Recording a y-o-y growth of 4.1%, the global event tourism market size is estimated to reach USD 1.63 trillion in 2024. Over the forecast period, global demand for event tourism is projected to rise at a 4.3% CAGR, taking the overall market valuation to a staggering USD 2.38 trillion by 2034.
The dynamic tourism sector has evolved in different ways during the last several decades, and one of the many changes is the rise in event tourism. Today, travel enthusiasts of all age groups are choosing to attend events to improve their travel experience.
Several factors are expected to drive the growth of the event tourism market during the assessment period. These include the growing desire for experiential travel, where events serve as focal points for cultural immersion, entertainment, and social interaction.
Events such as festivals, concerts, sporting tournaments, conferences, and exhibitions act as magnets, drawing tourists seeking authentic and diverse experiences. This is putting the event tourism sector into the spotlight, and the trend will likely continue through 2034.
Destinations around the world are strategically investing in infrastructure and marketing to attract events, leveraging cultural heritage, natural beauty, and unique offerings. This is expected to help them draw in more tourists seeking one-of-a-kind experiences.
The event tourism market is expanding to cater to a wide spectrum of interests and preferences, from music festivals and sports events to culinary gatherings and niche cultural celebrations. As a result, a steady CAGR has been predicted for the target industry.
North America’s market for event tourism is expected to witness steady growth during the assessment period. This is set to be attributed to the rise of special events travel, increasing trade shows & exhibitions, and the growing popularity of virtual tours.
| Attribute | Key Insights |
|---|---|
| Base Market Value (2023) | USD 1.56 trillion |
| Estimated Event Tourism Market Value (2024) | USD 1.63 trillion |
| Projected Event Tourism Market Revenue (2034) | USD 2.38 trillion |
| Value-based CAGR (2024 to 2034) | 4.3% |
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| Historical CAGR (2019 to 2023) | 4.0% |
|---|---|
| Forecast CAGR (2024 to 2034) | 4.3% |
The global event tourism market witnessed a steady growth trajectory from 2019 to 2024. This was due to increased international events, festivals, conferences, and sports tournaments. However, the report anticipates a more robust and transformative phase for the global event tourism market.
With the gradual recovery from the COVID-19 pandemic, coupled with innovations in virtual and hybrid event formats, the industry is poised for significant evolution. Factors such as rising disposable incomes, technological advancements facilitating travel, and a growing interest in experiential activities will likely foster market growth.
The forecast period emphasizes a shift toward more diverse, inclusive, and environmentally conscious events, leveraging cutting-edge technologies to augment attendee engagement. Emerging markets and unconventional event destinations are expected to gain prominence, fostering a more globally distributed landscape for event tourism.
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The global market is experiencing a significant surge due to the widespread adoption of innovative technological solutions that streamline event planning processes.
These tech advancements, such as virtual event platforms, data-driven analytics, mobile event apps, and immersive experiences, have revolutionized the way events are organized and executed.
For instance, the integration of virtual and augmented reality in event planning allows for immersive experiences, enabling remote attendees to participate actively. Similarly, data analytics tools provide valuable insights into attendee preferences and behavior, aiding organizers in crafting tailored experiences.
Mobile event apps offer convenience, allowing participants to access schedules, maps, and real-time updates seamlessly. This tech-driven approach not only enhances event engagement but also optimizes operational efficiency.
The tech-driven approach helps to attract a broader audience, improves event outcomes, and fosters innovation in the industry. This, in turn, will likely drive the growth of the event tourism market.
The global event tourism market has been significantly influenced by a shift towards tailoring experiences to individual preferences. This trend recognizes the diverse interests and desires of travelers, leading to personalized events that cater to specific preferences.
For instance, music festivals like Coachella and Tomorrowland curate unique experiences by offering various stages featuring different music genres, art installations, and culinary options. They allow attendees to craft their personalized festival journey.
Sporting events such as marathons or extreme sports competitions offer participants a choice of events or categories tailored to their skill levels and interests. This customization not only enhances attendee satisfaction but also drives engagement and loyalty, fostering a deeper connection between the event and its participants.
The global event tourism market continues to thrive by offering bespoke experiences that resonate with individual preferences. This is expected to contribute to sustained growth and innovation within the industry.
Strategic alliances between event organizers and local firms are pivotal drivers of global event tourism market growth. These collaborations foster symbiotic relationships, enabling event organizers to tap into local expertise, resources, and networks while offering companies an opportunity for increased visibility and economic benefits.
Event organizers often partner with local accommodations, restaurants, transportation services, and attractions to create comprehensive packages for attendees, enhancing the overall event experience.
