Event Tourism Market Analysis

Global Event Tourism Market Overview

Event Tourism Market Size was valued at USD 1615.5 Billion in 2022. The Event Tourism market industry is projected to grow from USD 1689.81 Billion in 2023 to USD 2124.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.60% during the forecast period (2023 - 2032). Digital media spurring demand through various awareness initiatives are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Event Tourism Market Trends

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  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.

Event Tourism Market Segment Insights

Event Tourism Type Insights

The Event Tourism market segmentation, based on type includes Exhibitions and Conferences, Festivals and Corporate Events, Music Concert, Sports, Others. The sports segment dominated the market, accounting for double the growth of market. In developing economies, sports have a universal appeal and attract a wide range of fans, regardless of age, gender, or nationality. Sports events are often large-scale and generate a significant amount of economic activity for the host destination.

Event Tourism Channel Insights

The Event Tourism market segmentation, based on Channel, includes Virtual Channel, and Physical Channel. The physical channel category generated the most income (61.4%). Physical events offer a level of immersion and engagement that cannot be replicated online. Physical events provide opportunities for face-to-face interaction and networking, which are essential for many business and social events. Physical events can be a powerful marketing tool for promoting brands and products.

Figure 1: Event Tourism Market, by Channel, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Event Tourism Revenue Source Insights

The Event Tourism market segmentation, based on Revenue Source, includes On-line registration, Off-line registration, Sponsorship, Others. Online registration is dominating segment the revenue generated from the sale of tickets and registration fees through online platforms. Online registration forms are included on the websites that event organisers design specifically for their events. These websites provide information on agendas, registration procedures, and event specific to participants.

Event Tourism Age Group Insights

The Event Tourism market segmentation, based on Age Group, includes Below 18 Years, 18-50 Years, and Above 50 Years. The segment of 18-50 years is the dominant market. The growing popularity of social media, People in the 18-50 age group tend to have higher disposable incomes than people in other age groups.

Event Tourism Regional Insights

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, MRFR 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.

Event Tourism Key Market Players & Competitive Insights

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.

Key Companies in the Event Tourism market include.

• Live Nation Worldwide Inc.


• Bcd Meetings & Events


• Cvent


• Pollstar


• Atpi Ltd


• Riviera Events


• Stubhub


• Access Destination Services


• Entertaining Asia


• Anschutz Entertainment Group

Event Tourism Industry Developments

In 2023: Live Nation and the Busan Metropolitan City in South Korea announced a partnership to build a world-class arena and multi-cultural entertainment complex in Busan, South Korea's second-most populous city after Seoul. This cutting-edge entertainment hub will include a 20,000-seat arena, a convention centre, lodging, and a facility for developing K-pop and K-culture talent. Live Nation will manage the facility and provide their superior experience in venue planning, design, and ongoing operations. The local Live Nation Korea staff will also contribute event promotion and content knowledge to the venue's booking of performers.

In 2022: In 2022, the ATPI Group, a market leader in travel and event management, has revealed a new investment plan that is heavily centered on technology. The corporation is introducing its Endeavour program as part of this plan in order to provide financial support and market insight to technological start-ups that are driving and changing the industry. The program will expand on ATPI's current exclusive technological capabilities and be organized as a number of separate investment and development initiatives.

Event Tourism Market Segmentation

Event Tourism Type Outlook

• Exhibitions and Conferences


• Festivals


• Corporate Events


• Music Concert


• Sports


• Others

Event Tourism Channel Outlook

• Virtual Channel


• Physical Channel

Event Tourism Revenue Source Outlook

• On-line registration


• Off-line registration


• Sponsorship


• Others

Event Tourism Age Group Outlook

• Below 18 Years


• 18-50 Years


• Above 50 Years

Event Tourism Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  

• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  

• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  

• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America