The Event Tourism Industry had a market share of US$ 1.5 trillion in 2022, and the sector is anticipated to increase at an ongoing compound annual growth rate of 4.1% from 2023 to 2033 leading to a market value worth US$ 2.33 trillion. A major market-driving driver for tourism is the globalization of various events and consumer awareness. Events are a key driver of travel, and most locations include them prominently into their marketing and development strategies.
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.
“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 for event tourism is expected to soar in forthcoming years,” remarks an FMI analyst.
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.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global event tourism market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the event tourism market, the market is segmented on the basis of type, channel, revenue source, age group and region.
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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, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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