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Sport Events - South Korea

South Korea

Revenue in the Sport Events market is projected to reach US$464.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.87%, resulting in a projected market volume of US$500.40m by 2028.
In the Sport Events market, the number of users is expected to amount to 4.2m users by 2028.
User penetration will be 8.1% in 2024 and is expected to hit 8.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$111.70.
In global comparison, most revenue will be generated in the United States (US$16,430.00m in 2024).
With a projected rate of 17.1%, the user penetration in the Sport Events market is highest in Luxembourg.

Key regions: India, Brazil, Germany, South Korea, China

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Analyst Opinion

The Sport Events market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Koreans have shown a growing interest in sports events, both as participants and spectators. The popularity of sports such as football, baseball, and basketball has been on the rise, leading to an increased demand for live sporting events. Additionally, there has been a shift towards healthier lifestyles, with more people engaging in physical activities and seeking opportunities to watch and support their favorite sports teams.

Trends in the market: One of the key trends in the sport events market in South Korea is the increasing number of international sporting events being hosted in the country. South Korea has successfully hosted major events such as the 2002 FIFA World Cup and the 2018 Winter Olympics, which have not only attracted global attention but also boosted the local sports industry. This trend is likely to continue as the country aims to position itself as a hub for international sports events. Another trend in the market is the growing popularity of e-sports. South Korea is known for its strong gaming culture, and e-sports events have gained a significant following in the country. The rise of professional gaming leagues and tournaments has created new opportunities for both players and spectators, with large-scale events drawing in thousands of attendees. The success of e-sports has also led to increased investment in infrastructure and facilities to support these events.

Local special circumstances: South Korea's geographical location and its proximity to other Asian countries have contributed to the growth of the sport events market. The country serves as a gateway to the Asian market, making it an attractive destination for international sports organizations and teams. Additionally, South Korea's well-developed transportation infrastructure and modern venues make it an ideal location for hosting large-scale sporting events.

Underlying macroeconomic factors: The growth of the sport events market in South Korea can also be attributed to favorable macroeconomic factors. The country has a strong economy and a high disposable income, which allows people to spend more on leisure activities such as attending sports events. Furthermore, the government has recognized the economic potential of the sports industry and has been actively supporting its development through various initiatives and policies. In conclusion, the sport events market in South Korea is experiencing significant growth due to increasing customer preferences for sports events, the hosting of international events, the popularity of e-sports, favorable local circumstances, and underlying macroeconomic factors. The future outlook for the market remains positive, with continued investment in infrastructure and the potential for even larger and more diverse sporting events in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.