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Sport Events - Panama

Panama

Revenue in the Sport Events market is projected to reach US$9.37m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.13%, resulting in a projected market volume of US$10.60m by 2028.
In the Sport Events market, the number of users is expected to amount to 223.1k users by 2028.
User penetration will be 4.6% in 2024 and is expected to hit 4.7% by 2028.
The average revenue per user (ARPU) is expected to amount to US$45.28.
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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Currency

Analyst Opinion

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

Customer preferences: Customers in Panama have shown a strong preference for sports events, with a particular interest in soccer, baseball, and basketball. These sports have a long-standing tradition in the country and are deeply ingrained in the culture. Panama has a passionate fan base that supports their local teams and attends matches regularly. The demand for sports events is further fueled by the country's growing middle class and increasing disposable income, which allows more people to afford tickets and participate in the excitement of live sports.

Trends in the market: One of the key trends in the sport events market in Panama is the increasing number of international tournaments and competitions being hosted in the country. Panama's strategic location as a bridge between North and South America makes it an attractive destination for sporting events. The government has invested in state-of-the-art sports facilities and infrastructure to attract international organizers and provide a world-class experience for both athletes and spectators. This trend has not only boosted the local economy but also raised the profile of Panama as a sports tourism destination. Another trend in the market is the growing popularity of sports events among tourists. Panama's natural beauty, vibrant culture, and warm climate make it an ideal destination for sports enthusiasts looking to combine their passion for sports with a vacation. The country offers a wide range of sports activities, including water sports, golf, and hiking, which attract tourists from around the world. As a result, the demand for sports events has increased, with tourists seeking to experience the thrill of attending a live match or tournament during their visit.

Local special circumstances: Panama's unique geographical location and cultural diversity contribute to the development of the sport events market. The country serves as a hub for international travel, with a well-connected airport and easy access to other countries in the region. This makes it convenient for international teams and fans to travel to Panama for sporting events. Additionally, Panama's multicultural society embraces a wide range of sports, attracting athletes and fans from different backgrounds and nationalities.

Underlying macroeconomic factors: The growth of the sport events market in Panama is also supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, with a growing middle class and increasing consumer spending. This has created a larger market for sports events, as more people have the means to attend matches and tournaments. Furthermore, the government's investment in sports infrastructure and promotion of sports tourism has contributed to the overall development of the market. In conclusion, the sport events market in Panama is thriving due to customer preferences for sports, the increasing number of international tournaments, the popularity of sports events among tourists, the country's unique geographical location and cultural diversity, and favorable macroeconomic factors. These factors have created a fertile ground for the growth and development of the market, making Panama a vibrant and exciting destination for sports enthusiasts.

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.