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Sport Events - Sri Lanka

Sri Lanka

Revenue in the Sport Events market is projected to reach US$10.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.12%, resulting in a projected market volume of US$11.24m by 2028.
In the Sport Events market, the number of users is expected to amount to 416.4k users by 2028.
User penetration will be 1.9% in 2024 and is expected to hit 1.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$26.60.
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 Sri Lanka is experiencing significant growth and development in recent years.

Customer preferences: Customers in Sri Lanka have shown a growing interest in participating and attending sport events. This can be attributed to the increasing awareness of the importance of physical fitness and the promotion of a healthy lifestyle. Additionally, there is a growing interest in sports such as cricket, football, and athletics, which has further fueled the demand for sport events.

Trends in the market: One of the key trends in the sport events market in Sri Lanka is the rise of local and regional tournaments. These tournaments provide opportunities for local talent to showcase their skills and gain recognition. They also attract a large number of spectators, contributing to the overall growth of the market. Additionally, there has been an increase in the number of international sport events being hosted in Sri Lanka, which has further boosted the market.

Local special circumstances: Sri Lanka's geographical location and tropical climate make it an ideal destination for outdoor sport events. The country has a rich sporting heritage and has produced world-class athletes in various disciplines. This has created a strong fan base and a supportive environment for sport events. Furthermore, the government and local authorities have been actively promoting sports tourism, attracting both local and international participants to the country.

Underlying macroeconomic factors: The growing economy and rising disposable income levels in Sri Lanka have contributed to the development of the sport events market. As people have more disposable income, they are willing to spend on leisure activities, including attending sport events. Additionally, the government's focus on developing sports infrastructure and facilities has created a favorable environment for the growth of the market. Investments in stadiums, training centers, and sports academies have not only improved the overall sporting landscape but also attracted more sport events to the country. In conclusion, the Sport Events market in Sri Lanka is witnessing significant growth and development due to the increasing customer preferences for sports, the rise of local and international tournaments, the country's favorable geographical location and climate, and the government's efforts to promote sports tourism and develop sports infrastructure. These factors have created a thriving market for sport events in Sri Lanka, with ample opportunities for further growth and expansion.

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.