India’s sports industry is growing rapidly, by 2027, business will be 5 times from now on, big role of IPL

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New Delhi. The tendency of people towards sports in India is not hidden from anyone. Due to the passion of people towards sports, the Indian sports business is also touching new heights and the sports sector has now become an industry of billions of rupees. Brokerage firm Anand Rathi in one of its reports has predicted a five-fold jump in the Indian sports business in the coming five years. It has been said in the report that by the year 2027, the business of the Indian sports business industry will be 100 billion dollars.

Sports business includes media rights for sports broadcasts, sportswear, sports nutrition and equipment, etc. The sports industry as an industry had a turnover of $27 billion in 2020. India is the third largest producer of sports equipment and accessories in Asia after China and Japan. The business of media rights, sports equipment and sportswear is growing very fast.

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Big contribution of IPL
Anand Rathi’s report states that the Indian Premier League has a big hand in providing new heights to the Indian sports business. The viewership of IPL is 9 million. This audience has been put to good commercial use. The size of Indian sports media is also increasing continuously. The sports media market size was only $1 billion in 2020, which is projected to reach $13.4 billion by 2027.

The global media rights market is worth $52.1 billion today. In this the market share of cricket is 2.7 to 3 percent. The share of football is 42 percent and it continues to dominate its media rights even today. However, in 2019 it was said that the size of the global media rights market is only $ 30-31 billion.

Great growth despite many challenges
The sports industry in India is continuously developing. Its growth rate is also very good. However, lack of infrastructure for sports in the country, heavy taxes on sports equipment and events, and lack of money and management are the major challenges of this sector, which are hindering its development. The report said that India is the largest manufacturer of sports goods and equipment in Asia after China and Japan.

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The size of the sports related goods market in India was $4.5 billion in 2020, which will grow to $6.6 billion by 2027. Apart from this, India’s sports wear market is also growing rapidly and it is estimated to be $ 14 billion by the year 2027 in the report. The apparel business stood at $14 billion in 2020.

Tags: business, IPL, Sports news

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