According to a recent report by Future Market Insights (FMI), the gaming gadget market is expected to surpass a valuation of US$ 145 Bn at a CAGR of over 8.2% through 2031.
The introduction of virtual reality (VR) has significantly reshaped gaming experience in recent years. Some of the leading companies in the gaming gadget market are stressing on an immersive experience. 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.
With investments aimed towards technology and product launches with value-added services, the demand for gaming gadgets is expected to grow rapidly during the forecast period. Brands are extensively focused on leveraging their brand position through enhancing retail penetration.
Brands are actively collaborating with local and regional online retailers to ensure product accessibility in both developed and developing countries. Sega of America, Inc. is one such company with significant local and regional online penetration. These trends are expected to fuel growth in the market.
One trend that is propelling the gaming gadgets market is the rise of eSports. Rising viewership and increasing interest towards e-sports has unlocked new opportunities for gaming gadgets in countries other than China including 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.
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Impact of COVID-19 on the Market
The outbreak of the novel coronavirus has resulted in an economic downswing by causing disruptions in the business operations in various sectors. The retail industry has been hit hard. A reduction in overall discretionary spending levels, is posing a temporary challenge for players operating in the market.
These issues were offset by strong year-over-year revenue growth as consumers were subject to shelter-in-place restrictions. Limits on varied forms of entertainment and social interaction is expected to keep the demand for gadgets afloat in the coming months.
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.
Get More Valuable Insights
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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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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