Sports Sponsorship Market Expected to Grow by $5 Billion Before 2024
By: Zach Weisleder
According to Technavio, the sports sponsorship market will grow by an estimated $5.33 billion between now and 2024.
The companies’ market research report factored in the impact COVID-19 had on the sponsorship market, offering both pessimistic and optimistic forecasts for what is expected to come in the next three years.
As the novel coronavirus pandemic continues to infiltrate the United States and the world at large, organizations are continuing to leverage technology to avoid putting employees at risk.
The market has always been driven by sponsorship spending. The emergence of new sports leagues and teams will only influence the growth of this market for the foreseeable future.
Top industry vendors like Adidas AG (sponsors FIFA World Cup), Hero MotoCorp Ltd (sponsors hockey, golf, and cricket), Nike (sponsors basketball, football, tennis, etc) or Hyundai (lone car sponsor of NFL) will be key players over the next few years.
The sports sponsorship market is segmented by:
Club and Venue Activation
Its geography spans:
Asia Pacific Region
The Middle East and Africa
The market is expected to grow at a compound annual growth rate (CAGR) of 25%. With North America expected to contribute more than 42% of the market share, it is hard to not agree with these projections.
The market is fragmented. During this forecasted period, all of the major vendors will accelerate the market because of their individual participation. With product innovation at an all-time high, the premiumization of the industry will only lead to more investment, and interest from Gen Z.