Sports Sponsorship Global Market Report 2023
Major players in the sports sponsorship market are Adidas, Nike Inc., Pepsi Co., Rolex, The Coca-Cola Company, Puma, Samsung, Castrol, Tata, Jio, Intel, Qatar Airways Group, Rolex SA, Hero MotoCorp Ltd.
New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sports Sponsorship Global Market Report 2023" - https://www.reportlinker.com/p06466636/?utm_source=GNW
, Hyundai Motor Co., Nissan Motor Co. Ltd., Reebok, and Red Bull.
The global sports sponsorship market is expected to grow from $60.09 billion in 2022 to $63.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. 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 sponsorship market is expected to reach $79.42 billion in 2027 at a CAGR of 5.7%.
The sports sponsorship market includes revenues earned by entities by providing monetary sponsorship for brand exposure, product placement, advertising, and merchandising.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Sports sponsorship is a form of marketing where a company or a brand provides financial or material support to a sports team, event, or athlete in exchange for exposure and brand awareness.
North America was the largest region in the sports sponsorship market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the sports sponsorship market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of sports sponsorship include signage, digital activation, club and venue activation and others.Signage in sports refers to the display of advertising and promotional materials within sports venues or on sports-related products during events or games.
Major applications include competition sponsorship, training sponsorship and others.
The growing number of sports events is expected to propel the growth of the sports sponsorship market going forward.The number of sports events has been increasing steadily in recent years due to several reasons such as the growing popularity of sports and the increased availability of resources for organizing events.
Additionally, the globalization of sports has made it possible for sports to reach a wider audience and gain greater recognition worldwide.This has attracted sponsors to provide monetary sponsorships and promote their brand and products through advertisements.
For instance, according to Tourism Economics, a Philadelphia-based information services company, in 2020, there were 96 million travelers attending sports events in the USA and the number rose to 175 million travelers in 2021. Therefore, the growing number of sports events will drive the growth of the sports sponsorship market.
Technological advancements are a key trend gaining popularity in the sports sponsorship market.Companies operating in the sports sponsorship market are adopting new technologies to grow in the market.
For instance, in October 2022, Meta, a US-based technology company, launched Xtadium VR (virtual reality) app for its Oculus Quest 2 headset.Xtadium is a platform that provides VR streams of sports events in 180 degrees and up to 8K video quality.
The platform includes real-time statistical overlays and offers eight different camera angles, providing a more personalized viewing experience for the users.It allows users to watch live events, on-demand replays, and immersive highlights.
The goal of Xtadium is to use VR technology to emulate the experience of being at a sporting event as closely as possible.
In July 2021, MSG Entertainment, a US-based entertainment company, acquired MSG Networks for an undisclosed amount.This acquisition created a powerful platform of renowned venues, entertainment properties and regional sports and entertainment networks.
MSG Network is a US-based regional sports network that primarily broadcasts sports events and related programming for the New York metropolitan area.
The countries covered in the sports sponsorship market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sports sponsorship market research report is one of a series of new reports that provides sports sponsorship market statistics, including sports sponsorship industry global market size, regional shares, competitors with sports sponsorship market share, detailed sports sponsorship market segments, market trends and opportunities, and any further data you may need to thrive in the sports sponsorship industry. This sports sponsorship market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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