Meaning of the word rivalry in English

What does rivalry mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

rivalry

US /ˈraɪ.vəl.ri/
UK /ˈraɪ.vəl.ri/

Noun

a situation in which people, businesses, etc. compete with each other for the same thing

Example:
There's a fierce rivalry between the two teams.
The company faces stiff rivalry from its competitors.