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Sport Events - Iceland

Iceland

Revenue in the Sport Events market is projected to reach US$3.48m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.41%, resulting in a projected market volume of US$3.98m by 2028.
In the Sport Events market, the number of users is expected to amount to 41.1k users by 2028.
User penetration will be 11.1% in 2024 and is expected to hit 11.6% by 2028.
The average revenue per user (ARPU) is expected to amount to US$90.46.
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 Iceland has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Customers in Iceland have shown a growing interest in participating in and attending sport events. This can be attributed to the increasing awareness about the importance of physical fitness and wellness. Additionally, there is a strong sense of community and national pride in Iceland, which further motivates people to engage in sports activities and support local sport events.

Trends in the market: One of the key trends in the Sport Events market in Iceland is the rise of adventure sports. Iceland's unique landscape, with its volcanoes, glaciers, and geothermal hot springs, offers a perfect playground for adventure seekers. This has led to the emergence of events such as trail running, mountain biking, and cross-country skiing, which attract both local and international participants. The popularity of these events can be attributed to the desire for unique and thrilling experiences. Another trend in the market is the increasing focus on sustainability and eco-friendly practices. Iceland has a strong commitment to preserving its natural environment, and this is reflected in the sport events industry. Organizers are incorporating sustainable practices, such as using renewable energy sources, reducing waste, and promoting eco-friendly transportation options. This trend is driven by the growing global awareness of environmental issues and the demand for responsible tourism.

Local special circumstances: Iceland's small population size and geographical location have a significant impact on the Sport Events market. The small population means that there is a limited domestic market for sport events, which encourages organizers to attract international participants. This has led to the development of events that cater to a global audience, such as international marathons and triathlons. Additionally, Iceland's geographical location, with its long summer days and stunning natural scenery, makes it an attractive destination for sport events. The combination of unique landscapes and challenging terrain provides a memorable experience for participants and spectators alike.

Underlying macroeconomic factors: The Sport Events market in Iceland is also influenced by underlying macroeconomic factors. Iceland has experienced a steady growth in tourism in recent years, with visitors attracted to its natural beauty and cultural heritage. This has created a favorable environment for the sport events industry, as tourists are more likely to participate in or attend sport events during their visit. Additionally, the government has been supportive of the sport events industry, providing funding and infrastructure development to promote the sector. This has further contributed to the growth and development of the market. In conclusion, the Sport Events market in Iceland is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The combination of adventure sports, sustainability practices, a small population size, unique landscapes, and government support has created a thriving market for sport events in Iceland. As the market continues to evolve, it is expected that new opportunities and challenges will arise, further shaping the industry.

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.