Published on: November 15, 2024

GROWTH OF INDIA’S SPORTS MARKET

GROWTH OF INDIA’S SPORTS MARKET

NEWS – Key Insights from Deloitte-Google Report         shows India’s Sports Market Growth Projection

HIGHLIGHTS

  • Current Market Size: Estimated at $52 billion in 2023.
  • Future Projection: Expected to more than double to $130 billion by 2030.
  • Growth Drivers: Increased government investments and a rising multi-sports culture.

Key Growth Metrics and Projections

  • Compound Annual Growth Rate (CAGR): 14% till 2030, outpacing India’s GDP growth rate.
  • Sector Comparison: Expected to grow faster than established sectors like automobile and tourism.

Historical Context

  • Market Evolution: Growth began around 15 years ago, significantly spurred by the Indian Premier League (IPL).
  • Future Outlook: Long-term potential remains high as sports gain mainstream popularity and investment interest.

Segmentation of India’s Sports Market

  1. Core Sub-Sectors
  • Categories: Sporting goods and apparel, broadcasting and promotion, fantasy sports and esports, sports technology, sports infrastructure, and facilitator services.
  • Market Value Projection: Estimated to grow from $31 billion in 2023 to $71 billion by 2030.
  1. Allied Sub-Sectors
  • Categories: Nutraceuticals, sports tourism, wearables, gyms, and fitness centers.
  • Market Value Projection: Estimated to increase from $21 billion in 2023 to $59 billion by 2030.

Key Drivers of Market Growth

  • Multi-Sport Fandom: Growing interest among fans in a diverse range of sports.
  • Digital Platforms: Increased popularity of digital engagement, particularly among Gen Z.
  • Fan Demographics: Gen Z forms the largest segment of India’s sports fanbase, driving digital and social media engagement.

Economic and Social Impact

  • Job Creation: Sports sector expected to create 10.5 million jobs by 2030.
  • Tax Revenue: Projected to contribute $21 billion in indirect taxes by 2030.
  • Social Change: Potential for sports to foster youth development, empower communities, and drive social impact through grassroots initiatives.

Strategic Focus Areas for Development

  • Grassroots Investment: Need for targeted investments in youth development programs and sports infrastructure.
  • Infrastructure Expansion: Enhancing facilities and services to support growing sports culture and fandom.