Global Sports Market To Reach Value Of About $556 Billion In 2023
The global sports market is expected to decline from $458.9 billion in 2019 to $446.5 billion in 2020 at a compound annual growth rate (CAGR) of -2.7%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $556.1 billion in 2023.
The sports market consists of sales of sports services and related goods by entities that offer spectator sports and participatory sports. Spectator sports includes teams or clubs and independent athletes that present sporting events before a paying audience. The racing team owners of racing participants that enter the participants into racing events or other spectator sports events and the sports trainers who provide specialized services to support participants in sports events or competitions are part of this industry. The establishments that operate racetracks are also included in this industry.
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The global sports market is further segmented based on type and geography.
By Type: Spectator Sports, Participatory Sports
By Revenue Source: Media Rights, Merchandising, Tickets, Sponsorship
Subsegments covered: Sports Team & Clubs, Racing & Individual Sports, Golf Courses And Country Clubs, Skiing Facilities, Marinas, Fitness And Recreational Sports Centers, Bowling Centers, Others - Participatory Sports
By Geography: The global sports market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America has the largest share, accounting for 35% of the global sports market.
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Trends In The Sports Market
Sports organizers or team franchises are using analytics to boost their revenues. Analytics involves generating insights from historical data to predict potential trends and analyze the effects of certain decisions or events. For instance, sports franchises are using analytics to determine the pricing of tickets through variable pricing and dynamic pricing. In variable pricing approaches, team franchises use analytics and charge different prices for the same seat depending on the game. In dynamic pricing approaches, team franchisers consider factors such as team performance, day of the week, stage of the tournament (group match, semi-final or final) and determine the price of the ticket.
Sports Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides sports market overviews, analyzes and forecasts sports market size and growth for the global sports market, sports market share, sports market players, sports market size, sports market segments and geographies, sports market trends, sports market drivers and sports market restraints, sports market’s leading competitors’ revenues, profiles and market shares. The sports market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.