Gaming Gadgets Market is Predicted to Grow at 8.2% CAGR Through 2032
The gaming gadgets industry is predicted to be worth US$ 71.30 Billion by 2022 and US$ 156.7 Billion by 2032, according to FMI. Between 2022 and 2032, the market is estimated to increase at a compound yearly growth rate of 8.2%.
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.
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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.
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