"The growth of Asian sports business is due to many companies getting involved in various Asian sports. Global and Asian companies are spending more money to build their brand name through sports," he says.

German tire maker Continental recently announced a deal with the Asian Football Confederation to become a sponsor of the AFC Asian Cup 2015 in Australia. Under the deal, the firm will serve as the exclusive tire partner and official sponsor of the event, which will be held in January.

South Korean car manufacturer Kia Motors has renewed sponsorship of the annual Archery World Cup and other top international archery competitions. Kia has reaped the benefits of sponsoring archery, one of the most popular sports in South Korea, with enormous exposure in the media.

South Korean fashion and retail conglomerate E-Land Group, which has branches in more than 10 countries including China and India, is sponsoring a professional football club in Seoul that will compete in the K-League Challenge.

"Football in Asia has witnessed consistent growth in recent years, with last year's (European) Champions League final attracting the largest TV audience for a sporting event in China, with an average audience totaling over 30 million," says David Shin, director of Hong Kong-based Sporting Republic, a sport management agency.

"The rise in television audience numbers for football also underlines the belief that sports business is headed in the right direction. This is good news for sponsors as their brands get maximum visibility and exposure in Asia."

In 2012, Chelsea Football Club signed a merchandising partnership with Grand Royal Whisky in Myanmar, highlighting the reach of the English Premier League across the Association of Southeast Asian Nations region.

Formula One motor racing has also made substantial business inroads into Asia. With the long-running Japanese Grand Prix, it also has circuits in Bahrain, the United Arab Emirates, Malaysia, Singapore, India, South Korea, Australia and China.

"Asia is one of the most important regions for Formula One team sponsors and for the development of the series," says Askari H. Zaidi, senior vice-president of corporate communications at the Jaypee Group, a conglomerate based in India. The group has developed India's premier motorsport destination, Buddh International Circuit, near New Delhi.