Sports Tourism Market 2023 : Growth Beyond Demand and Sales Prognosis
The global sports tourism market is moderately fragmented and the competition among companies is quite intense. To help clients improve their revenue share, this research report provides an analysis of the market’s competitive landscape and contains information on the products offered by various leading companies.
Seattle, WA -- (SBWire) -- 11/01/2019 --Increasing number of fan zone to emerge as major trend in the market. The stakeholders of the sports industry are focusing on attaining a wider audience to showcase tournaments and expand their reach. This is benefiting the sports tourism industry. An increasing number of sports tournaments are focusing on establishing official fan zones. These fan areas can be established in the same region or city hosting the sports event, or in various other cities and regions different from the host.
The global sports tourism market is experiencing growth due to the rise in the number of sporting events across the world. New tournaments in existing venues are being conducted to attract more spectators, and new venues are being established for the existing tournaments to expand the reach and popularity of sports.
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Numerous sports leagues such as IPL, PSL, and Big Bash League among others, operate on a franchise basis. However, the lack of financial support for franchisee teams can lead to cancellation of events, which can have a negative impact on the sports tourism market.
The market appears to be fragmented and with the presence of several companies including MATCH Hospitality and QuintEvents, the competitive environment is quite intense. Factors such as the increasing number of fan zone and the increasing number sports events, will provide considerable growth opportunities to sports tourism manufactures. BAC Sports, MATCH Hospitality, QuintEvents, Sports Travel & Hospitality Group, and THG Sports are some of the major companies covered in this report.
With an increase in the number of national and international tournaments being planned, the sports tourism market will witness considerable growth through 2023. The new T20 league that will be organised by Cricket South Africa and the Pro Volleyball League that will be organised by the Volleyball Federation of India are some of the major events that will be conducted during the forecast period. Due to this rise in the number of sporting events, there will be an increase in the inflow of tourists to sporting destinations, driving the growth of the sports tourism industry.
Though stakeholders in the sports industry are focusing on attaining a wider audience, the limited spectator handling capacity of sports arenas poses as a major challenge. As a result, there is a growing focus towards the development of official fan zones. In addition to broadcasting sports events on a large screen, these fan zones also carry out several engaging activities. UEFA has already established fan zones for the UEFA Under-19 EURO tournament in Finland. Similarly, BCCI also announced the establishment of fan zones in India for the IPL tournament. With the increasing number of sporting events, there will be a rise in the establishment of fan zones across the globe.
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