Such alliances not only ensure seamless logistics but also promote the destination as an attractive hub for tourism, bolstering the local economy through increased visitor spending.
Collaborations facilitate cultural exchange, showcase a region's unique offerings, and contribute to sustainable tourism development by fostering community engagement and support. As a result, strategic partnerships between event organizers and local companies play a fundamental role in driving the success and expansion of the global event tourism market.
The section brings to the fore key highlights of the event tourism industry across prominent nations. China and India are expected to witness higher CAGRs of 12.5% and 11.7%, respectively, through 2034. This is due to the rising middle-class population in these nations, growing interest in experiential travel, and favorable government support.
| Countries | United States |
|---|---|
| Growth Rate, 2024 to 2034 | 9.7% |
| Countries | United Kingdom |
|---|---|
| Growth Rate, 2024 to 2034 | 8.2% |
| Countries | Germany |
|---|---|
| Growth Rate, 2024 to 2034 | 7.3% |
| Countries | China |
|---|---|
| Growth Rate, 2024 to 2034 | 12.5% |
| Countries | India |
|---|---|
| Growth Rate, 2024 to 2034 | 11.7% |
The United States event tourism market is anticipated to expand at a CAGR of 9.7% during the projection period. This is attributable to several factors, including rising interest in experiential travel, rapid infrastructural development, and increasing business meetings and seminars.
A robust infrastructure and a rich cultural tapestry foster a wide array of events, from festivals and conferences to sporting spectacles and entertainment extravaganzas. This, in turn, is attracting both domestic and international attendees, thereby fostering market growth.
Technological advancements and accessibility innovations have made event planning and promotion more efficient, enhancing the overall attendee experience. The rise of experiential travel trends, where individuals seek unique and immersive experiences, fuels the demand for events that offer a blend of entertainment, education, and networking opportunities.
Collaborations between event organizers, local communities, and companies further amplify the allure of these events. They aid in promoting economic growth, fostering community engagement, and showcasing the nation's cultural and artistic diversity, making the United States a vibrant hub for event tourism.
India is emerging as a highly lucrative market for event management companies. As per the latest analysis, India’s event tourism market is poised to register a CAGR of 11.7% during the assessment period.
India's rich cultural heritage, diverse landscapes, and historical significance make it an attractive destination for various events, festivals, and celebrations. As a result, the nation draws domestic and international tourists alike.
The government initiatives to promote tourism, improvements in infrastructure, and ease of travel have facilitated hosting large-scale events and conferences across India. This is making it a highly lucrative pocket for event tourism industry.
Rising disposable incomes and changing lifestyles are increasing the demand for experiential travel nationwide. People are showing a keen inclination toward attending events and festivals as part of their tourism experiences, thereby fostering market growth.
India is also becoming a vibrant and happening destination for a wide array of events due to several other factors. These include the emergence of event management companies, technological advancements, and increased investments in marketing and promotion. This will likely fuel the growth of event tourism in the nation.
The United Arab Emirates event tourism market is projected to expand rapidly during the forecast period. This is attributable to the country's strategic geographic location, modern infrastructure, and robust connectivity via major airlines, positioning it as a hub for global events.
The government's proactive initiatives, including visa liberalization and investment in state-of-the-art event venues like Expo 2020 Dubai, serve as catalysts for attracting international conferences, exhibitions, and cultural events. The nation's reputation for safety, luxury hospitality, and diverse cultural experiences further amplifies its appeal to a wide spectrum of event organizers and attendees.
Collaborative efforts between the public and private sectors and a focus on innovation are expected to drive the growth and evolution of the event tourism market in the United Arab Emirates. Similarly, sustainability and technology integration in event planning will likely benefit the market.
The section below highlights key segments' estimated CAGRs, including type, consumer orientation, and channel. This information is projected to be vital for companies to offer demanding event tours and find the most suitable channels for their business and maximum sales.
Market Growth Outlook by Type
| Type | Exhibitions and Conference |
|---|---|
| Value CAGR | 7.4% |
In terms of event type, the exhibitions and conference category is expected to rise with a CAGR of 7.4% during the forecast period. This is attributable to the rising interest of tourists in attending different exhibitions and conferences.
Exhibitions and conferences are prominent in event tourism due to their multifaceted appeal. These events often attract tourists for several reasons. For instance, they serve as hubs for networking, knowledge exchange, and professional development, drawing industry professionals, academics, and enthusiasts alike.
Exhibitions and conferences also frequently showcase cutting-edge technologies, innovations, and trends. They provide attendees with insights into diverse sectors and foster educational experiences.
Further, these events are often hosted in globally recognized cities, offering tourists the chance to explore new destinations while attending the event.
