The US market is expected to grow at a 6.3% CAGR during the forecast period. China is expected to account for more than 52.6% of the East Asian gaming gadgets market by 2021. The Indian market is expected to grow at a 14.1% CAGR during the forecast period. India may account for more than 31.2% of the South Asian market.
NEWARK, Del: , Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a latest report by FMI, the global gaming gadgets market has been valued at US$ 71,305.3 Million by 2022, according to FMI and is anticipated to reach US$ 156,774.9 Million by 2032. Between 2022 and 2032, the market is expected to grow at an 8.2% compound annual growth rate (CAGR). During the assessment period, Wii devices are expected to grow at a faster-than-average CAGR of 10.8%.
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.
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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.
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%.
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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.
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.
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 may address the needs of esports athletes, players, and streamers when combined.
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As there are so few global vendors with a large market share, the gaming accessories market is extremely competitive. To remain competitive in the global gaming accessories market, manufacturers are primarily focused on improving their gaming accessory portfolio.
Nintendo Co., Ltd, Sony Corporation, Microsoft Corporation, Atari, Inc., Hyperkin, Inc., Razer Inc., NVIDIA Corporation are among the major players.
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1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.5. FMI Analysis and Recommendations
3.1. Key Trends Impacting the Market
3.1.1. Growing Trend of Professional Gamer Worldwide
3.1.2. Motion Gaming - Revolutionized The Way People Play Games
3.1.3. Global Interest in eSports Grows Explosively
3.1.4. eSports Practically Prints Money
Have a Look at Related Research Reports of Consumer Product Insights
Pet Gadgets Market Size: Pet Gadgets Market: Global Industry Analysis 2015-2019 and Opportunity Assessment 2020-2030
Gaming Laptop Market Share: Gaming Laptop Market by Component, End User & Region - Forecast 2022-2032
Traditional Toys and Games Market Demand: The global traditional toys and games market size is projected to grow at 4% CAGR between 2021 and 2031. As per Future Market Insights (FMI), the sales of traditional toys and games will top US$ 90 Bn in 2021.
U.S. Percussion Massage Gun Market Sale: The U.S. percussion massage gun market size is estimated to be valued at ~US$ 115.0 Mn in 2022 and is projected to reach ~US$ 178.3 Mn by 2032
Hangers Market Type: The global hangers’ market size is expected to be valued at US$ 483.4 Million in 2022.
About Future Market Insights, Inc. :
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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