MarketResearch.biz announces publication of its most recently generated research report titled, “Global Sports Tourism Market by Type (International sports tourism & Domestic sports tourism), Application (Teenagers, Middle-aged people, & Elder), and Region – Global Forecast to 2028.”, which offers a holistic view of the global sports tourism market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2020–2024) is projected to be over US$ 3.0 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Sports tourism refers to travel related to observing or participating in sports events. Sports tourism is the fastest growing sector of the global tourism industry. In recent decades, sports tourism has not been very popular, but due to the increase of public interest in national and international sports competitions, sports tourism has also seen a huge boom. Customers are walking around just to participate in their favorite sports events.
Global Sports Tourism Market: Market Dynamics
The increase in the number of global sports events is a key factor in promoting the development of sports tourism and the healthy growth of customer spending power is expected to support the growth of the global market, such factors expected to drive growth of the global sports tourism market in the next coming years. Consumers’ health awareness is expected to increase their interest in sports, which will stimulate championships in all regions and the advantage of market growth and drive revenue growth of sports tourism market over the forecast period. Athletic activities are becoming more and more popular. These benchmarks related to production and promotion requirements are expected to promote local business and are expected to support the target market.
In developing countries, high travel costs like air tickets likely to hinder the overall growth of the sports tourism market.
The continuous growth of the hotel and hotel industry also provides equal opportunities for the target market. Additionally, the advancements in sports related services resulting in growth opportunities in the sports tourism market.
Global Sports Tourism Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global sports tourism market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global sports tourism market is estimated to expand at a moderate CAGR of 7.6% during the forecast period.
Global Sports Tourism Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region. The type segment includes international sports tourism & domestic sports tourism. The application segment includes teenagers, middle-aged people, elder. The region covered in the analysis are United States, Europe, Japan, China, India, Southeast Asia, Rest of the world.
By type: The International sports tourism segment is expected to register a CAGR of over 8.1%, thereby accounting for highest revenue share among the type segments.
By application: The middle-aged people segment is expected to register a CAGR of over 8.0% over the forecast period, thereby accounting for highest revenue share among the application segments.
By region: The market in Europe accounted for highest revenue share in the global sports tourism market in 2020, and is estimated to register a CAGR of over 8.1% between 2020 and 2028.
Global Sports Tourism Market: Competitive Analysis
The research report on the global sports tourism market includes profiles of major companies such as BAC Sport, Great Atlantic Sports Travel, ITC Sports Travel, TUI AG, Fanatic Sports, Sportsnet Holidays, Sports Tours International, MATCH Hospitality AG, THG SPORTS, Quintevents.
The Global Sports Tourism Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2020–2028 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Sports Tourism Market for 2020–2028.
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