Dublin, Feb. 18, 2021 (GLOBE NEWSWIRE) -- The "Spectator Sports Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global spectator sports market is expected to grow from $108.48 billion in 2020 to $132.6 billion in 2021 at a compound annual growth rate (CAGR) of 22.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $183.45 billion in 2025 at a CAGR of 8%.
North America was the largest region in the global spectator sports market, accounting for 35% of the market in 2020. Asia Pacific was the second largest region accounting for 31% of the global spectator sports market. Africa was the smallest region in the global spectator sports market.
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.
The outbreak of COVID-19 has acted as a massive restraint on the spectator sports market in 2020 as governments globally imposed lockdowns and restricted domestic and international travel limiting the need for services offered by these establishments. Steps by national governments to contain the transmission have resulted in closure of recreational facilities with countries entering a state of 'lock down' and the outbreak is expected to continue to have a negative impact on businesses throughout 2021. However, it is expected that the spectator sports market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The market is expected to benefit from steady economic growth forecasted for many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. Recovering commodity prices, after a decline in 2014 and 2015, are further expected to be a significant factor driving economic growth. The US economy is expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, India's GDP is expected to grow at 7.3%, whereas China is forecasted to register GDP growth of 6.2% in 2019. This continued economic growth is expected to drive the demand for spectator sports.
Markets Covered:
1) By Type: Sports Team & Clubs; Racing & Individual Sports
2) By Revenue Source: Media Rights; Merchandising; Tickets; Sponsorship
3) By Type of Sport: Soccer; Cricket; Rugby/Football; Tennis; Others
Subsegments Covered: Football Clubs; Rugby Clubs; Other Sports Team & Clubs; Basketball Clubs; Motor Race; Horse Race; Other Racing & Individual Sports
Metrics Covered: Number of Enterprises; Number of Employees
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, spectator sports indicators comparison.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
- Dallas Cowboys
- Manchester United
- FC Barcelona
- Real Madrid
- New York Yankees
For more information about this report visit https://www.researchandmarkets.com/r/8neej0
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