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Sport Events - Singapore

Singapore

Revenue in the Sport Events market is projected to reach €56.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.08%, resulting in a projected market volume of €61.85m by 2028.
In the Sport Events market, the number of users is expected to amount to 0.6m users by 2028.
User penetration will be 10.2% in 2024 and is expected to hit 10.0% by 2028.
The average revenue per user (ARPU) is expected to amount to €93.00.
In global comparison, most revenue will be generated in the United States (€15,080.00m 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 Singapore has been experiencing significant growth in recent years, driven by the increasing popularity of sports and the rising demand for live sporting events.

Customer preferences: Singaporeans have shown a strong preference for sports events, with a growing number of people attending and participating in various sports activities. The younger generation, in particular, has shown a keen interest in sports and are actively participating in sports events and competitions. Additionally, the increasing number of international sporting events being held in Singapore has also attracted a large number of sports enthusiasts from around the world.

Trends in the market: One of the key trends in the Sport Events market in Singapore is the growing popularity of niche sports. While traditional sports such as football and basketball continue to be popular, there has been a significant increase in interest and participation in niche sports such as rock climbing, ultimate frisbee, and obstacle course racing. This trend can be attributed to the desire for unique and adventurous experiences among the younger generation. Another trend in the market is the integration of technology in sports events. From live streaming of matches to virtual reality experiences, technology has revolutionized the way sports events are experienced. This trend has not only enhanced the overall fan experience but has also opened up new revenue streams for event organizers through digital advertising and sponsorship opportunities.

Local special circumstances: Singapore's strategic location in Southeast Asia has made it an attractive destination for international sporting events. The city-state has state-of-the-art sports facilities and infrastructure, making it an ideal venue for hosting major sporting events. The government has also been actively promoting sports and investing in sports infrastructure, further boosting the Sport Events market in Singapore.

Underlying macroeconomic factors: The strong economic growth in Singapore has played a significant role in the development of the Sport Events market. The increasing disposable income of Singaporeans has allowed them to spend more on leisure activities, including attending sports events. Additionally, the government's focus on promoting sports as a means of fostering a healthy and active lifestyle has also contributed to the growth of the market. In conclusion, the Sport Events market in Singapore is experiencing rapid growth due to the increasing popularity of sports, the emergence of niche sports, the integration of technology, and the government's support for sports development. With its strategic location and world-class facilities, Singapore is well-positioned to continue attracting major sporting events and further drive the growth 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.