Sports - Southeast Asia

Southeast Asia

Revenue in the Sports market is projected to reach US$709.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.09%, resulting in a projected market volume of US$787.00m 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$13.85 in 2024.

Market

Region

Region comparison

Currency

Analyst Opinion

The Sports market in Southeast Asia is currently facing challenges, resulting in a negligible growth rate. Factors such as competition from popular local sports, limited infrastructure, and low disposable income are impacting the overall market. Additionally, cultural preferences may also play a role in the slower growth. Despite these challenges, the market is expected to gradually grow as governments and organizations invest in developing sports facilities and promoting international sports events in the region.

Customer preferences: As the demographics in Southeast Asia continue to skew younger, there is a growing demand for sports and fitness activities that cater to the preferences of this demographic. This has led to a rise in popularity of e-sports, particularly among the millennial and Gen Z populations. Not only is e-sports viewed as a form of entertainment, but it also allows for social connections and provides an outlet for competition. This trend is expected to continue as the younger generations embrace digital technology and seek more convenient and accessible forms of physical activity.

Trends in the market: In Southeast Asia, the Sports Market is experiencing a surge in demand for virtual fitness classes and home workout equipment due to the COVID-19 pandemic. This trend has highlighted the importance of incorporating technology in the sports industry to reach a wider audience and provide convenient and accessible options for consumers. Additionally, there is a growing trend of using sports and fitness apps to track progress and provide personalized training plans. These trends have significant implications for industry stakeholders, such as sports brands and fitness centers, as they need to adapt and innovate to stay relevant and competitive in the market. It also presents opportunities for technology companies to partner with sports organizations and expand their presence in the region.

Local special circumstances: In Southeast Asia, the Sports Market is heavily influenced by the regions love for various sports, including football, badminton, and martial arts. The unique mix of cultures in this region has also led to the popularity of traditional sports like sepak takraw and muay Thai. Additionally, the diversity of landscapes and climates in Southeast Asia has created a demand for sports equipment and gear specific to each countrys terrain and weather conditions. This has given rise to a booming market for locally produced sporting goods, catering to the unique needs of each countrys athletes and sports enthusiasts.

Underlying macroeconomic factors: The growth of the Sports Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in sports infrastructure. Countries with favorable regulatory environments and strong investment in sports facilities and programs are experiencing faster market growth compared to regions with regulatory challenges and limited funding for sports. Additionally, the increasing popularity of sports and healthy lifestyles among the population in Southeast Asia is driving the demand for sports products and services, creating an opportunity for growth in the Sports Market.

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.