Exhibitions and conferences often have a broader impact on the local economy. They attract visitors who contribute not only through event participation but also by engaging in tourism activities, staying in accommodations, dining, and shopping, thereby enhancing the overall tourism experience.
Market Growth Outlook by Key Channel
| Channel | Virtual Channel |
|---|---|
| Value CAGR | 8.3% |
Based on channel, the virtual channel segment is anticipated to rise significantly during the forecast period. As per the latest analysis, the target segment will likely thrive at an 8.3% CAGR through 2034.
Virtual channels have gained immense popularity among tourists in the event tourism market due to several compelling reasons. The accessibility and convenience offered by virtual experiences cater to a broader audience, eliminating geographical constraints and travel expenses.
The immersive and interactive nature of virtual channels also enhances the overall experience. It allows tourists to explore and engage with events in innovative ways, such as virtual tours, live streaming, and interactive sessions.
The flexibility encourages greater participation, engagement, and the ability to tailor experiences to individual preferences. This is making virtual channels a preferred choice among tourists in the event tourism market.
Market Growth Outlook by Consumer Orientation
| Consumer Orientation | Adult |
|---|---|
| Value CAGR | 11.1% |
In terms of consumer orientation, the adult category is projected to surge with an impressive CAGR of 11.1% in the forecast period. This is due to their autonomy and freedom.
Adult consumer orientation tends to be more prevalent in the event tourism market as adults often have more disposable income and flexibility in travel. This allows them to pursue event-based experiences such as music festivals, cultural events, and sports tournaments.
Adult consumers also tend to have diverse interests. They seek specific experiences that align with their preferences, whether it's exploring art exhibitions, attending conferences, or participating in culinary events, which are commonly found in event tourism.
Adults have a stronger desire for immersive and educational experiences, making events an attractive option to learn about new cultures, traditions, or industries. Overall, the range of interests, higher spending capacity, and the quest for unique experiences make event tourism more appealing and thriving among adult consumers.
The competitive landscape in the global event tourism market is characterized by a diverse array of players catering to the growing demand for unique and experiential travel.
Key players such as CWT Meetings & Events, BCD Meetings & Events, and American Express Global Business Travel dominate the market with their comprehensive event management services, offering end-to-end solutions for corporate and leisure events.
The evolving landscape is witnessing the rise of niche players specializing in specific event categories like sports, entertainment, or cultural festivals.
This, in turn, is contributing to a dynamic market where innovation, customization, and strategic partnerships are key differentiators in capturing market share and meeting the evolving demands of event tourists.
Recent Developments in the Event Tourism Market
| Attribute | Details |
|---|---|
| Estimated Market Value (2024) | USD 1.63 trillion |
| Projected Market Value (2034) | USD 2.38 trillion |
| Expected Growth Rate (2024 to 2034) | 7.4% CAGR |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD billion/trillion for Value |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, Spain, France, Italy, Russia, India, China, Japan, South Korea, Malaysia, Singapore, Thailand, Australia, GCC, South Africa, Others |
| Key Segments Covered | Type, Channel, Tourist Type, Consumer Orientation, Revenue Source |
| Key Companies Profiled | Live Nation Worldwide Inc.; BCD Meetings & Events; Cvent; Pollstar; Atpi Ltd; Riviera Events; Stubhub; Access Destination Services; Entertaining Asia; Anschutz Entertainment Group; FCM Travel; Veena Patil Hospitality Pvt Ltd; Other Players (As Requested) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Trends, Opportunities Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global event tourism market value is estimated to total USD 1.63 trillion in 2024.
Global demand for event tourism is projected to expand at a 4.3% CAGR.
The global event tourism market size is set to reach USD 2.38 trillion by 2034.
The exhibitions & conference category is expected to surge at a high CAGR of 7.4%.
Live Nation Worldwide Inc., Cvent, Pollstar, and Riviera Events, among others.
The global event tourism industry grew at 4.0% CAGR from 2019 to 2023.
Event tourism is a type of tourism involving traveling to attend a specific event.
It is the art of planning and executing events specifically designed to attract tourists.
Music festivals.
A combination of goods and services tourists demand during travel to and stay at a destination.
1. Executive Summary 2. Growth Parameters in Event Tourism 3. Supply to Demand: Today’s Travel Distribution Network 4. Type in Event Tourism 5. Channels in Event Tourism 6. Number of Bookings, 2024 7. Country Shift, Key Countries in Focus, 2024 8. Gross Revenue 9. Challenges & Looking Forward 10. Market Stakeholders Landscape – Key Types 11. Social Media Sentimental Analysis 12. Assumptions and Acronyms Used 13. Research Methodology
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