Beyond Gyms: The $600Bn Sports Events Market

In July, I took part in a tough sporting challenge, known as Hyrox. 

This is a fitness race that combines running with functional workouts. It is intense and demanding, involving intervals in which eight runs of 1km are alternated with a tough challenge such as successive burpees or heavy lifting.

 The distance and the events are standardised, allowing for direct competition at each event, and comparisons to be made across different events. It is open to people of all abilities. The winner of the pro category receives an award of up to $7,500.

This year, for the first time, it introduced an Adaptive category for athletes with physical challenges.

 I had wanted to take part last year, but some of the exercises were not possible for me, given the amputation of some of my fingers following an accident in the Himalayas in 2021. 

I was permitted to complete the ‘Farmer’s Carry’, which normally involves walking with two heavy kettle bells, carrying only one, while for the exercise involving pulling a sled with a rope I was permitted to complete half the usual distance. 

There were attentive, trained assistants for the Adaptive category, and generally the management and logistics are excellent. Within the Hyrox venue there are specialists such as physiotherapists.

Hyrox is a young event, begun in 2017, but growing rapidly, reaching $140mn turnover and with a presence in 11 countries. Around 650,000 people took part in 2024, compared with 650 at the first event in Germany seven years earlier. Events are heavily over-subscribed – securing a place has been described as like trying to get a ticket for a Taylor Swift concert.

Its popularity chimes with strong social trends among young people. 

In a 2024 survey by the consultancy McKinsey, 56% of people in the Generation Z age group said fitness was a ‘very high’ priority, compared with 40% of respondents overall. Many seek immersive experiences that combine fitness with social engagement and memorable moments.

Hyrox fits well with an emerging recognition that hybrid training – combining strength work with cardiovascular exercise – is the best for all-round fitness. 

Body builders who do weights but not cardio risk limited mobility and lung capacity, while those who only do running can have a weak core and be prone to injuries such as over-stretched hamstrings. Hybrid training is essential for mountaineering, and once you reach a high-level of all-round fitness, it’s a condition you don’t want to let drop.

The Covid-19 pandemic has also spurred increased sporting activity. During lockdowns, many took to running in their allotted hour in the open air, while sales of cycling machines and treadmills soared. Globally the sports events market is growing at around 10% compound annual growth rate. It reached a turnover of $185bn in 2021, projected to grow to $609bn by 2031, according to research by Allied Market Research.

The Hyrox business model is smart. There is an entry fee, sponsorship of the events, and branded items such as clothing, energy gels, drinks and so on. 

Participants are looking for a social, immersive event. You can buy a package of photos of yourself taking part. Participants will post these on social media, so the Hyrox brand gets some promotion for free.

When I completed the Hyrox circuit, I found it to be tough. My mountaineering training and experience prepared me well – but it was still quite demanding. 

The greatest pay-off was the sensation afterwards: I felt great. There is the physical benefit of being fitter, combined with the sense of achievement at overcoming some tough challenges, and the exhilaration of competing alongside other people.

Hyrox takes its place in a diverse and growing array of branded mass-participation sporting activities. 

Tough Mudder involves watery outdoors courses, and involves obstacles, such as scrambling up steep slopes and traversing walls. It was taken over by Spartan Race after it hit financial troubles. Spartan Race events range from the 3-mile Spartan Sprint to the Spartan Ultra. Toughest of all is the Ironman triathlon, which consists of an open water swim of just under 4km, a bicycle ride of 180km, followed by a full marathon (40km), all within a single day.

Probably the largest mass participation event is Parkrun, a weekly, Saturday morning 5km run, started in London in 2004 and now in more than 2,300 locations worldwide with around half a million people taking part every week. It has a similar business model to Hyrox: participation is free but there is branded merchandise and commercial sponsorship.

Long established are many marathons, half-marathons and 10km runs in towns and cities all around the world, often attracting thousands of participants.

An increasing array of organised sporting activities, of varying levels of toughness and competitiveness, ensures that there is a good chance that an event will suit someone who is keen to be active. This sector looks set for continued future growth.