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Sport Events - Saudi Arabia

Saudi Arabia

Revenue in the Sport Events market is projected to reach US$244.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.75%, resulting in a projected market volume of US$272.60m by 2028.
In the Sport Events market, the number of users is expected to amount to 1.9m users by 2028.
User penetration will be 5.0% in 2024 and is expected to hit 4.8% by 2028.
The average revenue per user (ARPU) is expected to amount to US$133.30.
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

Region

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Currency

Analyst Opinion

The Sport Events market in Saudi Arabia is experiencing significant growth due to various factors.

Customer preferences: Saudi Arabia has a strong passion for sports, with football being the most popular sport in the country. The Saudi Professional League attracts a large number of fans, and the national team has a dedicated fan base. In addition to football, other sports such as basketball, volleyball, and motorsports are also gaining popularity among the Saudi population. As a result, there is a high demand for sport events in the country.

Trends in the market: One of the key trends in the sport events market in Saudi Arabia is the increasing number of international sporting events being hosted in the country. Saudi Arabia has been actively investing in sports infrastructure and facilities, and this has attracted major international events such as the Formula E Championship and the Dakar Rally. These events not only bring international recognition to the country but also attract tourists and boost the local economy. Another trend in the market is the growing interest in women's sports. Saudi Arabia has been making efforts to promote women's participation in sports, and this has led to an increase in the number of women's sport events. The government has been supportive of women's sports and has provided funding and resources to develop women's sports programs. This has created opportunities for female athletes to compete in various sports events and has also encouraged more women to participate in sports.

Local special circumstances: One of the unique aspects of the sport events market in Saudi Arabia is the cultural and religious considerations. The country follows strict Islamic laws, and this has an impact on the types of events that can be held. For example, alcohol consumption is prohibited, and events that involve mixed-gender audiences require separate seating arrangements. Event organizers need to be aware of these cultural sensitivities and ensure that their events comply with local customs and regulations.

Underlying macroeconomic factors: The growth of the sport events market in Saudi Arabia is also driven by the country's Vision 2030 initiative. This initiative aims to diversify the economy and reduce its dependence on oil by promoting sectors such as tourism and entertainment. Sport events play a crucial role in attracting tourists and promoting the country as a destination for international events. The government has been investing heavily in sports infrastructure and facilities to support this initiative. Furthermore, the young and growing population in Saudi Arabia is also contributing to the growth of the sport events market. The majority of the population is under the age of 30, and this demographic is more interested in sports and entertainment. The government has recognized the importance of catering to this demographic and has been actively promoting sports and entertainment activities to meet their needs. In conclusion, the sport events market in Saudi Arabia is experiencing significant growth due to customer preferences, such as the passion for sports and the increasing interest in women's sports. The market is also influenced by trends such as the hosting of international events and the cultural and religious considerations. Additionally, underlying macroeconomic factors, such as the Vision 2030 initiative and the young population, are driving 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.