According to a recent report by FMI, the global gaming gadgets market was valued at USD 71,305.3 million in 2022 and is projected to reach USD 156,774.9 million by 2032. From 2022 to 2032, the market is expected to grow at a compound annual growth rate (CAGR) of 8.2%. Notably, Wii devices are anticipated to grow at an accelerated CAGR of 10.8% during this period.
Active gamers all over the world have an abundance of gaming products to choose from. They are also showing a willingness to spend money on high-end items. As a result of frequent technological innovations such as augmented reality (AR) and virtual reality, the gaming gadgets market is expanding (VR). Future Market Insights (FMI) predicts that the market may grow at a 3.8% year on year.
A surge in gaming-related content creators, such as live streamers, let’s players, and competitive e-sports players, has resulted in gaming becoming a large-scale media 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 surrounding these devices.
Many competitive e-sports organisations have emerged in recent years, organising and competing in e-sports competitions for games such as League of Legends, Dota 2, TFT, and Heathstone. These competitions necessitate a large number of gaming devices, the sales of which are helping to boost the market.
Newer market innovations are critical to propelling the market forward. The release of the Steam Deck, a portable gaming console that provides PC-like performance and can also be used as a PC, is paving the way for further advancements in the gaming device market.
Key Takeaways
- The U.S. market is expected to grow at a 6.3% CAGR during the forecast period.
- The Japan market is expected to grow at a 9.6% CAGR during the forecast period.
- The India market is expected to grow at a 14.1% CAGR during the forecast period.
- With 46.3% of the gaming gadgets market, PlayStation is the market leader in the gadget type segment.
- Home consoles accounted for roughly one-third of global gaming gadget sales and are expected to grow the fastest, at 7.1% CAGR.
- Multi-brand store-based retailing continues to dominate the sales channel segment, accounting for a sizable 28.2% gaming gadgets market share.
- The convenience provided by online platforms is expected to drive gaming gadgets market growth in the sales channel segment at a CAGR of 17.2%.
- Gamers under the age of 20 accounts for a sizable gaming gadgets market share 53.9% of all devices.
- The use of gaming devices in the home is expected to account for a sizable 70.0% gaming gadgets market share.
- The gadgets for beginners account for 53% of the gaming gadgets market.
- During the forecast period, the professional category is expected to grow at a faster rate, with a CAGR of 12.9%.
Recent Development:
Launch:
- Samsung launched the Odessey Neo G9 gaming monitor with quantum mini-LED technology for HDR applications in July 2021.
- MSI launched its GP Leopard, Pulse GL, and Katana GF gaming laptops with 11th Gen Intel Core H-series CPUs 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, to be available sometime 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 new features of the PS5’s DualSense pad.
- Amazon launches Luna, a cloud gaming platform, in October 2020. In line with this, Amazon also announced its own Alexa-enabled Luna Controller, which may cost USD 49.99 during the early access period. It has a multi-antenna design that prioritises uninterrupted Wi-Fi for lower latency gaming. When playing Luna Controller with Cloud Direct vs.
Key Players
- Nintendo Co., Ltd
- Sony Corporation
- Microsoft Corporation
- Atari, Inc.
- Hyperkin, Inc.
- Razer Inc.
- NVIDIA Corporation
- SEGA of America, Inc.
- Valve Corp.
- Dell Technologies Inc.
- Mad Catz Global Ltd.
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Key Segments
By Gadgets Type:
- PlayStation
- Xbox
- Wii
- Others
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:
- Residential/Households
- Commercial
By End User:
- Beginners
- Intermediates
- Professional
By Sales Channel:
- Direct Sales
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Online Retailers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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