Economic Growth and Its Influence: A Key Driver Transforming the Sports Market 2024
Sports Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Will Strong Economic Growth and Emerging Market Trends Boost The Sports Market Size?
In recent years, the sports market has grown steadily due to multiple factors. From a valuation of $480.12 billion in 2023, the market is anticipated to reach $506.93 billion in 2024, growing at a compound annual growth rate CAGR of 5.6%. This growth in the historic period can be primarily attributed to strong economic growth in emerging countries, rapid expansion of ecommerce, swift urbanization, the rise of multiple sports channels, and high spending on sponsorships.
Are There Projected Growth Trends in The Sports Global Market?2
The sports market forecasts show robust growth in the following years. According to projections, the market will grow to $629.81 billion in 2028 at a compound annual growth rate CAGR of 5.6%. The forecast period growth is likely to be powered by factors such as internet-accessible devices' ubiquity, supportive government policies, and burgeoning sports tourism. Other significant trends include the increasing adoption of augmented reality and virtual reality, the launch of sports streaming apps, the rise of contactless technologies, increased focus on social media users, and the application of analytics for pricing tickets.
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What Are the Key Growth Drivers Of The Sports Global Market?
The sports global market is set to benefit tremendously from the forecasted economic growth of many developed and developing countries. As per the International Monetary Fund IMF, the global real GDP growth was 3.7% in 2019 and 2020 and is expected to be 3.6% from 2021 to 2023. The resurgence in commodity prices is expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period, while emerging markets are likely to outpace developed markets.
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Who Are the Key Players in The Sports Global Market?
Notable companies operating in the sports market include Liberty Media Corporation, Life Time Group Hldgs, Futbol Club Barcelona, Maruhan, Topgolf Callaway Brands Corp, Dallas Cowboys, Manchester City F.C., Real Madrid C.F., Heiwa Corporation, Manchester United Plc, Guangzhou Evergrande Taobao, Shandong Luneng Taishan, Dalian Shide, Liaoning Football Club, Beijing Guoan, and Shanghai SIPG, among others.
What Are the Key Emerging Trends in The Sports Market?
Innovations like the implementation of virtual reality VR technology are leading the new wave trends in the sports industry. This state-of-the-art technology transforms the spectator experience at sporting events by providing a simulated 360-degree environment that virtually transports the viewer to the stadium or race track.
How Is the Sports Market Segmented?
The sports market report includes the following divisions:3
1 By Type: Spectator Sports, Participatory Sports
2 By Revenue Source: Media Rights, Merchandising, Tickets, Sponsorship
3 By Ownership: Chained, Standalone
Sub segments: Sports Team & Clubs, Racing & Individual Sports, Golf Courses And Country Clubs, Skiing Facilities, Marinas, Fitness And Recreational Sports Centers, Bowling Centers, Other Participatory Sports
What Are the Regional Insights Into the Global Sports Market?
Of all regions, North America was the largest in the sports market in 2023. Meanwhile, Africa is expected to be the fastest-growing region in the forecast period. The sports market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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