The Global Sports Sponsorship Market is valued at US $60.52 Billion in 2022 and is projected to reach a value of US $98.66 Billion by 2030 expanding at a CAGR of 6.30% over the forecast period of 2022-2030.
Sports sponsorships are known to be a powerful and impactful marketing technique. The sponsorship consists of a company (sponsor) and a sports club or event (sponsee).Sports sponsorships can be seen in various ways, a popular one being the brand logo printed on a sports team’s jersey. Sports sponsorships guarantee visibility and media exposure.With more investments for marketing with athletes, the potential for sports sponsorships has increased. They are used in applications such as Competition Sponsorship, Training Sponsorship, and Others.These dayss sponsorships account for a large portion of the sports business industry. Various types of sports sponsorships are Signage, Digital activation, Club and venue activation, and others.
The demand for or necessity of sponsorship in sports can be attributed to the following factors: sponsorship allows the sports organisation to put on the event of their dreams; athletes and sports event organisers can concentrate more on training and preparation than sponsorship; large sponsorship partners can draw larger viewers; and a higher attendance at sports events results in more revenue.
Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising number of sports event. The growing number of sports events and the fact that sponsorships have a larger reach in comparison to traditional marketing such as advertising and sales promotions sports sponsorship market is expected to boost over the predicted years.
Also, the rising popularity of marketing analytics and an increasing number of new sports leagues are anticipated to fuel the market in the coming years. The market for sports sponsorship is expected to grow during the forecast years because of the increasing number of sports events and the fact that sponsorship has a greater reach compared to traditional marketing such as sales promotions and advertising.
Additionally, significant improvement in audience engagement is likely to propel the sports sponsorship market during the forecast period. Increasing popularity of sports and demand for online sports by viewers is projected to increase the demand for sports sponsorship over the forecast period.
Also, the growing popularity of marketing analytics and increasing number of new sports leagues are projected to drive the sports sponsorship market in the near future. However, high initial investment and budget constraints may hamper the sports sponsorship market growth in the coming years.
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Segmental analysis of the market
Based on Type
- Signage
- Digital Activation
- Club and Venue Activation
- Others
The signage segment is predicted to hold the largest market share due to the success of existing leagues and the growing number of new sporting leagues.
Based on Application
- Competition Sponsorship
- Training Sponsorship
- Others
Training Sponsorship, and Others. Training Sponsorship segment is anticipated to have the highest CAGR in the forecasted period.
North America is anticipated to amplify at a considerable CAGR.The Global Sports Sponsorship Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America is projected to dominate the market growth over the forecast period. This is because of the growth in established economies such as Canada and the United States (US). Additionally, the increased presence of key players is likely to boost the sports sponsorship market in North America during the forecast period.
Competitive Landscape
Some of the prominent companies operating in the market are Adidas AG, Hero MotoCorp Limited, Hyundai Motor Company, Nike Inc., Nissan Motor Co., Ltd., PepsiCo Inc., PUMA SE, Qatar Airways Group, Rolex SA, Samsung Electronics Co. Ltd., and The Coca-Cola Company.
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