Sports Events Market Continues to Grow, with $609.07 Billion Valuation and 10.5% CAGR Forecasted for 2021 to 2031
In the year 2021, the sponsorship division generated a revenue of $79,572.4 million, accounting for 43.1% of the total global market.
The rise in individuals engaging in sports and the growing female audience for sports events are expected to positively impact the market's growth.
A recent study by Allied Market Research called "Global Opportunity Analysis and Industry Forecast, 2021-2031" has unveiled some interesting findings about the sports events market. This report examines various factors such as investment opportunities, successful strategies, market size, competitive landscape, and emerging trends. The study reveals that the sports events market was worth $184.61 billion in 2021 and is projected to reach $609.07 billion by 2031, with a compound annual growth rate of 10.5% between 2022 and 2031.
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Market growth in the region is being fueled by various factors, including the thriving sports events industry, increasing average income per person, the growing middle-class population, and higher disposable income. Moreover, the increasing popularity of significant sports events like the Tokyo Olympics and the Cricket World Cup, together with the rising digitization in China and India, are also driving the expansion of the market.
The industry is predicted to present numerous chances owing to the widespread approval of e-tickets and the increasing utilization of mobile devices across the globe. Nonetheless, within the projected period, the growth of the market is foreseen to be limited by the uncertain nature of ticket costs and the absence of effective price control.
Based on the analysis of the sports events market, it is divided into segments based on where the revenue comes from, the age group of participants, and the region. When it comes to revenue, the ticket segment has been the biggest contributor to the market, generating $63,865.1 million in 2021. It is predicted to reach $202,205.6 million by 2031, with a compound annual growth rate (CAGR) of 10.0% during the forecast period. A ticket is a voucher that grants someone access to a sports event. The most commonly used forms of sports event tickets are digital tickets, online printable tickets, and paper tickets. Online tickets for sports events have become increasingly popular due to the convenience they offer and the easy payment methods. Digital ticketing has also brought about greater transparency, which is expected to reduce the occurrence of illegal ticket selling. These factors are anticipated to drive the growth of the sports events market in the coming years.
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The main focus of the market lies in the age group below 20 years, which plays a major role in its growth. According to forecasts, this segment is expected to reach a whopping $202,323.8 million by the year 2031, with a compound annual growth rate (CAGR) of 10.3%. This segment includes children who are always eager to learn new things and take on exciting challenges and activities. Many school and college students participate in various sports events, both as a team and individually. The increasing participation of kids and children in sports activities is expected to generate more interest in watching live sports. As a result, the below 20 years segment is experiencing significant growth during the forecast period.
In terms of geographical areas, North America was the leader in the market for sports events in 2021 and is expected to maintain its dominance throughout the projected period. In 2020, North America accounted for the largest portion of revenue, exceeding 50%. The primary factor driving regional growth is the increasing popularity of sports other than football in the United States. Football remains the most popular sport in the region, with well-known teams like the Bulls, Cavaliers, 76ers, Raptors, Mavericks, Warriors, Trail Blazers, and NY Knicks. These games attract a significant audience both in-person and online. For example, in 2018, the Bulls were watched by 851,824 people on ESPN, and the Cavaliers were watched by 843,042 people.
Companies in the global sports events sector have implemented different approaches to grow their market presence, enhance their financial gains, and maintain their competitiveness. This report highlights the prominent participants in this industry, which include Ace Ticket Worldwide, Inc., GooTickets.Com, Razorgator LLC, SeatGeek, StubHub, Ticket City, Inc., Tickets.com, LLC, Ticketek Pty Ltd, Ticketmaster, and TickPick LLC.
Advantages for Interested Parties:
○ This report analyzes the different parts of the sports events market, including current trends and predictions from 2021 to 2031, in order to identify opportunities in the market. ○ The market research includes information on important factors that drive the market, hinder its growth and create opportunities. ○ By using Porter's five forces analysis, the report assesses the power of buyers and suppliers, which helps stakeholders make profitable decisions and strengthen their connections with suppliers and buyers. ○ An in-depth analysis of the segmentation of the sports events market helps identify the current opportunities in the market. ○ The report also includes a breakdown of revenue contributions to the global market from major countries in each region. ○ The positioning of market players allows for benchmarking and gives a clear understanding of their current position. ○ The report analyzes both regional and global sports events industry trends, key players, market segments, application areas, and strategies for market growth.
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• Obtain important competitor information, analysis, and insights strategically to create effective R&D strategies. • Identify emerging players with potentially strong product portfolios and devise effective strategies to gain a competitive edge. • Categorize potential new clients or partners within the target demographic. • Create tactical plans by understanding the main areas of focus for leading companies. • Plan mergers and acquisitions effectively by identifying top manufacturers. • Develop and design strategies for acquiring and selling licenses by identifying potential partners with the most promising projects to enhance business potential and scope. • The report will be regularly updated with the latest data and delivered to you within 2-4 working days of placing the order. • Suitable for supporting your internal and external presentations with dependable and high-quality data and analysis.
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The Size, Trends, Opportunity, and Growth Analysis of Reflective Sportswear Market can be found at the following link: https://www.alliedmarketresearch.com/reflective-sportswear-market-A07658
Contact David Correa at Allied Analytics LLP by calling +1 800-792-5285 or emailing him directly.
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Sports Market Thrives: $609.07B Value, 10.5% CAGR Projection 2021-2031
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