Sports Industry 2020: Why sports industry is booming in 2020?

Sports have been part of our history for so long now; it is a part of our DNA. Right from the Roman Arenas, where gladiators had bloodbath sports to the modern-day sports industry where more than the spirit of games, revenues are dictating the terms.

The global sports market is set to reach $614.1 billion by 2020 with a compound annual growth rate of 5.9%, making it one of the most profitable business opportunities on the planet today.

Several vital drivers are helping the sports industry to soar in revenues. Some of them are celebrity sportsperson or sports influencers, an increase in fitness awareness, lucrative sports careers and higher incomes attracting corporates into buying sports teams.

Several vital trends define the booming sports industry and its market status in 2020. Let’s discover some of them.

Rise of Women Sports:

There is no denying to the fact that modern women are more successful in several sports than men. But, there was a long overdue over the women’s sports gaining interests due to pseudo-bureaucracy at the associations. But, recent development in women’s sports has opened doors for a new wave of sporting franchises and sponsorships for such events.

According to a report from Delloite, businesses should look to market products and services to young female athletes and nonathletes through women’s sports influencers like Naomi Osaka and Chloe Kim.

E-Sports Market:

Esports market has been on the rise with an expected year over the year growth rate of 15.7% for 2020, which will be more than $1.1 billion from $950.6 million in 2019 in terms of revenue.

There has been a resounding increase in the audience of E-Sports events, and there are several participants that are now attracting more sponsors and prolific E-Sports events.

Sports and Fitness Wear:

Sports and fitness wear market has seen an enormous leap forward in recent times, not just the clothing, but shoes, bottom wear, top wear, and support items and even fitness equipment are many popular products now. Most popular among sportswear these days are fitness bands/trackers, which have a vast market growing at CAGR of 20 .1% for the forecast period of 2019-2025.

For businesses and entrepreneurs, the good news is that global sports and fitness wear market will grow by $50.46 billion for the forecast period of 2019-2023. 

Top Sports and Fitness Brands are:

• Adidas
• Nike
• PUMA
• Under Armour
• VF Corporation

Gymming- Underrated Sports:

Most experts may not agree with this, but the fact remains that the personal fitness market has a vast potential, and new awareness regarding personal fitness had made people going to the gyms more than ever.

The global personal fitness market was evaluated for $94 billion, with 210,000 clubs and over 183 million members globally. The growth can be estimated with a year over year growth of 9 million members since 2018. 

Final Play:

Global sports have a huge potential for exponential growth and most businesses know this. This is the reason why most companies are trying to strategize products, sponsorships and marketing campaigns around the sports industry. So, if you are looking to expand your business with the sports industry, this is the right time to invest.