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Sport Events - Cyprus

Cyprus

Revenue in the Sport Events market is projected to reach US$7.65m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.78%, resulting in a projected market volume of US$8.21m by 2028.
In the Sport Events market, the number of users is expected to amount to 90.6k users by 2028.
User penetration will be 7.2% in 2024 and is expected to hit 7.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$86.21.
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 Cyprus has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Cyprus, there is a growing demand for sport events among both locals and tourists. The country's warm climate and beautiful natural landscapes make it an ideal destination for outdoor activities and sports. Many people enjoy participating in or watching sports events as a form of entertainment and relaxation. Additionally, there is a strong sense of community and camaraderie among Cypriots, which further fuels the interest in sport events.

Trends in the market: One of the key trends in the sport events market in Cyprus is the increasing popularity of international sporting competitions. Cyprus has been hosting a range of major sporting events, including marathons, triathlons, and tennis tournaments. These events attract participants and spectators from around the world, boosting tourism and generating significant revenue for the country. Moreover, there is a growing trend towards organizing niche sports events, such as beach volleyball tournaments and water sports competitions, to cater to specific interests and preferences.

Local special circumstances: Cyprus has a rich sporting heritage, with a strong emphasis on traditional sports such as football, basketball, and volleyball. The country has a well-developed sports infrastructure, including state-of-the-art stadiums, arenas, and training facilities. This enables Cyprus to host large-scale sport events and attract top athletes and teams from various countries. Furthermore, the government of Cyprus actively promotes sports and invests in the development of sports facilities, which creates a conducive environment for organizing sport events.

Underlying macroeconomic factors: The growth of the sport events market in Cyprus is also influenced by underlying macroeconomic factors. The country has a stable economy and a favorable business environment, which encourages investment in the sports industry. Additionally, Cyprus has a strong tourism sector, with millions of visitors coming to the country each year. Sport events serve as a major attraction for tourists, contributing to the overall growth of the tourism industry. The government recognizes the economic potential of sport events and supports their development through various initiatives and policies. In conclusion, the Sport Events market in Cyprus is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for sport events, the popularity of international competitions, the country's sporting heritage and infrastructure, and the favorable macroeconomic environment all contribute to the positive development of the market.

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.