NEWARK, Del, Jan. 15, 2024 (GLOBE NEWSWIRE) -- As per newly released data, the global event tourism market value is expected to rise from US$ 1.63 trillion in 2024 to US$ 2.38 trillion by 2034. Over the forecast period, event tourism demand is projected to increase at a 4.3% CAGR.
The event tourism market is expected to expand steadily during the forecast period. This is due to rising interest in experiential travel, technological advancements such as virtual events, and favorable government policies and support.
The global event tourism market represents a vibrant sector encompassing diverse events that draw travelers from across the world. The market continues its upward trajectory fuelled by a resurgence in live events.
Major events, including sports tournaments, music festivals, conferences, and cultural gatherings, are playing a pivotal role in driving the growth of the event tourism industry. Similarly, a rise in travel enthusiasm is anticipated to favor market expansion.
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Today, a large portion of world population are seeking to attend unique events, explore new culture, and create lasting memories. This, in turn, is expected to create growth prospects for event tourism companies.
The market's expansion will also be fueled by technological advancements facilitating physical and virtual event formats, widening the reach and accessibility for participants globally. As the industry evolves, collaboration between event organizers, destinations, and stakeholders remains crucial, shaping the future landscape of event tourism with an emphasis on innovation, sustainability, and enriching attendee experiences.
The market is highly competitive, with several companies offering a wide range of events. A few of the leading players in the event tourism market include BCD Meetings & Events, Cvent, Live Nation Worldwide Inc., Pollstar, and Atpi Ltd, among others.
Key Takeaways from the Event Tourism Market Study-
- The global event tourism market is expected to reach US$ 2.38 trillion by 2034.
- Based on type, the exhibitions and conferences segment is expected to rise at a CAGR of 7.4%.
- On the basis of channel, the virtual channel segment is projected to advance with a CAGR of 8.3%.
- Demand in China is poised to increase at a 12.5% CAGR between 2024 to 2034.
- The United States market value is projected to expand with a CAGR of 9.7% through 2034.
“Increasing expenditures in event-specific infrastructure, such as convention centers, stadiums, accommodation facilities, transportation networks, and technological advancements, will likely help the event tourism industry grow,” - Says Ronak Shah (Associate Vice President at Future Market Insights).
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Who is Winning?
Key event tourism players listed in the report include BCD Meetings & Events, Cvent, Pollstar, Atpi Ltd, Riviera Events, Live Nation Worldwide Inc., Stubhub, Access Destination Services, Entertaining Asia, Anschutz Entertainment Group, FCM Travel, and Veena Patil Hospitality Pvt Ltd. among others.
Top companies are expanding their offerings by providing new services. They are also making full use of social media platforms to expand their customer base. Several players employ strategies like acquisitions, partnerships, and collaborations to gain a competitive edge in the market.
Recent Development:
- In 2023, Live Nation expanded its presence in Latin America with the acquisition of Paramo Presenta, the leading music promoter in Colombia.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the event tourism market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034. The study divulges compelling insights based on type (exhibitions & conferences, festivals, corporate events & meetings, music concerts, others), channel (virtual channel, physical channel), tourist type (domestic, international), consumer orientation (children, adult), and revenue source (on-line registration and off-line registration, sponsorship) across several regions.
Scope of the Report:
| Attribute | Details |
| Estimated Market Value (2024) | US$ 1.63 trillion |
| Projected Market Value (2034) | US$ 2.38 trillion |
| Expected Growth Rate (2024 to 2034) | 7.4% CAGR |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | US$ billion/trillion for Value |
| Key Countries Covered |
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| Key Segments Covered |
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| Key Companies Profiled |
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About Travel & Tourism Division at Future Market Insights (FMI)
The travel & tourism team at Future Market Insights (FMI) provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the travel & tourism industry, the team is happy to help with every business intelligence research and consulting requirement.
Global Event Tourism Market Segmentation by Category
By Type:
- Exhibitions and Conference
- Festivals
- Corporate Events & Meetings
- Music Concert
- Others
By Channel:
- Virtual Channel
- Physical Channel
By Tourist Type:
- Domestic
- International
By Revenue Source:
- On-line Registration
- Off-line Registration
- Sponsorship
By Consumer Orientation:
- Children
- Adult
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Middle East and Africa
Authored by:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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