Event Tourism Market

• Terrorist attacks and a lack of coordination could stymie market growth.

Market CAGR for the growing number of terrorist attacks surrounding the world is a constant threat to the sporting event tourism industry. The safety of tourists and visitors is jeopardized due to the tragic loss of life in assaults and attacks around the globe. Event planners continue to experiment with novel approaches to mitigate the risk of terrorist attacks. The critical gaps in every country's event tourism strategy are a lack of coordination between the government, restaurants, hotel organizations, and tour operators.

Due to a lack of advertising campaigns by event organizers, the majority of the population is still unaware of several events that take place around the world. In some countries, a major market restraining factor for event tourism is a lack of infrastructure.

Additionally, the event tourism market will expand further in the future as a result of increased awareness about the occurrence of events, their schedules, entry passes, prices, and so on, which is promoted through digital media. Employees, spectators, attendees, sponsors, participants, volunteers, and suppliers are some of the stakeholders in event tourism. Governments, tourism organizations, tour operators, host communities, and travel agencies all play important roles in event tourism. Cultural events are an important component of event tourism and can complement the product offerings of small businesses engaged in rural tourism and agritourism.

Cultural events now account for one-fifth of the tourism market; hosting these events provides various social, economic, and environmental benefits to countries and their citizens.

The expansion of an event as tourists and visitors sample cuisines at the destination during the event, the tourism market will support culinary and alcohol tourism even more. Souvenir sales at events generate a significant amount of revenue. The tourism industry grows as tourists explore other attractions while visiting a destination.

The event tourism market is expected to gain maximum market share as it achieves its various objectives including creating a favorable image, spreading tourism demand equally, expanding traditional tourism season, and attracting domestic and foreign visitors. Events are not only one of the most important aspects of tourism; they are also an intimate part of human society. Several phenomena are gaining prominence in the event industry. There are many different types of events in the world, and more are being organized every year. This factor is expected to drive event tourism market growth.

For instance, organizers, approximately 1,500 athletes from over 45 countries will attend the festival, along with coaches and stuff members, but also 1,000 journalists from around the world and a couple of thousand tourists. Maximum values for all tourism indicators, including accommodation capacity (15.729 places), tourist arrivals (582.000), overnight stays (1.279.600 nights), and occupancy rate (26.1%). The effects of the international economic crisis have resulted in a significant decrease in all tourism indicators, but tourism has begun to recover, beginning with Brasov.

As a result, tourism industry as a whole is becoming more concerned with sustainability, and event tourism is no exception. Thus, driving the Event Tourism market revenue.

Sustainability is increasingly becoming a focal point within the Global Event Tourism Market Industry. As awareness of environmental issues rises, event organizers are adopting sustainable practices to minimize their ecological footprint. This shift includes utilizing eco-friendly materials, promoting local businesses, and implementing waste reduction strategies. Events that prioritize sustainability not only attract environmentally conscious attendees but also enhance their reputations. The Global Event Tourism Market Industry may see a surge in demand for sustainable events, as consumers increasingly prefer experiences that align with their values. This trend could further contribute to the market's growth trajectory, particularly as sustainability becomes a standard expectation.

The Global Event Tourism Market Industry is projected to experience substantial growth, with forecasts indicating a rise from 1767.6 USD Billion in 2024 to 2899.4 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 4.6% from 2025 to 2035, reflecting the increasing global interest in event tourism. Factors such as rising disposable incomes, technological advancements, and cultural exchange contribute to this positive outlook. As the market expands, it is likely to attract a diverse range of participants, including tourists, businesses, and local communities, thereby enhancing the overall economic impact of events worldwide.

The Global Event Tourism Market Industry appears to benefit from increasing disposable incomes across various demographics. As individuals and families experience financial growth, they are more inclined to allocate funds towards travel and leisure activities, including attending events. This trend is particularly evident in emerging economies, where rising middle classes are eager to explore international destinations for events such as festivals, concerts, and conferences. The Global Event Tourism Market Industry is projected to reach 1767.6 USD Billion in 2024, indicating a robust demand driven by this economic factor. Furthermore, as disposable incomes continue to rise, the market is likely to expand significantly, attracting more participants.

Technological innovations play a crucial role in shaping the Global Event Tourism Market Industry. The proliferation of mobile applications and online platforms facilitates easier access to event information, ticket purchasing, and travel arrangements. Enhanced connectivity through social media allows for real-time updates and engagement, fostering a sense of community among attendees. Moreover, advancements in virtual and augmented reality are transforming how events are experienced, potentially increasing participation rates. As the Global Event Tourism Market Industry evolves, these technologies may enhance the overall experience, leading to higher attendance and revenue generation, thereby contributing to the projected growth to 2899.4 USD Billion by 2035.

