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Sport Events - Mongolia

Mongolia

Revenue in the Sport Events market is projected to reach US$405.90k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.85%, resulting in a projected market volume of US$392.30k by 2028.
In the Sport Events market, the number of users is expected to amount to 42.4k users by 2028.
User penetration will be 1.2% in 2024 and is expected to hit 1.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$10.13.
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 Mongolia is experiencing significant growth and development in recent years.

Customer preferences: Mongolians have shown a growing interest in sports events, with a particular focus on traditional Mongolian sports such as wrestling, horse racing, and archery. These traditional sports hold great cultural significance in the country and attract a large number of spectators. Additionally, there is a growing interest in international sports events such as football and basketball, with Mongolians actively participating and supporting these sports.

Trends in the market: One of the key trends in the Sport Events market in Mongolia is the increasing number of sports events being organized across the country. Both local and international organizations are recognizing the potential of the Mongolian market and are hosting various sporting events to cater to the growing demand. This trend is driven by the desire to promote sports and physical activity among the population, as well as the economic benefits associated with hosting such events. Another trend in the market is the integration of technology in sports events. Mongolian organizers are leveraging technology to enhance the spectator experience by providing live streaming, interactive features, and real-time updates during the events. This trend not only attracts a larger audience but also increases the accessibility and reach of sports events in Mongolia.

Local special circumstances: Mongolia's unique geographical and cultural characteristics play a significant role in the development of the Sport Events market. The vast open landscapes and nomadic traditions provide ample opportunities for outdoor sports events such as horse racing and archery. These traditional sports events not only attract local participants but also international tourists who are interested in experiencing Mongolian culture. Furthermore, the government of Mongolia has been actively promoting sports and physical activity as part of its national agenda. This has led to increased investment in sports infrastructure, facilities, and training programs, creating a conducive environment for the growth of the Sport Events market.

Underlying macroeconomic factors: The growing middle class and increasing disposable income in Mongolia have contributed to the development of the Sport Events market. As people have more financial resources, they are more willing to spend on sports events and related activities. This has created a market demand for sports events, leading to the growth of the industry. Additionally, the tourism industry in Mongolia has been expanding, with more tourists visiting the country to experience its unique culture and landscapes. Sports events, particularly traditional Mongolian sports, have become a major attraction for tourists, further driving the growth of the Sport Events market. In conclusion, the Sport Events market in Mongolia is experiencing significant growth and development due to customer preferences for traditional and international sports, increasing number of events being organized, integration of technology, unique local circumstances, and underlying macroeconomic factors such as the growing middle class and expanding tourism industry. This presents ample opportunities for both local and international organizations to tap into the growing market and contribute to the development of the sports industry in Mongolia.

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.