Sports - Hungary

Hungary

Revenue in the Sports market is projected to reach US$27.72m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.32%, resulting in a projected market volume of US$31.09m by 2029.
In global comparison, most revenue will be generated in the United States (US$49,760.00m in 2024).
The average revenue per user (ARPU) in the Sports market is projected to amount to US$20.18 in 2024.

Market

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Analyst Opinion

The market for sports in Hungary is experiencing slow growth, influenced by factors such as a limited number of popular sports, low investment in sports infrastructure, and lack of government support. This is reflected in the negligible growth rate of the overall Sports market in Hungary, with sub-markets for soccer, American football, basketball, baseball, and cricket facing similar challenges. Despite this, increasing interest in fitness and health-consciousness among consumers may drive growth in niche sports and health-related sports activities.

Customer preferences: The emerging trend in the Sports Market in Hungary includes a growing interest in eco-friendly and sustainable products. This is driven by the increasing awareness of the environmental impact of sports equipment and apparel production. Additionally, there is a preference for locally made products to support the countrys economy. This shifting consumer sentiment has also led to the rise of second-hand and upcycled sports gear options, catering to the demand for more conscious and affordable consumption.

Trends in the market: In Hungary, the Sports Market is experiencing a shift towards digital innovation and online platforms. Virtual sports events and online sports content have become increasingly popular, attracting a wider audience and increasing engagement. Brands and sponsors are also leveraging this trend by investing in influencer marketing and online advertising. Additionally, there is a growing demand for wellness and fitness apps, as consumers focus on maintaining a healthy lifestyle. This trend is expected to drive growth in the sports industry, creating opportunities for companies to develop innovative digital solutions and tap into the connected health market.

Local special circumstances: In Hungary, the Sports Market is heavily influenced by the countrys love for traditional sports, particularly soccer. With a strong emphasis on physical fitness and outdoor activities, it is no surprise that the country has a thriving Sports market. Additionally, the Hungarian government has invested in numerous sports infrastructure projects, promoting the growth of the market. The country also has a significant presence in winter sports, such as ice hockey and skiing, due to its geographic location and cold climate. Furthermore, Hungarys unique culture, which values hard work, determination, and teamwork, has also played a significant role in shaping the Sports market dynamic in the country.

Underlying macroeconomic factors: The performance of the Sports Market in Hungary is highly dependent on macroeconomic factors such as the countrys overall economic trends, national economic health, and fiscal policies. For instance, a stable and growing economy with low inflation rates can lead to increased consumer spending, thereby boosting demand for sports products and services. Additionally, favorable government policies and investments in sports infrastructure and facilities can further stimulate market growth. On the other hand, a recession or economic downturn can result in decreased consumer confidence and purchasing power, leading to a decline in the Sports market. Therefore, it is crucial to monitor and analyze macroeconomic factors to accurately predict market performance and make informed business decisions.

Methodology

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.