Sports Sponsorship Market 2023 Growth Statistics, Industry Share, Latest Trends, Revenue, Growth Drivers, Size Estimate and Forecast till 2031 - Homet
The size of the worldwide market for sports sponsorship reached a value of US$ 63.1 billion in the year 2021. Experts expect this market to expand and reach US$ 109.1 billion by the year 2030, showing a steady growth rate of 8.1% each year between 2022 and 2030.
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In the world of sports, sponsorship is prevalent across all tiers. For example, sportspeople may be generously compensated for using branded gear or wearing specific clothing, and even school teams can have a team endorsed by sponsors. You can notice sports sponsorships in various manners, such as the brand logo imprinted on the sports team's uniform.
Based on information from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the shortfall of goods and services rose by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. This increase was attributed to a $2.7 billion rise in the deficit of goods to $93.0 billion and a $0.8 billion increase in the surplus of services to $22.4 billion. In comparison to the same period last year, the deficit of goods and services has decreased by $35.5 billion, or 20.3%. There has been a 10.8% or $49.5 billion increase in exports, while imports have seen a 2.2% or $14.0 billion rise in spending.
Elements Impacting the Market
Sponsorship exists within all aspects of sports, from school teams who receive support to highly skilled athletes who are generously rewarded for promoting branded equipment or specialized clothing. The increasing fascination with sports among individuals is projected to boost the expansion of the worldwide sports sponsorship market in the foreseeable future. Furthermore, the mutual benefits gained by both parties involved in this collaboration will further contribute to the flourishing of the global sports sponsorship market.
Sports sponsorship enables sports organizations to effectively oversee the event. By utilizing sports sponsorship, athletes and organizers can dedicate greater focus on their training and preparation, rather than seeking out sponsorship opportunities. Consequently, this will generate a surge in the need for sports sponsorship throughout the designated timeframe.
The advantages of supporting sports events, such as increasing recognition of the company or brand, receiving tax refunds, promoting products and services effectively, earning appealing incentives, getting media attention, and boosting revenue or sales, will expedite the expansion of the worldwide sports sponsorship industry over the designated time frame. Moreover, the surging popularity of electronic sports will provide opportunities for the sports sponsorship market during the study period.
The sports sponsorship industry experienced a significant drop in earnings. The market's expansion was hindered by strict government rules aimed at controlling the spread of the virus. The sudden and widespread outbreak of COVID-19 wreaked havoc across multiple sectors. Maintaining social distance and wearing masks proved to be challenging during sports events. Consequently, many sporting occasions had to be delayed or canceled, which hindered the progress of the sports sponsorship market.
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The Asia-Pacific market for sports sponsorship is predicted to experience significant growth, primarily due to the increasing popularity of e-sports in the region. This can be attributed to the growing trend of sponsoring sports events in the area. As an illustration, Tata took over as the title sponsor of the IPL (Indian Premier League) in January 2022, replacing Vivo. Additionally, the BCCI (Board of Control for Cricket in India) and Tata have also formed a partnership for the title sponsorship of the IPL seasons in 2022 and 2023. Consequently, the rising interest of major companies in sports sponsorship is projected to boost the expansion of this market in the region during the designated period of research.
Other players in the market include Adidas, Nike, PepsiCo, Rolex, Coca-Cola, Tata, Jio, Puma, Samsung, Castrol, Intel, and other notable competitors.
The breakdown of the worldwide sports sponsorship market revolves around sponsorships, usage, types of sports, and geographical locations.
According to the perspective of sponsorship categories, we have different aspects to consider, such as signage, digitalization, activation in clubs and venues, and various miscellaneous activities.
In terms of how it is used? In terms of competitions funded? In terms of training funded? In terms of other purposes?
Regarding Sports Categories ? Basketball ? Cricket ? Volleyball ? Football ? Baseball ? Tennis ? Hockey ? E-gaming ? Additional Options
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By Continental Location: - North America: United States, Canada, Mexico - Europe: United Kingdom, Germany, France, Italy, Spain, other Western European countries; Poland, Russia, other Eastern European countries - Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN nations, other countries in Asia Pacific - Middle East & Africa: United Arab Emirates, Saudi Arabia, South Africa, other countries in the MEA region - South America: Brazil, Argentina, other countries in South America
What is the objective of the report?
1. The market analysis showcases the projected market size by the conclusion of the forecast period. The report also investigates the market's historical and present dimensions. 2. Throughout the projected timeframe, the report evaluates the rate of growth, market size, and market worth. It presents the existing industry trends and the future possibilities for markets in North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. 3. By considering geographical coverage, market segmentation, and the financial performance of key players, the report provides a comprehensive overview of the market.
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