Sports Market Characteristics
The sports market consists of sales of sports services and related goods by entities (organizations, sole traders and partnerships) 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 race tracks are also included in this industry.
Competitive Landscape of the Sports Market
Major players in the global sports market include Barcelona FC, FC Bayern Munich, Dallas Cowboys, Manchester United, Real Madrid, International Speedway Corporation, New York Yankees, New England Patriots, Los Angeles Dodgers, and Washington Redskins.
Sports Market Size
The sports market size is expected to reach $660 billion by 2022, significantly growing at a CAGR of around 5% during the forecast period. The growth in the sports market is due to increased number of auto and animal racing events and growing popularity of major sports leagues.
However, the market for sports is expected to face certain restraints from several factors such as increased costs and decline in margins, weather conditions and demographic changes.
Sports Market Segmentation
The global sports market is further segmented based on type and geography.
By Type - The sports market is segmented into participatory sports and spectator sports, among these segments, the participatory sports market accounts for the largest share in the global participatory sports market.
By Geography - The global sports is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the South America sports market accounts the largest share in the global sports market.
Trends in the Sports Market
Mobile ticketing, virtual reality to enhance spectator experience and analytics for pricing tickets are the major trends witnessed in the global sports market.
Potential Opportunities in the Sports Market
With increasing TV and social media advertising for sporting events, government initiatives and partnerships to promote sports events and growing popularity of sports, the scope and potential for the global sports market is expected to significantly rise in the forecast period.