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Sport Events - Namibia

Namibia

Revenue in the Sport Events market is projected to reach US$0.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 4.79%, resulting in a projected market volume of US$0.82m by 2028.
In the Sport Events market, the number of users is expected to amount to 38.2k users by 2028.
User penetration will be 1.3% in 2024 and is expected to hit 1.3% by 2028.
The average revenue per user (ARPU) is expected to amount to US$19.57.
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 Namibia has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Namibians have shown a growing interest in participating in and attending sport events. This can be attributed to the increasing awareness of the benefits of physical activity and the promotion of a healthy lifestyle. Additionally, there is a strong sense of community and national pride in Namibia, leading to a desire to support and celebrate local sporting events.

Trends in the market: One of the key trends in the sport events market in Namibia is the rise of adventure and extreme sports. Namibia's unique landscape, with its vast deserts and rugged terrain, provides the perfect backdrop for activities such as sandboarding, quad biking, and off-road racing. These adrenaline-fueled events attract both local and international participants, contributing to the growth of the market. Another trend is the increasing popularity of endurance events, such as marathons and triathlons. Namibia's diverse natural environment, including its stunning national parks and wildlife reserves, offers a picturesque setting for these events. Participants are drawn to the opportunity to challenge themselves physically while enjoying the beauty of their surroundings.

Local special circumstances: Namibia's sport events market is also influenced by its unique cultural heritage. Traditional sports, such as stick fighting and traditional wrestling, continue to be celebrated and attract a dedicated following. These events not only showcase Namibia's rich cultural diversity but also provide opportunities for local athletes to compete and gain recognition. Furthermore, Namibia's status as a popular tourist destination has contributed to the growth of the sport events market. Tourists visiting the country are often interested in experiencing the local culture and participating in unique activities. Sport events offer an immersive and memorable way for tourists to engage with Namibia's vibrant sporting scene.

Underlying macroeconomic factors: Namibia's growing economy and increasing disposable income have played a significant role in the development of the sport events market. As people have more financial resources, they are more willing to spend on leisure activities, including attending and participating in sport events. This has created a favorable environment for the growth of the market. Additionally, the government of Namibia has recognized the economic and social benefits of sport events and has been actively promoting and investing in the sector. This includes the development of sports infrastructure, the establishment of sports academies, and the hosting of international sporting events. These initiatives have further fueled the growth of the sport events market in Namibia. In conclusion, the sport events market in Namibia is experiencing growth due to customer preferences for physical activity and community engagement, trends in adventure and endurance sports, local special circumstances such as cultural heritage and tourism, and underlying macroeconomic factors such as a growing economy and government support. These factors have created a favorable environment for the development and expansion of the sport events market in Namibia.

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.