Advancement In Transportation System Is Expected To Boost Sport Tourism Market, At CAGR 7.6% By 2028
New York, NY, Aug 06, 2019 (WiredRelease): Market.us announces the publication of its most recently generated research report titled, “Global Sports Tourism Market by Type (International sports tourism and Domestic sports tourism), By Application (Teenagers, Middle-aged people and Elder), and by 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 global Sports Tourism market is projected to be US$ 1,413.7 Mn in 2018 to reach US$ 2,936.4 Mn by 2028 at a CAGR of 7.6%.
Sports tourism refers to travelling related to observing or participating in sporting events. Sports tourism is the fastest growing sector of the global travel industry. Sports tourism has not been extremely popular, during the recent decades, but also witnessing tremendous boom owing to rise in public interest in national as well as international sports tournaments. Customers are travelling far and wide to attend their favourite sports event. The fan following emotion, along with travelling-vacationing culture, encourages the sudden spike in popularity. Technology advancement in recent years has appeared to make a huge impact on the sports industry, due to the availability of buying tickets online through the various site. Moreover, customers are also aware of when and where sports events will take place in advance.
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Increase in disposable income is also one of the major factor fueling the growth of sports tourism. Advancement in the transportation system is expected to support the growth of sport tourism. Owing to the invention of the automobile and air travel in the past century, the customer has been able to move to various location to participate in sports activities. Innovation in media technology has led to aid the popularity in the sports tourism market. Moreover, the improvement in sports equipment production has also contributed to the development of sports events.
Global Sports Tourism Market Revenue (US$ Mn), 2018–2028
However, the increase in growth of sports tourism by participants as well as viewer is expected to create local and national communities combat concerns, which in turn to growth obstacle for the market. The high cost of travelling like air tickets in the developing region can hamper the overall growth of the sports tourism market. Moreover, perpetual growth in hotel & hospitality sector is also providing equal opportunities for the target market. Also, Travel companies like PRIMESPORT and Road trips focus on sports tourism packages that include accommodation, tickets for the sports event, travel arrangements etc. This is seen to be trending in the sport tourism market.
Global sports tourism market is segmented on the basis of product type, application and region. On the basis of product type, the market is segmented into International sports tourism and domestic sports tourism. On the basis of application, the market is segmented into teenagers, middle-aged people and elder.
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Global Sports Tourism Market by Product Type, 2018
On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. North America accounts for the majority share in the global Sports Tourism market, owing to technology innovation is expected to boost demand for the sports tourism market in coming years. APAC is expected to register the highest growth rate over the forecast period. Countries and regions such as China, Japan, South America and MEA are expected to register stable growth over the forecast period.
The research report on the global sports tourism market includes profiles of some of the major companies such as Cipla Ltd., Apotex Inc., BAC Sport, Great Atlantic Sports Travel, ITC Sports Travel, TUI AG, Fanatic Sports, Sportsnet Holidays, Sports Tours International, MATCH Hospitality AG, THG SPORTS and other prominent players.
Key Market Segments:
- International Sports Tourism
- Domestic Sports Tourism
- Middle-Aged People
Key Market Players included in the report:
- Cipla Ltd.
- Apotex Inc.
- BAC Sport
- Great Atlantic Sports Travel
- ITC Sports Travel
- TUI AG
- Fanatic Sports
- Sportsnet Holidays
- Sports Tours International
- MATCH Hospitality AG
- THG SPORTS
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