The Global Sports Hospitality Market was valued at US$4,745.928 million in 2020 and is expected to grow at a CAGR of 23.03% to reach a market value of US$20,243.342 million in 2027.
The global sports hospitality market is expected to grow rapidly during the forecast period. Sports hospitality refers to the programs developed and designed with the consideration of the corporate officials and VIPs to let them watch or play sporting events. It is majorly used as a business strategy to help organizations build stronger relationships and provide a unique experience to their clients. Some use it to reward their employees, but most importantly, organizations opt for sports hospitality to increase their brand awareness in the process. The companies offering sports hospitality also offer the opportunity to tailor the event according to the budget needs, and the event can be held at any time of the year.
There are several options offered for sports hospitality purposes. Some of them are the corporate boxes, wherein an altogether separate box is booked for the company throughout the sports season. Consequently, a corporate box will make the clients feel more pampered and important, building more reliable business relationships. This option is more suitable for watching to watch a game of soccer or a racing event, etc. Another option that is opted for is VIP treatment and travel. This option allows the client to enter places they would not normally be able to, such as Formula One pit arenas or a VIP seat at an MMA match. This option lets clients get into places they usually could not, like pit arenas of formula racing or a VIP seat at an MMA match. There is no shortage of sporting events available with this to avail this option. Opting to hold for holding a sporting event or watching one at some heritage or a traditional place is also a good option for sports hospitality. For example, the Camp Nou stadium in Spain is a heritage place for all football fans. Similarly, watching/hosting a sporting event at Wimbledon for the clients is also a sought-after option.
The market is segmented on sports type (S soccer, American football, baseball, tennis, basketball, and others), American football, Baseball, Tennis, Basketball, Others), by geography (Americas, Europe, Middle East & Africa, Asia-Pacific). The market is also estimated further by geography and by sports type.
With COVID-19 affecting all businesses globally, the sports hospitality market experienced a significant fall in 2020. With no major tournaments held in 2020 and the majority of the world under shutdown, the sports hospitality market saw a big decline as there were not enough prospects for major corporations to hold a sporting event for a client without violating the lockdown rules. Furthermore, because businesses have been affected negatively by the pandemic, they seek to develop better relationships after the disease outbreak is over, and thus sports hospitality events are anticipated to be held much more frequently. As a result, the industry is poised to increase steadily post Covid-19.
Europe and the Middle East & African regions are expected to hold the largest market size.
Europe and the Middle East & Africa are expected to hold the highest market share during the forecast period owing to the immense number of sporting events happening in the region. The region consists of countries that are immensely populated with sporting enthusiasts irrespective of their age group, class, or race. According to preliminary research, Europe also witnesses many major sporting events like the FIFA World Cup, which attracts the highest number of viewers in the world. The next FIFA season, the 2022 FIFA World Cup, is held in Qatar. Thus, sports hospitality will witness several growth opportunities in the coming years in the region.
According to preliminary research, Europe also witnesses a significant number of major sporting events like FIFA, which attracts the highest number of viewers in the world. The next FIFA season, the 2022 FIFA world cup, is held in Qatar. Thus, sports hospitality will witness several growth opportunities in the coming years in the region.
The Asia-Pacific region is expected to witness the highest CAGR
The region consists of developing nations witnessing significant technological advancements and rapid adoption of new IT infrastructure. The population in the region has witnessed significant growth in disposable income and the entrance of international companies into the market. With the increasing need for client retention, brand awareness has been the top priority of the organizations in the region. Furthermore, the region is set to witness many sporting events being held, with the earliest one being the Cricket w World c Cup in India in 2021. Therefore, the sports hospitality market in the region will witness the fastest growth.
UEFA Euro Cup 2021 which is held in June 2021 and is a football game and the most important tournament for Europe has created ample opportunities for the Sports Hospitality Market over the forecasted period.
The biggest of all development is the Tokyo Olympics which were held on July 2021 and ended in August 2021 uplifting the market for Sports Hospitality over the forecasted period.
The Indian Premium League which started in March 2022, is one of the most popular events among the Indians and is widely seen too. This grab a lot of eyes and boosted the market as well.
T20 World Cup a most awaited tournament is about to be held in June which will create massive opportunities for the hospitality of sports and is expected to generate large revenues.
|Market size value in 2020||US$4,745.928 million|
|Market size value in 2027||US$20,243.342 million|
|Growth Rate||CAGR of 28.03% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Sports Type, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||DTB Sports Hospitality and Event Management Limited, RTR Sports Marketing Ltd, Keith Prowse (Compass Group), White Label Hospitality, ATPI Ltd., CSM Sports and Entertainment LLP, RK Sports Hospitality, Hospitality Finder|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the sports hospitality market size by 2027?
A1. The global sports hospitality market is expected to reach a market size of US$20,243.342 million by 2027.
Q2. What is the size of the global sports hospitality market?
A2. Sports Hospitality Market was valued at US$4,745.928 million in 2020.
Q3. What are the growth prospects for the sports hospitality market?
A3. The sports hospitality market is expected to grow at a CAGR of 23.03% over the forecast period.
Q4. How is the global sports hospitality market segmented?
A4. The sports hospitality market has been segmented by sports type and geography.
Q5. Which region holds the largest market share in the sports hospitality market?
A5. Europe and the Middle East & Africa are expected to hold the largest share of the sports hospitality market owing to the immense number of sporting events happening in the region.
DTB Sports Hospitality and Event Management Limited
RTR Sports Marketing Ltd
Keith Prowse (Compass Group)
White Label Hospitality
CSM Sports and Entertainment LLP
RK Sports Hospitality
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