Cultural exchange, driven by globalization, significantly influences the Global Event Tourism Market Industry. As societies become more interconnected, individuals are increasingly drawn to international events that showcase diverse cultures, traditions, and artistic expressions. This phenomenon not only enriches the travel experience but also fosters mutual understanding among different populations. Events such as the Olympics, World Expos, and international film festivals attract global audiences, thereby stimulating local economies. The Global Event Tourism Market Industry is poised for growth as cultural events continue to gain prominence, potentially leading to a compound annual growth rate of 4.6% from 2025 to 2035, reflecting the increasing demand for cultural experiences.

Government initiatives and investments in infrastructure development are pivotal for the Global Event Tourism Market Industry. Many countries recognize the economic benefits of hosting large-scale events and are thus enhancing their transportation networks, accommodation facilities, and event venues. This strategic focus not only attracts international events but also ensures a seamless experience for attendees. For instance, cities like Dubai and Tokyo have made substantial investments in infrastructure to host global events, which in turn boosts tourism. As the Global Event Tourism Market Industry continues to grow, government support is likely to remain a key driver, facilitating the necessary conditions for successful event hosting.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Event Tourism market area will dominate this market, owing to an increase in the number of persons affected by technological advancements in the event portfolio. In addition, increased investment in enterprise research and development would accelerate the growth of the North American event tourism market.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: EVENT TOURISM MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Event Tourism market accounts for the second-largest market share due to the diverse range of landscapes, from the snow-capped Alps to the sun-drenched beaches of the Mediterranean. Further, the German Event Tourism market held the largest market share, and the UK Event Tourism market was the fastest growing market in the European region.

The Asia-Pacific Event Tourism Market is expected to grow at the fastest CAGR from 2023 to 2032. This is leading to increased demand for travel and leisure experiences, including event tourism. Moreover, China’s Event Tourism market held the largest market share, and the Indian Event Tourism market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Event Tourism market grow even more. The event tourism market is a fast-paced and competitive industry that includes everything from music concerts or sporting events with trade shows and conferences, with important market developments and the landscape of rivalry greatly relies on the kind and scope of events, and also the region in which they occur.

To expand and survive in a more competitive and rising market climate, Event Tourism industry must offer Music festivals, sporting events, cultural celebrations, business meetings, conventions, and various other kinds of incidents constitute a part of the event tourism market.

Each of these markets has its own set of characteristics and competitors in the Event Tourism industry to benefit clients and increase the market sector. In recent years, the Event Tourism industry has offered some of the most significant advantages to events. Major players in the Event Tourism market, including Live Nation Worldwide Inc., Bcd Meetings & Events, Cvent, Pollstar, Atpi Ltd, Riviera Events, Stubhub, Access Destination Services, Entertaining Asia, Anschutz Entertainment Group, and others, are attempting to increase market demand by investing in research and development operations.

Live Nation Entertainment, Inc. is a multinational corporation Performing Arts Company based in the United States of America it was established in 1995 in a combination of Live Nation and Ticketmaster. The organization promotes, operates, and manages live entertainment ticket sales to the United States and internationally. It also owns and operates entertainment venues and manages music artists' careers. Live Nation has become one of the world's biggest performing arts businesses, with more than 400 venues and celebrations worldwide. Every year, the business produces over 40,000 shows and 100+ festivals and sells over 500 million tickets.

Live Nation has recently focused on expanding its international business and digital offerings. The company acquired Veeps, a live streaming platform, in 2021. Live Nation has also been investing in new technologies, such as augmented reality and virtual reality, to enhance the fan experience.

BCD M&E is a subsidiary of the privately owned BCD Group, a travel and tourism company. Clients can rely on BCD M&E for a variety of services, including event management and planning, venue purchasing and booking, transportation and lodging setups, and on-site support. BCD M&E employs over 1,900 workers and works in more than 60 countries. The organization encounters offices in significant international towns such as London, New York, Paris, Frankfurt, and Singapore. BCD M&E has a diverse client base that includes businesses, organizations, and government departments.

BCD M&E has been increasing its digital offerings and focusing on environmental responsibility in recent years. In 2020, the company will launch BCD M&E Digital, a suite of digital tools to assist clients with event planning and management.