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.
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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.
“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
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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.
Some of the prominent players operating in the gaming gadgets market profiled by FMI are:
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:
By Product Type:
By Age Group:
By End Use:
By End User:
By Sales Channel:
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Key Questions Covered in the Gaming Gadgets Sales Outlook Report
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