The global sports industry is experiencing unprecedented growth, driven by rising quality of life and evolving consumer behaviors. According to Statista, the market is projected to reach a staggering $796.8 billion by 2025, up from $471.3 billion in 2018. This surge is not limited to traditional sports; the e-sports market is also set to expand significantly, projected to grow to $1.8 billion by 2024 with a compound annual growth rate (CAGR) of 20.7 percent from 2019.
The fitness industry is another key player in this upward trend. The International Health, Racquet & Sports Club Association (IHRSA) reports that the global fitness sector is expected to hit $115.6 billion by 2026, driven by increasing demand across diverse demographics, modalities, and innovative business models.
Focusing on the Chinese mainland, the sports industry reached an impressive total output of 3.3 trillion yuan in 2022, marking a 5.9 percent year-on-year increase, according to the Department of Sports Economy of the General Administration of Sport of China. The sports service industry contributed 918 billion yuan, making up 70.1 percent of the total sports industry value. Meanwhile, the manufacturing sector for sporting goods and related products added 368.6 billion yuan (28.2 percent), and the construction of sports venues and facilities accounted for 22.6 billion yuan (1.7 percent).
From 2015 to 2019, China's sports industry grew from 1.71 trillion yuan to 2.95 trillion yuan, achieving an average annual growth rate of 14.6 percent. This growth rate surpasses that of the national GDP during the same period, highlighting the vast market potential and expansive space for further development. The sports service and sporting goods manufacturing sectors stand as the two pillars supporting this robust expansion. With increasing national fitness awareness and the continuous growth of sports consumption, the sports industry in the Chinese mainland is expected to maintain its strong development momentum.
Reference(s):
Fast-growing sports industry offers a new dynamic for prosperity
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