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Sport Events - Montenegro

Montenegro

Revenue in the Sport Events market is projected to reach US$283.60k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.02%, resulting in a projected market volume of US$283.40k by 2028.
In the Sport Events market, the number of users is expected to amount to 14.4k users by 2028.
User penetration will be 2.3% in 2024 and is expected to hit 2.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$19.77.
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

Market

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Currency

Analyst Opinion

The Sport Events market in Montenegro has been experiencing significant growth in recent years. Customer preferences have shifted towards more active and experiential forms of entertainment, leading to an increased demand for sport events. This trend is in line with the global market, where sport events have become increasingly popular.

Customer preferences: In Montenegro, as in many other countries, there has been a shift in customer preferences towards more active and experiential forms of entertainment. People are seeking out opportunities to participate in and watch live sports events. This can be attributed to several factors, including a growing interest in health and fitness, the desire for unique experiences, and the social aspect of attending sporting events. As a result, the demand for sport events in Montenegro has been on the rise.

Trends in the market: One of the key trends in the sport events market in Montenegro is the increasing popularity of outdoor sports. Montenegro is known for its stunning natural landscapes, including mountains, rivers, and coastlines, which provide the perfect backdrop for outdoor activities. As a result, sports such as hiking, mountain biking, and water sports have gained popularity among locals and tourists alike. This has led to an increase in the number of outdoor sport events being organized in the country, attracting participants and spectators from both Montenegro and abroad. Another trend in the market is the growing interest in team sports. Montenegrins have a strong passion for sports, and team sports such as football, basketball, and handball are particularly popular. The success of Montenegrin teams in international competitions has further fueled this interest. As a result, there has been an increase in the number of team sport events, both at the amateur and professional levels, taking place in Montenegro.

Local special circumstances: Montenegro's unique geographical location and natural beauty make it an attractive destination for sport events. The country offers a wide range of venues and facilities that can accommodate various types of sports, from outdoor activities to indoor sports. Additionally, Montenegro's relatively small size makes it easy for participants and spectators to travel between different event locations, enhancing the overall experience.

Underlying macroeconomic factors: The growth of the sport events market in Montenegro can also be attributed to underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more people to afford tickets and participate in sport events. Additionally, the government has recognized the potential of the sport events industry and has invested in infrastructure development, including the construction of new stadiums and sports facilities. This has further contributed to the growth of the market. In conclusion, the Sport Events market in Montenegro is experiencing significant growth due to changing customer preferences, including a shift towards more active and experiential forms of entertainment. The market is characterized by trends such as the popularity of outdoor sports and the growing interest in team sports. Montenegro's unique geographical location and natural beauty, along with underlying macroeconomic factors, have also contributed to the growth of the market.

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.