The Sports market in Thailand is experiencing sluggish growth due to various factors including limited government support, low investment in infrastructure, and limited success in the international arena. However, it is expected to see some growth in the coming years thanks to the rising popularity of sports such as basketball and soccer among the younger generation and increasing awareness of the health benefits of participating in sports. Challenges in the market include inconsistent funding for professional teams and limited access to top-tier facilities, hindering the markets overall growth potential.
Customer preferences:
Consumers in Thailands Sports market are showing a growing interest in health and wellness, seeking ways to stay fit and monitor their physical activity. This has resulted in a rise in demand for fitness trackers, health apps, and online resources for exercise and nutrition guidance. Additionally, with the rise in awareness of the impact of lifestyle choices on overall well-being, consumers are also looking for holistic approaches to improve their health, including mental, emotional, and spiritual wellness, leading to increased demand for yoga, meditation, and mindfulness practices. The trend towards a more holistic approach to health and wellness is likely to continue in the future, driven by the desire for a well-rounded and balanced lifestyle.
Trends in the market: In Thailand, the Sports market is observing a surge in e-sports, with major tournaments and leagues gaining momentum. Additionally, there is a growing trend of incorporating technology in traditional sports, such as using smart equipment and virtual training programs. This trend is significant as it caters to the increasing demand for interactive and engaging experiences among younger generations. It also presents opportunities for industry stakeholders to tap into the digital market and expand their consumer base. However, there may be implications for traditional sports businesses that do not adapt to these changes and may face competition from emerging digital platforms.
Local special circumstances:
In Thailand, the Sports Market is heavily influenced by the countrys deep-rooted cultural passion for sports, particularly in the national sport of Muay Thai. This has led to a strong market for sports events, training facilities, and equipment. Additionally, with Thailands tropical climate and beautiful beaches, water sports such as diving and snorkeling are also popular, making the country a hub for water sports tourism. Furthermore, the government is actively promoting Thailand as a sports tourism destination, providing incentives for international sports events to be held in the country. These factors create a unique environment for the growth of the Sports Market in Thailand, driving demand for a variety of sports-related products and services.
Underlying macroeconomic factors: The Sports Market in Thailand is heavily impacted by macroeconomic factors such as the countrys overall economic health, consumer spending, government fiscal policies, and global economic trends. With a strong and stable economy, Thailand has a high level of disposable income and a growing middle class, making it a ripe market for sports and leisure activities. Additionally, government initiatives to promote sports and healthy lifestyles, along with investments in sports infrastructure, have further bolstered the growth of the Sports market in Thailand. However, external economic factors such as fluctuations in global commodity prices and political instability in neighboring countries could also impact the Sports market in Thailand. Overall, a thriving economy coupled with government support and investments are propelling the growth of the Sports market in Thailand.
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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