Sport Events - Kuwait

Kuwait

Highlights

Revenue in the Sport Events market is projected to reach US$53.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.43%, resulting in a projected market volume of US$58.78m by 2028.
In the Sport Events market, the number of users is expected to amount to 406.9k users by 2028.
User penetration will be 8.8% in 2024 and is expected to hit 8.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$136.70.
In global comparison, most revenue will be generated United States (US$16.43bn in 2024).
With a projected rate of 17.1%, the user penetration in the Sport Events market is highest Luxembourg.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sport Events market in Kuwait is experiencing significant growth and development in recent years.

Customer preferences: Customers in Kuwait have shown a strong preference for sports events, with a particular focus on football, basketball, and tennis. These sports have a large following in the country, and fans are eager to attend live matches and tournaments. Additionally, there is a growing interest in international sporting events, with Kuwait hosting several high-profile competitions in recent years. This indicates that customers in Kuwait are not only interested in local sports events but also in witnessing global sporting talent.

Trends in the market: One of the key trends in the Sport Events market in Kuwait is the increasing number of international sports events being hosted in the country. This trend can be attributed to the government's efforts to position Kuwait as a regional hub for sports tourism. By hosting international events, Kuwait aims to attract visitors from around the world and boost its tourism industry. This trend is expected to continue as the country invests in state-of-the-art sports facilities and infrastructure. Another trend in the market is the growing popularity of women's sports events in Kuwait. In recent years, there has been a significant increase in the number of women participating in sports, both as athletes and spectators. This shift in customer preferences has led to the emergence of women's sports leagues and tournaments in the country. Kuwaiti women are now actively involved in various sports, including football, basketball, and tennis, and their participation is being celebrated and supported by the local community.

Local special circumstances: One of the special circumstances in the Sport Events market in Kuwait is the country's strong sporting culture and heritage. Kuwait has a long history of sporting excellence, with many successful athletes representing the country at international competitions. This rich sporting tradition has created a strong fan base and a deep-rooted passion for sports in the local community. As a result, there is a high demand for sports events, and fans are willing to invest their time and money to support their favorite teams and athletes.

Underlying macroeconomic factors: The development of the Sport Events market in Kuwait is also influenced by several macroeconomic factors. The country's strong economy, fueled by its oil reserves, provides the necessary financial resources to invest in sports infrastructure and organize high-profile events. Additionally, the government's commitment to diversify the economy and promote tourism has led to increased investments in the sports sector. These factors, combined with the growing interest in sports among the local population, have created a favorable environment for the growth of the Sport Events market in Kuwait. In conclusion, the Sport Events market in Kuwait is witnessing significant growth and development, driven by customer preferences for sports events, the hosting of international competitions, the increasing popularity of women's sports, the country's strong sporting culture, and the underlying macroeconomic factors. With continued investments in sports infrastructure and the support of the government, the market is expected to further expand in the coming years.

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.