The Cricket market in ASEAN is experiencing a slowdown in growth due to factors such as declining interest among consumers, saturation of media coverage, and high costs of tickets. However, traditional forms of media and loyal fan base continue to drive revenues in the sub-markets, albeit at a decreased rate. To counter the decline, there is a need for innovative online strategies and partnerships with other sports industries in the region.
Customer preferences:
With the rise of social media and online platforms in ASEAN, the Cricket Market within the Sports Market has seen a growing trend towards virtual and e-sports events. This shift is driven by the desire for connection and entertainment among the younger demographic, who are highly engaged in online communities and gaming. As digital technology becomes more prevalent in the region, sports organizations and brands are leveraging social media to reach and engage with this demographic, creating a new avenue for sponsorship and marketing opportunities.
Trends in the market: In the ASEAN region, the Cricket Market within the Sports Market is experiencing a surge in popularity as more countries embrace the sport and establish local leagues. In India, where cricket is the national sport, there is a trend towards increasing commercialization, with high-profile tournaments such as the Indian Premier League garnering a large following. In Sri Lanka, improved infrastructure and training facilities have led to a rise in talented young players, positioning the country as a potential cricketing powerhouse. Additionally, there is a growing interest in womens cricket in countries like Thailand and Malaysia, presenting opportunities for the development of a more diverse and inclusive market. These trends indicate a bright future for the Cricket Market within the Sports Market in the ASEAN region, with potential for increased revenue and global recognition. Industry stakeholders can capitalize on this by investing in developing local talent and promoting the sport through various digital platforms, effectively tapping into the regions growing digital market.
Local special circumstances: In Southeast Asia, the Cricket Market is influenced by the diverse cultures and geographic locations of each country. For example, in India, cricket is deeply rooted in the countrys culture and is considered the most popular sport. In contrast, in countries like Myanmar and Cambodia, football and local traditional sports dominate the market. Additionally, different regulatory environments and media landscapes also impact the growth and popularity of cricket in each country. For instance, in countries like Malaysia and Singapore, where English is widely spoken, cricket enjoys a larger following due to media coverage and accessibility. In contrast, in countries like Laos and Vietnam, where football is the dominant sport, cricket struggles to gain a foothold. These local factors greatly influence the dynamics of the Cricket Market within the Sports Market in ASEAN and contribute to its unique characteristics compared to other markets.
Underlying macroeconomic factors: The Cricket Market within the Sports Market is also influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The economic stability and growth of a country can have a significant impact on consumer spending and investment in the Sports market, including the Cricket Market. Countries with strong economic growth and stability are likely to see robust demand for sports and related products, leading to higher revenues and investments in the market. Additionally, government policies and initiatives that promote the development of the sports industry can also contribute to the growth of the Cricket Market in ASEAN and other regions.
Data coverage:
The data encompasses B2C and B2B revenues. Figures are based on media spending, merchandise spending, and ticket spending. All monetary figures for merchandise and tickets refer to consumer spending on goods or tickets in the respective segment, which can be online and offline.Modeling approach / Market size:
Market sizes are determined through a combination of bottom-up and top-down approaches, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per ticket, price on sport goods). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, number of internet users, and internet consumption. 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 or linear forecasting, as it fits the development of either strong growing markets or more sophistacted and saturated markets, such as soccer in Europe.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). We also account for the different cycles of international tournaments, such as world cups or continent cups. Consumer Insights data is reweighted for representativeness.
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