The expansion of sporting events, rising per capita income, growing middle class, and rising disposable income driving the growth of the global yogurt market.
PORTLAND, Oregon., August 18, 2022 /PRNewswire/ — Allied Market Research released a report titled “Sports Events Market By Revenue Source (Ticket Sales, Sponsorship, Others), By Age Range (Under 20, 21-40, 41+): Global Opportunities Analysis and Industry Forecast, 2021-2031“. According to the report, the global sporting events industry has generated $184.61 billion in 2021, and should generate $609.07 billion by 2031, growing at a CAGR of 10.5% from 2022 to 2031. The report provides in-depth analysis of changing market dynamics, major segments, value chain, competitive scenario, and landscape regional. This research offers valuable guidance for key players, investors, shareholders, and startups to design sustainable growth strategies and gain competitive advantage in the market.
Main determinants of growth
Expanding sporting event business, rising per capita income, rising middle class and increasing disposable income are driving the growth of the global sporting event market. In addition, the growing popularity of major sporting events such as the Tokyo Olympics and the Cricket World Cup as well as increasing digitization in China and India further fuel the growth of the market. However, the unpredictability of ticket prices and the lack of price management limit the growth of the market. On the contrary, the widespread acceptance of digital tickets and the growing use of smartphones around the world offer new opportunities in the years to come.
- The outbreak of the Covid-19 pandemic has had a negative impact on the global sporting events market, due to the implementation of the global lockdown. This has led to the cancellation or postponement of all sporting events to protect the health of athletes and others involved in the games.
- Sporting events such as football tournaments, basketball matches, cricket, wrestling and many more have been canceled.
- Additionally, the temporary closure of gymnasiums, stadiums, swimming pools, dance clubs, parks, and playgrounds has somewhat hampered the growth of the market during the pandemic.
- Nevertheless, in the post-pandemic period, the market is steadily recovering.
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The sponsorship segment to maintain its leading status throughout the forecast period
Based on revenue source, the sponsorship segment held the highest market share in 2021, accounting for more than two-fifths of the global sporting events market, and is expected to maintain its leading status throughout the forecast period. forecast. Additionally, the same segment is expected to show the highest CAGR of 11.3% from 2022 to 2031. This is attributed to the fact that most sporting events use sponsorship support to deliver more exciting programs and help cover the rising costs. Sponsorship is the key to strong marketing. It is a powerful and effective marketing tool to increase and strengthen brand awareness in targeted niche markets. The report also identifies the ticket sales segment.
The 21 to 40-year-old segment to maintain its leading position over the forecast period
Based on age group, the 21-40 segment accounted for the largest share in 2021, contributing almost half of the global sporting events market, and is expected to maintain its leading position during the period of forecast. Moreover, the same segment is expected to show the highest CAGR of 11.1% from 2022 to 2031, owing to the active participation of individuals between the ages of 21 and 40 in events such as exhibitions, conferences, sporting events, seminars and music concerts. the report also identifies segments including under 20s and over 41s.
North America maintain dominance by 2031
Based on the region, North America held the highest market share by revenue in 2021, accounting for more than a third of the global sporting events market. This is attributed to the fact that North America has more flexible business policies and regulations than Western Europe. Moreover, the Asia Pacific The region is expected to experience the fastest CAGR of 12.3% from 2022 to 2031. Nations in this region are witnessing an increase in sports leagues, digital activation and the ability to grow and adapt through to innovative technology. This, in turn, animates the area.
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Major Market Players:-
- Ace Ticket Worldwide, Inc.
- Razorgator LLC
- Billet City, Inc.
- Tickets.com, LLC
- Ticketek Pty Ltd
- ticket master
- TickPick LLC
These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable for highlighting the business performance, operating segments, product portfolio, and strategic moves of market players to present the competitive scenario.
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