Technavio announces the release of its latest report on the sports tourism market. The market is segmented by product (soccer tourism, cricket tourism, tennis tourism, and others), type (domestic sports tourism and international sports tourism), category (passive sports tourism and active sports tourism), and geography (Europe, APAC, North America, South America, and MEA). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Technavio has announced its latest market research report titled Global Sports Tourism Market 2020-2024 (Graphic: Business Wire)
Sports tourism Market: Key Findings
- Sports tourism market value to grow by USD 1,381 billion at over 12% CAGR during 2020-2024
- 57% of market growth to originate from Europe during the forecast period
- Based on the product, the soccer tourism segment will offer maximum opportunities for vendors during the forecast period
- Sports tourism market is expected to have a negative impact due to the spread of COVID-19
Sports Tourism Market: Growth Drivers
The increasing number of sporting events is one of the prime factors driving the growth of the market. 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 of 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.
“Rising focus on seating capacity expansion and the growing government support for sports tourism will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Sports tourism Market: Major Vendors
BAC Sports Ltd.
BAC Sports Ltd. operates its business through the Sports segment. The company is a pure play sports travel and hospitality company and provides packages for individuals, corporates, concierge and incentive agencies, as well as arranges travel and logistics for the England Football Media.
DTB Sports Hospitality and Event Management Ltd.
DTB Sports Hospitality and Event Management Ltd. operates its business through the Events segment. The company offers wide range of client entertaining solutions including hospitality, ticket options and bespoke event management in various fields of sports, music and arts, various special events, bespoke events, etc.
Great Atlantic Sports Travel
Great Atlantic Sports Travel operates its business through the Packages segment. The company is a pure play sports tourism vendor and offers sports travel packages and tickets to all sporting events including all Professional Golf Association (PGA) events such as Masters Badges and Masters Packages.
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