LONDON, April 04, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the sports market forecasts the global sports market size to grow from $486.6 billion in 2022 to $512.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sports market is expected to grow to $623.6 billion in 2027 at a CAGR of nearly 5%.
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The sports market is expected to benefit from the expected steady economic growth in many developed and developing countries. According to the International Monetary Fund (IMF), global real GDP growth will be 3.7% in 2019 and 2020, and 3.6% from 2021 to 2023. Commodity price recovery is also expected to be a significant driver of economic growth. During the forecast period, the US economy is expected to grow steadily. Furthermore, emerging markets are expected to grow slightly faster than developed markets during the forecast period. For example, India's GDP increased by 1.5% in 2021-22 compared to 2019-20, while China's GDP increased by 8.1% in 2021. The demand for sports is expected to rise as the economy continues to grow.
According to TBRC’s sports industry overview, major companies in the market include Maruhan, Life Time Fitness, Inc., Liberty Media Corporation, Futbol Club Barcelona, Dallas Cowboys, Heiwa Corporation, Manchester City F.C., New York Yankees, Manchester United Football Club, and Juventus.
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Virtual reality (VR) technology is being used by sports organisers to improve the spectator experience at sporting events. Virtual reality creates images, sounds, and other sensations to simulate physical presence in a fictitious environment. Clubs and teams are experimenting with simulated and 360-degree environments to improve spectators' match viewing experiences by allowing them to take a virtual walkthrough of the stadium or race track and view the game from various angles. The NBA game between the Sacramento Kings and the San Antonio Spurs, for example, was broadcast in VR. With the use of virtual reality, NASCAR has created an interactive fan area at race tracks.
North America was the largest region in the sports market in 2022. Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the sports market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global sports market segmentation is categorized by type into spectator sports, participatory sports; by revenue source into media rights, merchandising, tickets, sponsorship; by ownership: chained, standalone; subsegments covered into sports team & clubs, racing & individual sports, golf courses and country clubs, skiing facilities, marinas, fitness and recreational sports centers, bowling centers, other participatory sports.
Sports Global Market Report 2023 by The Business Research Company provides insights on the sports market size, sports market segments, sports market analytics, sports market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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