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Sport Events - Cuba

Cuba

Revenue in the Sport Events market is projected to reach US$1.86m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.32%, resulting in a projected market volume of US$1.96m by 2028.
In the Sport Events market, the number of users is expected to amount to 36.8k users by 2028.
User penetration will be 0.3% in 2024 and is expected to hit 0.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$50.37.
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 Cuba is experiencing significant growth and development in recent years.

Customer preferences: Cuban customers have shown a growing interest in sport events, both as participants and spectators. With a strong sporting culture and a passion for various sports such as baseball, boxing, and volleyball, Cubans are actively seeking opportunities to engage in and watch sporting events. The younger generation, in particular, is showing a keen interest in attending live sport events, as they value the excitement and atmosphere that these events offer. Additionally, the increasing popularity of international sporting competitions and the availability of televised sports coverage have further fueled the demand for sport events in Cuba.

Trends in the market: One notable trend in the Cuban sport events market is the rise of international competitions and collaborations. Cuba has been actively participating in international sporting events, hosting tournaments and inviting international teams to compete on its soil. This trend has not only attracted a larger audience but has also provided opportunities for local athletes to showcase their talent on a global stage. Moreover, international collaborations have allowed Cuban athletes to gain exposure to different training methods and styles, enhancing their skills and competitiveness. Another trend in the market is the emergence of sports tourism. Cuba's unique blend of history, culture, and natural beauty has made it an attractive destination for sports enthusiasts from around the world. The country has been hosting international sporting events, such as marathons and triathlons, which not only attract participants but also spectators who travel to experience the event and explore the local surroundings. Sports tourism has not only contributed to the growth of the sport events market but has also had a positive impact on the overall tourism industry in Cuba.

Local special circumstances: Cuba's socialist system and government support for sports have played a significant role in the development of the sport events market. The government invests in sports infrastructure, training facilities, and athlete development programs, creating a favorable environment for the growth of sport events. Additionally, the country's emphasis on physical education in schools and the promotion of sports at the grassroots level have nurtured a strong sporting culture among the Cuban population.

Underlying macroeconomic factors: Cuba's improving economic conditions and the gradual opening up of the country to foreign investment have also contributed to the development of the sport events market. As the country attracts more foreign businesses and travelers, there is a growing demand for entertainment options, including sport events. Furthermore, the government's efforts to promote Cuba as a tourist destination have led to an increase in visitor numbers, providing a larger audience for sport events. In conclusion, the Sport Events market in Cuba is experiencing growth and development due to customer preferences for sports, the rise of international competitions and collaborations, the emergence of sports tourism, the government's support for sports, and the improving economic conditions in the country. These factors have created a favorable environment for the expansion of the sport events market in Cuba.

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.