According to the Market Statsville Group (MSG), theglobal sports sponsorship market size is projected to register a CAGR of 7.5% to reach USD 112.2 billion by 2030 from USD 64.8 billion in 2021. Sports sponsoring is financial support for a game by a person or by an organization for mutual benefit. Sponsoring takes place at all levels of sports. For instance, athletes can be given large sums of money for particular sportswear or branded equipment, or school teams can have a sponsored team. Sports sponsorships can be seen in various ways, such as the brand logo printed on a sports team’s jersey.
Sports sponsorship has benefits such as raising awareness of the company or brand, advertising products and services, providing rewards or incentives for staff and customers, enhancing revenue or sales through improved media exposure, increasing brand loyalty/premium prices, and decreasing tax through tax relief.
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Global Sports Sponsorship Market Dynamics
The growing number of sporting events, as well as the fact that sponsorships have a wider reach than traditional marketing methods such as advertising and sales promotions, are expected to boost the sports sponsorship market in the coming years.
The increasing popularity of sports and demand for online sports by viewers is anticipated to increase the demand for sports sponsorship during the study period.
Further, esports popularity is incrasing day by day. E-sports is an electronic sports, which includes PC, tables and mobile games. Due to the high popularity of the esports events among gamers and spectators, the Esports sector is becoming profitable. Several universities and colleges are offering scholarships and even esport courses. So that gamers can have a opportunity to pursue e-sports as a professional career.
Scope of the Global Sports Sponsorship Market
The study categorizes the sports sponsorship market based on sponership type, application, and sports type at the regional and global levels.
By Sponsorship Type Outlook (Sales, USD Million, 2017-2030)
- Digital Activation
- Club and Venue Activation
By Application Outlook (Sales, USD Million, 2017-2030)
- Competition Sponsorship
- Training Sponsorship
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By Sports Type Outlook (Sales, USD Million, 2017-2030)
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
Asia Pacific accounts for the highest CAGR during the forecast period
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Based on the regions, the global sports sponsorship market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global sports sponsorship market during the forecast period.
India is the fastest-growing region in the Asia Pacific, especially in e-sports. Recently, BGMI game developer Krafton has named iQoo as the title sponsor. The company has agreed to be a title sponsor for four tournaments, namely BMOC – Battlegrounds Mobile India Open Challenge 2022, BMPS – Battlegrounds Mobile India Pro Series 2022 Season 1, BGIS – Battlegrounds Mobile India Series 2022, BMPS – Battlegrounds Mobile India Pro Series 2022 Season.
Moreover, In January 2022, Tata took over title sponsorship from the Vivo of IPL (Indian Premium League). The Tata group inked an agreement with BCCI (Board of Control for Cricket in India) for IPL title sponsorship for the 2022 and 2023 seasons. As per the reports, Tata Group has paid nearly USD 86.5 million for the title sponsorship.
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Key Market Players in the Global Sports Sponsorship Market
- Nike, Inc
- The Coca-Cola Company