Global Sports Hospitality Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Sports Type (Soccer, American Football, Baseball, Tennis, Basketball, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jun 2023
- Report Code : KSI061613960
- Pages : 135
The sports hospitality market is predicted to grow at a CAGR of 14.06% from US$8,427.448 million in 2021 to US$21,163.970 million by 2028.
Significant growth in marketing expenditure over the years and also due to entrance of the international companies in the market. For instance, regions of Europe, and Middle East and Africa are immensely populated with sports enthusiasts. Sporting events in Europe, like FIFA, attract the highest number of viewers in the world. In fact, FIFA’s hospitality packages for the 2022 World Cup in Qatar have generated a high level of interest even before going on sale.
Younger and millennials are becoming interested in sports tourism, which gives visitors a lasting and unforgettable experience while they enjoy a sport or event. Additionally, adults and elderly folks participate in sports tourism because it promotes socializing and communication and helps with self-image and acceptability in society. Global sports hospitality is being boosted by expanding sporting events like football and cricket leagues. The demand for sports hospitality is also rising as a result of expanding social media advertising and alluring travel deals.
Additionally, the growing interest in professional sports, especially in major sports leagues like the NFL, NBA, MLB, and NHL, is also driving the demand for sports hospitality experiences. The passion and loyalty of sports fans in the USA, along with the country's strong sports culture, contribute to the increasing demand for sports hospitality services and experiences.
- WSBSPORT and Yves Preissler Business Consulting are collaborating to create the greatest football and paddle solutions for fitness clubs and hotels throughout the world. The collaboration caters to hospitality locations that want to include sports themes in their social experiences. The idea is to build venues where exercise and leisure activities such as 5-a-side football and paddling may coexist and be completely incorporated into the hospitality offering.
- In Lesotho, three young entrepreneurs launched new hospitality businesses, and 535 teenage young people are entering the labor force, particularly in hospitality.
By sports type, the global sports hospitality market is segmented as soccer, American football, baseball, tennis, basketball, and others. Sports hospitality through soccer has seen a boom in demand, driven by rising factors such as increasing disposable income among fans, rising demand for unique and memorable experiences, and the growing popularity of major sporting events around the world. According to FIFA's 2020 annual report, the budgeted revenue from hospitality and ticket sales for the FIFA World Cup alone totals USD 500 million. This underscores the importance of strategic investments in hospitality to ensure a successful and profitable event. Furthermore, technological improvements have enabled sports venues to provide more complex and personalized hospitality services, while the emergence of social media promoted a desire among fans to share their experiences with others, driving demand for premium products even higher.
By geography, the American sports hospitality market is expected to hold a considerable market share fueled by increasing consumer spending on sports-related experiences, the development of state-of-the-art sports facilities, and growing demand for unique fan engagement opportunities. For example, Mercedes-Benz Stadium is the home stadium of the Atlanta Falcons (NFL) and Atlanta United FC (MLS). It is known for its cutting-edge technology and innovative features that enhance the fan experience.
Asia-Pacific is experiencing a significant rate of adoption of IT Infrastructure and technological advancements. With new entries of international companies in the market, their top priorities are brand awareness and client retention, and they are using the sports industry as the PR and marketing tool. The region is also set to witness a significant number of sports events being held. Thus, it is predicted that the sports hospitality market in this region to experience rapid growth during the forecast period.
Global Sports Hospitality Market Scope:
|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|
- By Type
- American Football
- By Geography
- Europe Middle East and Africa
- United Kingdom
- Asia Pacific
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.
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SPORTS HOSPITALITY MARKET, BY SPORTS TYPE
5.3. American Football
6. SPORTS HOSPITALITY MARKET, BY GEOGRAPHY
6.2.1. United States
22.214.171.124. United States Sports Hospitality Market, by Sports Type
6.3. Europe Middle East and Africa
6.3.1. United Kingdom
126.96.36.199. United Kingdom Sports Hospitality Market, by Sports Type
188.8.131.52. Germany Sports Hospitality Market, by Sports Type
184.108.40.206. France Sports Hospitality Market, by Sports Type
6.4. Asia Pacific
220.127.116.11. Japan Sports Hospitality Market, by Sports Type
18.104.22.168. China Sports Hospitality Market, by Sports Type
7. OTHER COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. DTB Sports Hospitality and Event Management Limited
8.2. RTR Sports Marketing Ltd
8.3. Keith Prowse (Compass Group)
8.4. White Label Hospitality
8.5. ATPI Ltd.
8.6. CSM Sports and Entertainment LLP
8.7. RK Sports Hospitality
8.8. Hospitality Finder
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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