According to FMI, the global gaming gadgets industry is predicted to be worth US$ 71,305.3 million by 2022 and US$ 156,774.9 million by 2032. Between 2022 and 2032, the market is estimated to increase at a compound yearly growth rate of 8.2%. During the assessment period, Wii gadgets are predicted to rise at a faster-than-average CAGR of 10.8%.
Throughout the projection period, the US market is expected to experience a 6.3% CAGR. By 2021, the United States is forecasted to hold over 79.4% of the market share in North America, driven by rising affordability and higher levels of discretionary income. The gaming devices industry in the region is propelled by the popularity of free-to-play and mobile games.
Innovations in technology including graphic quality, VR, AR, and processing power coupled miniaturization of devices have played key roles in the electronics and smart gadgets industry. Sega in 2020 announced the miniature Game Gear Micro, a palm-sized device that comes in four colors.
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Dipping Points Limiting the Gaming Gadgets Market Growth
- Hardware scalpers are contributing to a rise in prices for hardware components used in gaming devices, leading to an overall increase in the cost of game consoles.
- The escalating prices of gaming peripherals act as a hindrance to the growth of the gaming gadgets market.
- Gaming is recognized as one of the most expensive industries due to the costs associated with gaming consoles and their accessories.
- While gaming consoles and their accessories have become more cost-effective in recent years, high-end accessories still remain pricey.
- The increased affordability of gaming consoles and accessories has been offset by the rising prices caused by hardware scalpers, impacting consumer purchasing decisions.
- The long-term negative impact of rising prices on the gaming gadgets market highlights the need for measures to address the issue of hardware scalping.
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.
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.
- Mad Catz Global Ltd.
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Key Segmentation
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)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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 ~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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