The worldwide event tourism industry is projected to increase at a rate of 4.1% year over year and reach US$ 1.63 trillion by 2024. The demand for event tourism is expected to grow globally at a 4.3% annual growth rate (CAGR) throughout the projection period, reaching a startling US$ 2.38 trillion in market valuation by 2034.
Events that are well organized and meticulously documented are crucial to the competitiveness of tourist locations. The demand for event tourism has grown over the past several decades and is yet unproven in the research community and the travel and tourist sector; as a result, the market expansion in event tourism is expected to soar in the next years. The purpose of event tourism is to attract more domestic and international visitors. Individuals participating in event tourism vary depending on the event. Several media, including print, electronic, and particularly social media, are important in promoting event tourism.
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The need for services like ticketing, venue exploration and acquisition, hosting, event assessment, end-to-end service provision, catering, etc. for an event is stated to be increasing, which would help the global event tourism business to boom. Companies often hold a variety of events focused on music, general gatherings, public awareness, sports, music performances, and more to increase money for their nation.
Key Takeaways from the Market Study
- According to FMI’s estimates, the industry for event tourism would be worth $1.28 trillion globally in 2018.
- Sales in the event tourism industry increased significantly between 2018 and 2022, with a CAGR of 2.2%.
- The sports event market category grew to have over 40.2% of the worldwide market share in 2022.
- The physical channel gained a global market share of 27.9% in 2022.
- The North American event tourism market has a market share of more than 50% in 2022.
- Asia accounted for 33.7% of the global event tourism industry in 2022.
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Major Key Players:
- Live Nation Worldwide Inc.
- BCD Meetings & Events
- Cvent
- Pollstar
- Atpi Ltd
- Riviera Events
- Stubhub
- Access Destination Services
- Entertaining Asia
- Anschutz Entertainment Group
Competitive Landscape
The following are some significant advancements in the event tourism industry:
- Busan, South Korea’s second-most populous city after Seoul, will get a top-notch arena along with a multi-cultural entertainment complex thanks to a partnership between Live Nation, the world’s leading live entertainment company, and the Busan Metropolitan City in 2023. A 20,000-seat arena, a conference center, hotels, and a facility for developing K-pop and K-culture talent will all be part of this brand-new, innovative entertainment hub. Live Nation will operate the venue and contribute their extensive knowledge in venue planning, design, and ongoing operations. When it comes to hiring performers for the venue, the local Live Nation Korea crew will also contribute their expertise in event promotion and programming.
- The ATPI Group, a pioneer in travel and event management, has now unveiled a new investment strategy for 2022 that places a strong emphasis on technology. In order to aid technical start-ups that are advancing and revolutionizing the market, the firm is launching its Endeavour program as part of this strategy.
Key Segments Profiled in the Event Tourism Market
By Type:
- Exhibitions and Conferences
- Festivals
- Corporate Events
- Music Concert
- Sports
- Others
By Channel:
- Virtual Channel
- Physical Channel
By Revenue Source:
- On-line registration
- Off-line registration
- Sponsorship
- Others
By Age Group:
- Below 18 Years
- 18-50 Years
- Above 50 Years
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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