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Sport Events - Lithuania

Lithuania

Revenue in the Sport Events market is projected to reach €13.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 2.03%, resulting in a projected market volume of €14.89m by 2028.
In the Sport Events market, the number of users is expected to amount to 166.9k users by 2028.
User penetration will be 6.3% in 2024 and is expected to hit 6.6% by 2028.
The average revenue per user (ARPU) is expected to amount to €83.28.
In global comparison, most revenue will be generated in the United States (€15,080.00m 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 Lithuania is experiencing significant growth and development in recent years. Customer preferences in the market are shifting towards more interactive and immersive experiences. Consumers are increasingly seeking out sport events that provide not only entertainment but also opportunities for active participation. This trend is driven by a growing interest in health and wellness, as well as a desire for unique and memorable experiences. As a result, sport events that offer activities such as obstacle courses, team competitions, and interactive exhibits are becoming increasingly popular. In addition to interactive experiences, customers are also placing a greater emphasis on sustainability and environmental responsibility. They are seeking out sport events that promote eco-friendly practices and prioritize the use of renewable resources. This trend is driven by a growing awareness of the impact of human activities on the environment and a desire to support businesses that align with their values. Trends in the market also indicate a growing demand for sport events that cater to specific niches and interests. Consumers are increasingly looking for events that cater to their specific hobbies or passions, such as yoga, cycling, or martial arts. This trend is driven by a desire for more personalized experiences and a sense of belonging to a community of like-minded individuals. Local special circumstances in Lithuania contribute to the development of the Sport Events market. The country has a strong sporting culture and a long history of hosting international sports events. This has created a favorable environment for the growth of the sport events industry, as there is a well-established infrastructure and expertise in organizing and hosting such events. Additionally, Lithuania's central location in Europe makes it an attractive destination for both local and international participants, further fueling the growth of the market. Underlying macroeconomic factors also play a role in the development of the Sport Events market in Lithuania. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has created a favorable market environment for sport events, as consumers have more resources to allocate towards leisure and entertainment activities. Furthermore, the government has been actively promoting the development of the tourism industry, including the sport events sector, which has further contributed to the growth of the market. Overall, the Sport Events market in Lithuania is experiencing significant growth and development due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The market is expected to continue to expand in the coming years, driven by a desire for interactive and immersive experiences, a focus on sustainability, and the availability of niche events catering to specific interests.

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.