Summary
Major companies in the market include Maruhan, Life Time Fitness, Inc., Liberty Media Corporation, Futbol Club Barcelona, Dallas Cowboys, Heiwa Corporation, Manchester City F.C., New York Yankees, Manchester United Football Club, and Juventus.
The global sports market grew from $486.61 billion in 2022 to $512.14 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sports market is expected to grow to $623.63 billion in 2027 at a CAGR of 5.0%.
The sports market includes revenues earned by entities by providing services like live sporting events before a paying audience or entities that operate golf courses and country clubs, skiing facilities, marinas, fitness, and recreational sports centers, and bowling centers.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Sports are group games and individual activities that involve physical activity and skills.Sports help to overcome adversities and win.
Playing sports helps release pressure and tension in a healthy and controlled way, and improves mood, and concentration.
North America was the largest region in the sports market in 2022.Africa is expected to be the fastest-growing region in the forecast period.
The regions covered in the sports market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of sports are spectator sports and participatory sports.Spectator sports include the presentation of sporting events by teams and clubs or independent athletes.
The various sources of revenue are media rights, merchandising, tickets, and sponsorship and involve different ownerships including chained, and standalone.
The market is expected to benefit from the steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) stated that the global real GDP growth was 3.7% in 2019 and 2020 and 3.6% from 2021 to 2023. Recovering commodity prices are further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, India’s GDP grew at 8.7% in 2021-22, up by 1.5% compared to 2019-20, whereas China registered a GDP growth of 8.1% in 2021. This continued economic growth is expected to drive the demand for sports.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the sports market in 2020 as governments globally imposed lockdowns and restricted domestic and international travel limiting the need for services offered by these establishments.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in the closure of recreational facilities with countries entering a state of ’lockdown’ and the outbreak hurt businesses throughout 2020 and into 2021.
However, it is expected that the sports market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Sports organizers are implementing virtual reality (VR) technology to improve the spectators’ experience in sporting events.Virtual reality generates images, sounds, and other sensations that simulate a physical presence in an imaginary environment.
Clubs and teams are experimenting with simulated and 360-degree environments to enhance the match viewing experience of the spectators by allowing them to have a virtual walkthrough of the stadium or the race track and view the match from different angles.For instance, the NBA game between the Sacramento Kings and San Antonio Spurs was broadcasted in VR.
NASCAR has created an interactive fan area at the race tracks with the implementation of virtual reality.
The countries covered in the sports market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sports market research report is one of a series of new reports that provides sports market statistics, including sports industry global market size, regional shares, competitors with a sports market share, detailed sports market segments, market trends, and opportunities, and any further data you may need to thrive in the sports industry. This sports market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
