NEWARK, Del: , Sept. 21, 2022 (GLOBE NEWSWIRE) — According to a latest IMF report, the global gaming gadget market was valued at US$71,305.3 million by 2022, according to the IMF and is expected to reach 156,774.9 million by 2032. Between 2022 and 2032, the market is expected to grow at a compound annual growth rate (CAGR) of 8.2%. Over the evaluation period, Wii devices are expected to grow at a faster than average CAGR of 10.8%.
Active gamers around the world have an abundance of gaming products to choose from. They also show a willingness to spend money on premium items. Due to frequent technological innovations such as augmented reality (AR) and virtual reality, the market for gaming gadgets (VR) is booming. Future Market Insights (IMF) predicts that the market could grow by 3.8% year-on-year.
An increase in the number of game-related content creators, such as live streamers, let’s gamers, and competitive esports players, has made gaming a large-scale multimedia format. The growing number of gaming content creators is causing a boom in the gaming gadgets market as these creators purchase multiple types of gaming devices in order to play platform-exclusive games and provide various types of content around these devices.
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Many competitive esports organizations have sprung up in recent years, organizing and participating in esports competitions for games such as League of Legends, Dota 2, TFT, and Heathstone. These competitions require a large number of gaming devices whose sales help to boost the market.
New market innovations are essential to propel the market forward. The release of the Steam Deck, a portable gaming console that offers PC-like performance and can also be used as a PC, paves the way for further advancements in the gaming device market.
Key points to remember
- The US market is expected to grow at a CAGR of 6.3% during the forecast period.
- The Japanese market is expected to grow at a CAGR of 9.6% during the forecast period.
- The Indian market is expected to grow at a CAGR of 14.1% during the forecast period.
- With 46.3% of the gaming gadget market, PlayStation is the market leader in the gadget type segment.
- Home consoles accounted for around a third of global gaming gadget sales and are expected to see the fastest growth, with a CAGR of 7.1%.
- In-store multi-brand retail continues to dominate the sales channel segment, accounting for a massive 28.2% market share in gaming gadgets.
- The convenience offered by online platforms is expected to drive the growth of the gaming gadgets market in the sales channel segment at a CAGR of 17.2%.
- Gamers under the age of 20 make up a huge market share of gaming gadgets, 53.9% of all devices.
- The use of gaming devices at home is expected to account for a considerable 70.0% market share of gaming gadgets.
- Beginner gadgets account for 53% of the gaming gadget market.
- During the forecast period, the professional category is expected to grow at a faster rate with a CAGR of 12.9%.
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Recent development:
Launch:
- Samsung launched the Odessey Neo G9 gaming monitor with quantum mini-LED technology for HDR applications in July 2021.
- MSI has launched its GP Leopard, Pulse GL and Katana GF gaming laptops with 11th Gen Intel Core H-series processors for Indian consumers.
Product launch:
- Microsoft Corporation announced the release of Pulse Red wireless controllers in January 2021, which can be used to switch between Xbox consoles, PCs, and Android devices without having to repeat the setup process each time.
- In February 2021, Sony announced a next-generation VR headset for its PlayStation 5 console, which will be available after 2021. The new VR system is expected to have higher resolution, more accurate head tracking, and a wider field of view. . It also includes the latest VR motion controller, as well as some of the PS5’s new DualSense pad features.
- Amazon is launching Luna, a cloud gaming platform, in October 2020. With this in mind, Amazon has also announced its own Alexa-enabled Luna controller, which could cost $49.99 during the early access period. It has a multi-antenna design that prioritizes uninterrupted Wi-Fi for low latency gaming. When playing Luna Controller with Cloud Direct vs.
Partnership:
- Logitech G, a Logitech and Herman Miller brand, announced an exclusive partnership in February 2020 to research, design and manufacture the next generation of high-performance furniture solutions for gamers. Both companies bring years of design and engineering expertise to their respective fields and can meet the needs of esports athletes, gamers and streamers when combined.
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Key segments
By gadget type:
By product type:
- Handheld consoles
- Living room consoles
By age group:
- Under 20
- 21-35 years old
- 36-50 years old
- 51 and over
By end use:
- Residential/Households
- Commercial
Per end user:
- Beginners
- Intermediaries
- Professional
By sales channel:
- direct sales
- Specialty stores
- Multi-brand stores
- Small independent stores
- Online retailers
Competitive Landscape:
Since there are so few global vendors with a large market share, the gaming accessories market is fiercely competitive. To stay competitive in the global gaming accessories market, manufacturers are mainly focusing on improving their gaming accessories portfolio.
Nintendo Co., Ltd, Sony Corporation, Microsoft Corporation, Atari, Inc., Hyperkin, Inc., Razer Inc., NVIDIA Corporation are some of the major players.
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Contents
1. Summary
1.1. Global Market Outlook
1.2. Summary of key statistics
1.3. Summary of key findings
1.4. Analysis of product evolution
1.5. MFI analysis and recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market definition
3. Key Market Trends
3.1. Key trends impacting the market
3.1.1. Growing trend of professional gamers around the world
3.1.2. Motion Gaming – Revolutionized the way people play games
3.1.3. Global interest in esports is growing explosively
3.1.4. eSports practically prints money
Read more Table of contents.
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