Global Sports Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Sports Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The sports industry is incredibly diverse, encompassing any activity that derives income from sports, including anything from TV distribution, fitness, ticketing, betting and advertising to sponsorship or merchandise. The main types of sports are spectator sports and participatory sports. Spectator sports include the presentation of sporting events by teams and clubs or independent athletes. The various sources of revenue are clubs and sports teams, event revenue, media rights, sponsorship and merchandising. The participatory sports market consists of sales of participatory sports services and related goods by entities (organizations, sole traders and partnerships) that operate fitness and recreation centres, community sports, sporting facilities such as local golf clubs, marinas, gyms, personal training. Participatory sport revenues come from participants and player attendants. This market includes sales from entry fees, merchandise and other related goods and services.

Market Overview:

The latest research study on the global Sports market finds that the global Sports market reached a value of USD 370000.0 million in 2022. It’s expected that the market will achieve USD 677673.0 million by 2028, exhibiting a CAGR of 10.61% during the forecast period.

Affect the sports value chain

As the effects of COVID-19 continue to ripple through the health, educational, financial, and commercial sectors of the world, the sports ecosystem is no different. The nonstop sports activities worldwide came to a halt owing to the outbreak and the spread of the virus. Euro2020 postponed the completion of domestic leagues. Most national/international sports leagues and competitions were postponed, with the French and Dutch leagues canceled. Every stage of the sports value chain has been affected, right from athletes, teams, and leagues to the media that broadcast and cover games and brands and sponsors that use these events for advertising. Damages to teams, leagues, and players, but also to an entire production chain that is impacted by the high degree of induction to different economic sectors. There are impacts on a huge production chain, which includes transportation, food, drink, entertainment, product purchase, and government taxes.

Affect the sales of the sports event tickets sales

The COVID-19 pandemic affected the sports events tickets market, as most sports events were canceled and postponed across the globe. For instance, the National Basketball Association (NBA) and National Hockey League (NHL) both suspended their seasons indefinitely. Major League Soccer (MLS) and Major League Baseball (MLB) delayed or suspended their seasons for (initially) 2-4 weeks and events of the Professional Golfers' Association (PGA) Tour were canceled. Several sports leagues altered their schedules in response to the pandemic. Therefore, these cancellations of the sports events during the pandemic further impacted the sales of the sports event tickets sales across the globe.

Popularity of sports events

The sports industry is the largest entertainment industry across the globe, with the most popular sports and teams showcasing a positive impact on the economy. Football, basketball, baseball, hockey, and soccer are the most popular sports across the globe. The significant growth in the popularity of sports events, such as the Olympics, the football world cup, NBA, and others across the globe, is one of the major factors that propel the market growth during the forecast period. The growing popularity of athletes coupled with the rising premier league competitions further contribute to the growth of the sports industry across the globe.

Threat
From Home Entertainment
The increasing adoption of home entertainment technologies such as home game consoles and virtual reality headsets is posing a challenge to the sports market. Technologies such as these are enabling customers to experience a similar set up while watching sports events at home, which is offered by sports organizers in the field, decreasing the demand for participatory and spectator sports. On demand video and movie streaming services such as Netflix, Amazon Prime, and Disney+ are negatively affecting the demand for sports globally.

Implementing virtual reality (VR) technology

Sports organizers are implementing virtual reality (VR) technology to improve the spectators' experience in sporting events. Virtual reality generates images, sounds and other sensations that simulate a physical presence in an imaginary environment. Clubs and teams are experimenting with simulated and 360-degree environments to enhance the match viewing experience of the spectators by allowing them to have a virtual walkthrough of the stadium or the race track and view the match at different angles. For instance, the NBA game between the Sacramento Kings and San Antonio Spurs was broadcasted in VR. NASCAR has created an interactive fan area at the race tracks with the implementation of virtual reality.

Region Overview:

In global comparison, a significant portion of the revenue was generated in United States (37.42% in 2022).

Company Overview:

Life Time Fitness, Inc. is one of the major players operating in the Sports market, holding a share of 0.38% in 2023.

Life Time Fitness, Inc.

For over 50 years, Life Fitness has been dedicated to creating innovative fitness solutions that benefit both facilities and exercisers. Life Fitness, Inc. manufactures and distributes fitness equipment. Life Fitness strives to see partners realize their potential through positive outcomes. Life Fitness’s comprehensive product portfolio allows for fitness facilities and exercisers to create the experiences ideal for them.

Dallas Cowboys

The Dallas Cowboys is a team of the National Football League in the Dallas-Fort Worth, Texas metropolitan area and are affiliated with the National League East. Its headquarters are in Frisco, and its home is AT&T Stadium in Arlington.

Segmentation Overview:

As for product types, the Football segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Male Adults, with a market share of 55.52% in 2022.

Key Companies in the global Sports market covered in Chapter 3:

New England Patriots
New York Yankees
FC Bayern Munich
Real Madrid
NASCAR
Futbol Club Barcelona
Dallas Cowboys
Manchester United Football Club
Life Time Fitness, Inc.
Los Angeles Dodgers
Maruhan
Washington Commanders

In Chapter 4 and Chapter 14.2, on the basis of types, the Sports market from 2018 to 2029 is primarily split into:

Cricket
Football
Basketball
Tennis
Badminton

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Sports market from 2018 to 2029 covers:

Junior/Children
Male Adults
Female Adults

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)