The global sports industry is experiencing unprecedented growth, offering new avenues for economic prosperity worldwide. As quality of life improves, individuals are increasingly embracing sports and fitness activities, leading to a significant evolution in sports consumption behavior.
According to market data from Statista, the global sports market size is projected to reach $796.8 billion by 2025, up from $471.3 billion in 2018. The e-sports sector, in particular, is witnessing remarkable growth, expected to expand to $1.8 billion by 2024, reflecting a compound annual growth rate (CAGR) of 20.7 percent since 2019. The fitness industry is also ascending to new heights, propelled by diversified demand across various demographics and business models. The International Health, Racquet & Sports Club Association (IHRSA) reports that the global fitness industry is expected to hit $115.6 billion by 2026.
In China, the sports industry is making significant strides. The total output reached 3.3 trillion yuan in 2022, marking an increase of 5.9 percent year-on-year, according to the Department of Sports Economy of the General Administration of Sport of China. The added value of the sports service industry was 918 billion yuan, accounting for 70.1 percent of the industry’s total added value. The manufacturing of sporting goods and related products contributed 368.6 billion yuan, making up 28.2 percent, while the construction of sports venues and facilities added 22.6 billion yuan, accounting for 1.7 percent.
The growth rate of China’s sports industry surpasses that of the national GDP during the same period, indicating vast market potential. Between 2015 and 2019, the industry’s size expanded from 1.71 trillion yuan to 2.95 trillion yuan, with an average annual growth rate of 14.6 percent. These figures underscore the rapid development and substantial market potential of China’s sports sector. The sports service industry and sporting goods manufacturing stand as the two pillars of this growth. With rising national fitness awareness and increasing sports consumption, the industry is poised to maintain its strong momentum.
The burgeoning sports industry not only contributes to economic growth but also promotes a healthier and more active society. As global interest in sports and fitness continues to rise, the industry is set to play a pivotal role in driving economic prosperity and enhancing quality of life worldwide.
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Fast-growing sports industry offers a new dynamic for prosperity
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