Increasing Smartphone Ownership Rate Steering Gaming Gadgets Uptake, FMI Projects Demand to Surpass US$ 66.3 Bn in 2021 - Future Market Insights
DUBAI, UAE, Aug. 17, 2021 /PRNewswire/ -- ESOMAR-certified market research firm Future Market Insights (FMI) in its latest analysis forecasts that the global gaming gadgets market will expand at an impressive compound annual growth rate (CAGR) of 8.2% between 2021 and 2031.
Increasing adoption of smartphones and integration of novel technologies such as virtual reality (VR) and artificial intelligence (AI) are the factors driving gaming gadget market. Owing to the growing popularity of online gaming, the market is set to register a year-on-year (YoY) growth of 3.8% in 2021, surpassing a valuation of US$ 66.3 Bn by 2021 end.
Rising popularity of video games among youngsters along with advent of advanced platforms supporting interactive gaming is positively impacting the demand.
Gaming as profession and the rising popularity of e-sport tournaments will bode well for the market. Opportunities will surge as well in response to the rising number of professional gamers.
Increase in online gaming tournaments is encouraging gamers to purchase the latest state-of-the-art devices. In response to this, portable gaming devices are gaining traction.
Development of exciting games has a profound impact on gaming gadgets market. For instance, with the release of PUBG mobile in 2017, the gaming gadgets market witnessed a considerable surge in demand.
The advent of virtual reality (VR) has completely revolutionized the gaming industry across the globe. It has helped in the creation of more realistic and immersive gaming applications for today's tech-savvy gamers by reducing the boundaries between fantasy and reality.
As per FMI, home consoles will remains the top-selling category, accounting for around 3/4th of the global gadgets sales in 2021.
East Asia will continue to dominate the gaming gadget market. This can be attributable to the ever-increasing penetration of smartphones along with growing number of online gamers and tournaments.
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"Emergence of 5G, advancements in gaming technology, and adoption of cloud gaming will enable the market to grow at a swift pace through the course of the forecast period," says the FMI analyst.
Key Takeaways from Global Gaming Gadget Market Survey
- China dominates the gaming gadget market with 52.6% share in East Asia in 2021.
- Owing to the rapid surge in the number of active gamers, the U.S. will account for 79.4% of the market share in North America.
- With 31.2% market share in South Asia, India will continue to offer lucrative growth opportunities for gaming gadget manufacturers.
- PlayStation products are expected to hold a noteworthy revenue share of 46.3% in 2021 aided by frequent technical and system updates.
- Top market players including Nintendo Co., Ltd. and Microsoft Corporation cumulatively account for a 6.5% value share.
Key Drivers
- Growing popularity of video gaming among youngsters is driving the gaming gadget market.
- Introduction of virtual reality and artificial intelligence is bolstering the sales of gaming gadgets.
- Rise in online gaming contests is expected to create lucrative growth opportunities for gaming gadget manufacturers in the future.
Key Restraints
- High cost associated with new gaming gadgets is hampering the growth of gaming gadget market.
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Competitive Landscape
The gaming gadgets market is highly competitive. Key manufacturers operating in the global gaming gadgets market are primarily focusing on improving their portfolio of gaming accessories to gain a competitive edge in the market. They are also adopting various growth strategies such as mergers and collaborations.
- In July 2021, Samsung unveiled world's first mini-LED curved gaming monitor with quantum matrix technology i.e., "Odyssey Neo G9"which has the potential to deliver groundbreaking gaming experience.
- In 2021, Sony Unveiled new VR controllers with adaptive triggers for PlayStation 5. the controllers have an "orb" shaped design which look quite different from current PlayStation move motion controllers.
- In September 2020, Atari, one of the world's most iconic consumer brands and entertainment producers partnered with branded virtual goods company Geer, HotPlay and True Axion Interactive to bring Atari-branded digital products into video games for the first time.
Some of the prominent players operating in the gaming gadgets market profiled by FMI 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.
More Insights on the Global Gaming Gadgets Sales Outlook
FMI provides an unbiased analysis of 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 global demand for gaming gadgets with a detailed segmentation on the basis of:
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)
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Key Questions Covered in the Gaming Gadgets Sales Outlook Report
- The report offers insight into gaming gadgets demand outlook for 2021-2031
- The market study also highlights projected sales growth for gaming gadgets market between 2021 and 2031
- Gaming gadgets market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Gaming gadgets market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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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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