According to the market analysis, the sports events market is segmented into revenue source, age bracket and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, November 2, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Sports Events Market By Revenue Source (Ticket Sales, Sponsorship, Others), By Age Group (Under 20, 21-40, 41+): Global Opportunities Analysis and Industry Forecast, 2021-2031 “. The size of the sporting events market was valued at $184.61 billion in 2021 and is projected to reach $609.07 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031. The report offers an in-depth analysis of changing market trends, key segments, major investment pockets, regional scenario, Porter’s Five Forces and competitive scenario.
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Some of the factors driving the expansion of the market in the region include expanding sporting events industry, increasing per capita income, growing middle class, and increasing disposable income. Additionally, the rising popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup, along with increasing digitalization in China and India, are fueling the expansion of the market.
The market is expected to offer many opportunities due to the widespread acceptance of digital tickets and the growing use of smartphones worldwide. However, over the forecast period, market development is expected to be constrained by the unpredictability of ticket prices and a lack of price management.
According to the sports events market analysis, the sports events market is segmented into revenue source, age group, and region. Basis of revenue source, ticket segment was the largest contributor to the market, with $63,865.1 million in 2021, and is expected to reach $202,205.6 million by 2031, at a CAGR of 10 .0% over the forecast period. A ticket is a voucher that indicates that a person is entitled to admission to a sporting event. Digital tickets and printable tickets online, as well as paper tickets are the most widely used forms of tickets for sporting events. Online tickets for sporting events are growing in popularity due to the convenience offered and hassle-free payment escapades. Digital ticketing creating a high level of transparency, which should reduce black ticketing practices. Thus, the above mentioned factors are expected to drive the growth of the sporting events market over the forecast period.
The age group base, the under 20 segment was the major contributor to the market and is expected to reach $202,323.8 million by 2031, at a CAGR of 10.3% during the period forecast. The under 20 segment includes children and is open to new learning and enthusiastic for challenges and exciting activities. Many school and college students participate in various sporting events in schools and individually. The increase in the participation of children and children in sports activities is likely to generate more interest in viewing live sports. Thus, the under 20 segment is growing at a significant CAGR during the forecast period.
Regionally, North America garnered the major sporting events market share in 2021 and is expected to maintain its market share throughout the forecast period of the sporting events market. In 2020, North America had the highest revenue share of over 50%. The main driver of regional growth is the increase in viewership of sports other than football in the 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. Games are watched by large audiences both offline and online. In 2018, 851,824 people watched the Bulls on ESPN, and 843,042 people watched the Cavaliers.
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The players operating in the global sports events industry have adopted various development strategies to grow their market share, increase their profitability and stay competitive in the market. 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.
Main benefits for stakeholders:
○ This report provides quantitative analysis of market segments, current trends, estimates and dynamics of the Sports Events Market analysis from 2021 to 2031 to identify opportunities in the Sports Events Market.
○ Market research is offered with information related to key drivers, restraints, and opportunities.
○ Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
○ In-depth analysis of the sports events market segmentation helps to determine the existing market opportunities.
○ Major countries in each region are mapped according to their contribution to global market revenue.
○ Positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
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○ To develop effective R&D strategies, gather information, analysis and strategic ideas from competitors.
○ Racket Sports Equipment Market is expected to reach $272.40 million by 2031
○ Smart Sports Equipment Market is expected to be valued at $12.0 Billion by 2026
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