sports Tourism Market to Hit USD 1775.26 Bn by 2030

The Sports Tourism Market was USD 581 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 17.3 % from 2023 to 2030, reaching USD 1775.26 Bn by 2030. Grand Prix races, the Olympics, the FIFA World Cup, the Super Bowl, and tennis grand slams draw millions of spectators and participants. More individuals may now afford to go to sporting events or locations known for their sporting activities because of rising disposable income, particularly in emerging countries. Many governments invest in the promotion of their cities or regions as sports tourism hubs. The local economy benefited from USD 1.5 billion from the 300,000 spectators at the Formula 1 race and an anticipated USD 1 billion from the Super Bowl.

Sports Tourism Market Segmentation

By Product: Football is the most popular sport globally, the FIFA World Cup and the UEFA Champions League are the major events. Over 1.4 million people from around the world travelled to Qatar for the 2022 FIFA World Cup. ICC Cricket World Cup, Indian Premier League (IPL), and Ashes Series are the major events held in Cricket. More than 700,000 foreign tourists were visiting England during the 2019 ICC Cricket World Cup.

By Type: Domestic Sports Tourism refers to individuals travelling within their own country. It is anticipated that the 2024 Super Bowl in Las Vegas would have a local economic effect of more than $1 billion. International Sports Tourism, the FIFA World Cup is one of the largest international sporting events. There were around 1.5 million foreign tourists to Russia during the 2018 FIFA World Cup.

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Sports Tourism Market Regional Analysis

North America, most of the popular sporting events in the world, including the Super Bowl, NBA Finals, NHL Stanley Cup, NASCAR, and Major League Soccer (MLS) tournaments, are held in the United States and Canada. In 2023, the U.S. sports tourism industry is expected to grow to a value of around USD 50.42 billion.

Europe, with nations like the UK, Germany, France, and Spain, continues to be one of the world's biggest marketplaces for sports tourism. Over 1.5 million foreign tourists attended the 2018 FIFA World Cup, which was held in Russia, whereas the UEFA Champions League. Alpine skiing and Nordic skiing make Europe a popular winter sports destination.

Asia-Pacific, Countries like Thailand, Vietnam, and Malaysia are popular for golf, cycling tours, and endurance sports. Whereas countries like India, Pakistan, and Australia drive the sports tourism market with the Indian Premier League (IPL) and the ICC Cricket World Cup. And in Japan, South Korea, and China, Football is increasing in prominence.

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Sports Tourism Market Competitive Landscape

National Football League: NFL has established broadcasting partnerships with television networks like CBS, NBC, FOX, and ESPN. In 2021, the NFL and these networks inked a landmark 11-year television agreement valued at $113 billion. The Carolina Panthers, a franchise of the NFL, was acquired by David Tepper for $2.275 billion.

Booking.com: Priceline acquired Booking.com for approximately $133 million. Booking.com acquired OpenTable for $2.6 billion, KAYAK for approximately $1.8 billion. Also Booking.com acquired the Momondo Group for $550 million.

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Conclusion

Sports tourism will probably continue to be used by port authorities and municipal governments to promote travel, economic growth, and cross-border ties.
Innovative approaches to these problems might include eco-friendly travel programs and virtual events.

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