Sports Events Market Expected to Reach $609.07 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sports Events Market," The sports events market size was valued at $184.61 billion in 2021, and is estimated to reach $609.07 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031.

The introduction of league-based competitions for other sports, such as kabaddi in India, as well as increased viewing, sponsorship, and involvement in sports other than cricket and football, are anticipated to present enormous opportunities to profit from the less well-liked sports. Football is extremely popular in North America and Europe, much as cricket is in India. Eight significant league-based sports competitions began in the 2013–15 season, including the ISL, PKL, Premier Badminton League (PBL), and Hockey India League (HIL). While some of these events experienced immediate success, others failed to amass enough support from viewers, advertisers, and broadcasters. Growing popularity for indigenous sports and postive feedback for such sports are likley to boost the growth of the sports events industry.

Some of the factors driving market expansion in the area include the expanding sporting events business, rising per capita income, the burgeoning middle-class population, and rising disposable income. In addition, the growing popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup, along with rising digitization in China and India, further fuel market expansion. The market is expected to have plenty of opportunities due to the widespread acceptance of digital tickets and the expanding use of smartphones worldwide. However, during the anticipated timeframe, market development is anticipated to be constrained by the unpredictability of ticket pricing and a lack of price management.

Sports have not been exempt from the coronavirus outbreak sweeping the globe. In fact, the epidemic has had a profound influence on and, in many aspects it paralyzed the sports business. Sporting events have been cancelled or postponed at the worldwide, regional, and national levels, the most major being the postponement of the Tokyo 2020 Olympics to July 2021. Many have been prompted to reconsider and even change the meaning of the athletic experience as a result of the disruption brought on by COVID-19. Digital technology helped sports play its bit in adjusting and reacting to the situation when the world went into lockdown.

According to the sports events market analysis, the sports events market is segmented into revenue source, age group and region. By revenue source, it is segregated into ticket sale, sponsorship and others. On the basis of age group, the market is categorized into Below 20 years, 21–40 years and 41 years & above. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa and Rest of LAMEA).

According to the sports events market trends, on the basis of revenue source, the tickets segment was the significant contributor to the market, with $63,865.1 million in 2021, and is estimated to reach $202,205.6 million by 2031, at a CAGR of 10.0% during the forecast period. A ticket is a voucher that indicates that an individual is entitled to admission to sports event. Digital tickets and online printable tickets, and paper tickets are majorly used forms of the sports event tickets. Online tickets for sports events has been gaining huge popularity owing to its convenience offered and hassle free payment getaways. Digital ticketing creating the high level of transparency, which is expected to reduce the black ticketing practices. Thus, above mentioned factors are projected to spur the sports events market growth during the forecast period.

According to the sports events market analysis, on the basis of age group, below 20 years segment was the significant contributor to the market and is estimated to reach $202,323.8 million by 2031, at a CAGR of 10.3% during the forecast period. The below 20 years segment includes the children, and are open to new learning and enthusiast to take up challenges & thrilling activities. Numerous school & college students attain various sporting events through schools and individually. Increase in participation of the kids and children in sports activities is likely to generate more interest in viewing live sports. Thus, below 20 years segment is growing at significant CAGR during the forecast period.

According to the sports events market opportunity, region wise, North America garnered the major sports events market share in 2021, and is expected to maintain its market share throughout Sports events market forecast period. In 2020, North America had the highest revenue share of more than 50%. The main driver of regional growth is the rise in viewership for sports other than football in United States. With well-known clubs like the Bulls, Cavaliers, 76ers, Raptors, Mavericks, Warriors, Trail Blazers, and NY Knicks, football is the most watched sport in the area. The games are watched by a sizable audience both offline and online. In 2018, 851 824 people watched the Bulls on ESPN, and 843 042 people watched the Cavaliers. In addition, due to consumer accessibility and convenience, smartphone-based event ticketing services are anticipated to become the primary revenue-generating segment.Thus, above mentioned factors are likley to favor the growth of the sports events market demand in North America.

The players operating in the global sports events industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report are Ace Ticket Worldwide, Inc., GooTickets.Com, Razorgator LLC, SeatGeek, StubHub, Ticket City, Inc., Tickets.com, LLC, Ticketek Pty Ltd, Ticketmaster and TickPick LLC.

Key findings of the study

• The sports events market size was valued at $184,612.2 million in 2020, and is estimated to reach $609,066.8 million by 2031, registering a CAGR of 10.5% from 2022 to 2031. 
• In 2021, on the basis of revenue source, the sponsorship segment acquired $79,572.4 million, exhibiting 43.1% of the global market share. 
• In 2021, by age group, the 21–40 years segment was valued at $90,508.4 million, accounting for 49.0% of the market share. 
• China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $77,522.0 million by 2031, growing at a CAGR of 12.2% during the forecast period.