Gaming Gadgets Market is projected to Record a CAGR of 8.2% During the Forecast Period 2022-2031
In a recent analysis, Future Market Insights (FMI) predicted that the market for gaming devices would approach US$ 145 billion by 2031, growing at a CAGR of over 8.2 percent.
In recent years, the advent of virtual reality (VR) has fundamentally altered the gaming experience. An immersive experience is something that some of the top manufacturers of gaming accessories emphasise. The electronics and smart gadgets industries have benefited greatly from technological advancements in areas such as graphic quality, virtual reality, augmented reality, computing power, and device downsizing. The palm-sized, four-color, microscopic Game Gear Micro was unveiled by Sega in 2020.
During the projected period, there is expected to be a significant increase in the demand for gaming devices due to technological developments and product introductions with value-added services. Brands place a lot of emphasis on increasing retail penetration in order to leverage their brand position.
To guarantee product accessibility in both established and developing nations, brands actively collaborate with local and regional internet shops. One such business with a strong local and regional web presence is Sega of America, Inc. The market is anticipated to grow as a result of these trends.
The growth of eSports is one trend that is boosting the market for gaming devices. Increased interest in e-sports and rising viewership have opened up new markets for gaming devices in nations other than China, such as Vietnam, Malaysia, and Indonesia.
Key Takeaways from the Gaming Gadgets Market Study
- PlayStation products are expected to hold a noteworthy revenue share of 46.7% in 2021 aided by frequent technical and system updates.
- Home consoles dominate the market with a wider scope of gaming options from players like Nintendo, Sony, and Microsoft.
- The U.S. holds a noteworthy value share of 79.4% in North America owing to the rapid upsurge in the number of active gamers in recent years.
- Thailand is a key market in South Asia reflecting a CAGR of 18.4% owing to higher spending on premium products in thecountry.
- China showcases major opportunities for the gaming industry owing to a larger consumer population with increased spending on gaming content and hardware.
“Frequent launches of new gaming content with superior graphics, rapidly evolving technologies such as artificial intelligence (AI) and virtual reality (VR), are key factors creating a conducive environment for major console manufacturers and will influence growth in the gaming gadget market in the coming decade,” says an FMI analyst.
Impact of COVID-19 on the Market
By disrupting company operations across several industries, the new coronavirus outbreak has contributed to an economic downturn. The retail sector has been severely impacted. A temporary difficulty for market participants is the overall decline in discretionary spending levels.
As consumers were subject to shelter-in-place regulations, these problems were partially compensated by substantial revenue growth year over year. The demand for devices is anticipated to remain strong in the upcoming months due to restrictions on various types of entertainment and social connection.
In light of this situation, players are now focused on improving online penetration, as this provides an opportunity to the players to access a wider consumer base at once within minimum costs.
Who is winning?
Leading manufacturers of gaming gadgets are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of gaming gadgets globally.
Major players present in the gaming gadgets market are Nintendo Co., Ltd, Sony Corporation, Microsoft Corporation, Atari, Inc., Hyperkin, Inc., Razer Inc., NVIDIA Corporation, SEGA of America, Inc., Valve Corp., Dell Technologies Inc., and Mad Catz Global Ltd. among others.
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Market by Category
By Gadgets Type:
By Product Type:
- Handheld Consoles
- Home Consoles
By Age Group:
- Below 20 Years
- 21-35 years
- 36-50 Years
- 51 Years and Above
By End Use:
By End User:
By Sales Channel:
- Direct Sales
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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Future Market Insights, in its new offering, provides an unbiased analysis of the global gaming gadgets market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the gaming gadgets market based on the gadget type (PlayStation, Xbox, Wii and others) product type (handheld consoles, and home consoles), age group (below20 years, 21-35 years, 36- 50 years, and 51 years and above) end use (residential/households and commercial) end users (beginners, intermediates and professionals sales channel (direct sales, speciality stores, multi-brand stores, independent small stores, online retailers and others across seven major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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