Pune India, Aug. 01, 2022 (GLOBE NEWSWIRE) — The market has been studied for the segmentation and regional analysis mentioned below for North America, Europe, Asia, South America, the Middle East and Africa. These are the key regions where Sports Events Market currently operating and expected to expand in the near future. The manufacturers and vendors involved in the sports events market are present in different countries of the aforementioned regions.
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The report provides a detailed understanding of the market segments that have been formed by combining different perspectives such as revenue source, age group, and others. Apart from this, the major driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The main players operating in the world Sports Events Market are Ace Ticket Worldwide, Inc., GooTickets.Com, Razorgator LLC, SeatGeek, StubHub, Ticket City, Inc., Tickets.com, LLC, Ticketek Pty Ltd, Ticketmaster and TickPick LLC. To gain substantial market share in the global sporting events market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations and partnerships, joint ventures. Of these, Ace Ticket Worldwide Inc is one of the most prominent manufacturers and distributors present in the global sporting events market.
The sale of tickets for professional sporting events, both online and offline, falls under the category of sporting events. The global sports events market is segmented into sports, revenue source, age group and region. Based on sports, the market is categorized into football, baseball, basketball, and others. By source of income, it is separated into ticket sales, sponsorship and others. On the basis of age group, the market is categorized into under 20, 21 to 40, and 41+.
There has been a surge in the user base of different social media platforms and other types of websites, due to the large-scale distribution of internet services across the globe. This user base includes children, teenagers, middle-aged people as well as elderly people. Considering this, most players engaged in the sports events market are turning to digital forms for advertising and marketing. With the help of the internet, companies can help spread knowledge about their products to the far reaches of the world and can help raise awareness of their events, especially among their target market.
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Scope of the Sports Events Market Report
|Year of reference||2021|
|Market share unit||Billions of dollars|
|Segments Covered||Source of income, age group and region|
|Regions covered||North America, Europe, Asia-Pacific, South America and Middle East & Africa|
|Main actors||Ace Ticket Worldwide, Inc., GooTickets.Com, Razorgator LLC, SeatGeek, StubHub, Ticket City, Inc., Tickets.com, LLC, Ticketek Pty Ltd, Ticketmaster and TickPick LLC|
The sponsorship segment is witnessing a considerable market share in 2021.
The revenue sources segment includes ticket sales, sponsorship and others. The sponsorship segment saw a huge market share in 2021. This is attributed to the fact that most sporting events use sponsorship support to deliver more exciting programs and to help defray rising costs. Advertising is considered a quantitative media while sponsorship is considered a qualitative media. Plus, it’s a powerful tool that complements other marketing programs to get the message out to people.
The 21-40 age segment is expected to be the fastest growing segment in 2021.
The age group segment includes under 20, 21-40, and 41+. the population under 20 mainly attends events related to sport and music. The population in this category is immature and does not attend trade shows, conferences or company seminars. They are especially prone to events that provide fun and entertainment factors such as sports and music concerts, as they enjoy attending such events.
The regional analysis provides a detailed view of key regions and countries. Some of the key countries analyzed for sporting events include USA, Canada, Mexico, Germany, France, UK, Italy, Spain, Russia, China, Japan, India, Brazil, Peru, United Arab Emirates, South Africa and Saudi Arabia.
Among all regions, Asia-Pacific is the most lucrative region for investment as it is a consumer region that includes China and India. The influence of social media, the increase in online consumption of sports, the increase in female viewers, the increase in viewership, sponsorship and participation in sports other than cricket and growth in the number of rural viewers are expected to shape the growth of the Asia Pacific sports events market over the forecast period. The graph below illustrates the main investment pockets in terms of growth rate and market attractiveness by region.
Analysis by country
Germany Sporting Events Market size was valued at USD 13.6 Billion in 2021 and is projected to reach USD 29.6 Billion by 2029, growing at a CAGR of 7.9% from 2022 to 2029.
Germany is one of the leading countries in the European market for sporting events. This is mainly attributed to changing lifestyles, increasing disposable incomes of the people, and the rising trend of sports leagues across the country. The most popular sports and teams have a beneficial impact on the economy, making the sports industry the largest entertainment sector in the world.
China Sporting Events Market size was valued at USD 14.5 Billion in 2021 and is projected to reach USD 31.9 Billion by 2029, growing at a CAGR of 8.0% from 2022 to 2029. China is one of the largest sporting event markets in the Asia-Pacific region. These sporting events attract a large number of sports tourists who boost China’s economy. Therefore, the event industry is encouraged by the Chinese government due to its economic importance and hence the event industry is expected to flourish in the coming years in China.
India Sports Events Market size was valued at USD 3.8 Billion in 2021 and is projected to reach USD 9.2 Billion by 2029, growing at a CAGR of 8.9% from 2022 to 2029. India is one of the fastest growing economies in Asia. Rising population in the country and upsurge in participation in sporting events in the country are driving the growth of the market. While cricket still dominates the Indian sports market, the nation has embraced other sports with enthusiasm as well. Many sports federations and trade organizations have helped create league-based competitions, capitalizing on the IPL model, following in the footsteps of the Board of Control for Cricket in India (BCCI).
Impact of Covid-19
A Closer Look at the Events Industry of 2021
- COVID-19 is likely to remain with the volatility of restrictions and lockdowns depending on the number of cases in the city/country
- Mini-events are likely to prevail in coming years with proper social distancing
- Virtual and hybrid event industries are expected to grow in popularity in the coming years
- Micro, small and medium enterprises are unlikely to sustain themselves in the coming years
- Vaccination Rate, Vaccine Efficacy and Vaccination Passport Are Expected to Play a Remarkable Role in the Event Industry
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