Sports hospitality involve various sporting-related services provided by hotels, resorts and other accommodation facilities in order to satisfy the needs of various sports teams, players, event organizers, and tourists attending major sporting events. Sports hospitality services aid in transportation, accommodation, catering and entertainment of the visiting sports teams and spectators. The growing sports tourism and major international sporting events have accelerated the demand for specialized sports hospitality services worldwide.
The global Sports Hospitality Market is estimated to be valued at US$ 45 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased foreign sports tourism has emerged as a key trend driving the growth of global sports hospitality market. The growing international sports events and tournaments have attracted large number of foreign sports tourists worldwide. As per Visitor Economy Research Centre, international sports tourism is growing at 7% annually. Majority of foreign sports tourists require sports hospitality services such as accommodation, catering and local transportation during global or international sporting events. For instance, FIFA World Cup attracts over millions of foreign sports enthusiasts and tourists which has accelerated the demand for sports hospitality in the host countries. Growing international sports events will continue to drive the demand for specialized sports hospitality services from foreign sports tourists in the coming years.
Segment Analysis
The global sports hospitality market size is dominated by the suite and box segment. This is because sports fans prefer to experience the game from luxury suites and boxes as it provides a premium view of the field along with added conveniences like private bathrooms, refrigerators, lounge areas etc. Having an exclusive suite or box gives fans a sense of prestige and quality experience over normal seating.
Key Takeaways
The global sports hospitality market is expected to witness high growth over the forecast period of 2024 to 2030.
Regional analysis: North America is currently the fastest growing and largest regional market for sports hospitality. This is attributed to rising spending power of consumers and companies investing heavily in premium sports experiences through luxury boxes and suites in America.
Key players operating in the sports hospitality market are Hard Rock Stadium, LLC, Levi's Stadium, LLC, First Hospitality Group, Inc., Hospitality Digital, LLC, and Stadium Journey. These leading operators own and manage some of the most iconic sports venues globally and focus on delivering top-notch hospitality services and amenities to fans.
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