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Sport Events - Armenia

Armenia

Revenue in the Sport Events market is projected to reach US$0.73m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.40%, resulting in a projected market volume of US$0.69m by 2028.
In the Sport Events market, the number of users is expected to amount to 40.2k users by 2028.
User penetration will be 1.4% in 2024 and is expected to hit 1.4% by 2028.
The average revenue per user (ARPU) is expected to amount to US$18.10.
In global comparison, most revenue will be generated in the United States (US$16,430.00m 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 Armenia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Armenians have shown a growing interest in participating and attending sport events, with a particular focus on team sports such as football and basketball. This can be attributed to the strong sense of community and national pride that Armenians have, as well as the increasing popularity of professional sports leagues in the country. Additionally, there is a growing demand for sports events that promote health and wellness, such as marathons and fitness competitions.

Trends in the market: One of the key trends in the Sport Events market in Armenia is the increasing number of international sporting events being hosted in the country. This is partly due to the government's efforts to promote Armenia as a sports tourism destination. The hosting of international events not only attracts tourists but also boosts the local economy through increased spending on accommodation, food, and transportation. Furthermore, the presence of international athletes and teams helps to raise the profile of Armenian sports and inspire local talent. Another trend in the market is the rise of e-sports events. E-sports, or competitive video gaming, has gained a significant following worldwide, and Armenia is no exception. The younger generation in particular is drawn to e-sports events, which offer a unique form of entertainment and competition. The growing popularity of e-sports has led to the establishment of dedicated e-sports arenas and the organization of local and regional e-sports tournaments.

Local special circumstances: Armenia's geographical location and historical ties to neighboring countries have also played a role in the development of the Sport Events market. The country's close proximity to countries like Georgia, Iran, and Turkey allows for easy cross-border travel and collaboration in organizing regional sporting events. Additionally, Armenia's membership in international sports organizations and participation in major sporting events has helped to raise its profile as a sports destination and attract international attention.

Underlying macroeconomic factors: The growth of the Sport Events market in Armenia can also be attributed to underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. As a result, more Armenians are able to afford tickets to sporting events and participate in sports activities. Furthermore, the government has recognized the potential of the sports industry to contribute to economic development and has implemented policies to support its growth. In conclusion, the Sport Events market in Armenia is experiencing growth due to changing customer preferences, including a growing interest in team sports and a demand for health and wellness events. The hosting of international sporting events and the rise of e-sports are also contributing to the market's development. Armenia's geographical location, historical ties, and membership in international sports organizations have further boosted the country's sports tourism industry. The underlying macroeconomic factors, such as steady economic growth and government support, have also played a role in the market's expansion.

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.