Increasing interest in gaming and gaming devices, rapid increase in the number of e-sports organizations and content creators, and easier access to gaming devices drive the growth of the global gaming gadgets market.
Allied Market Research has published a report, titled, ” Gaming Gadgets Market by Gadget Type (Console, PCs and Laptops), by End Use (Residential, Commercial), by Age Group (below 20, 21 to 35 , 35 and over), by Distribution Channel (Specialty Stores, Independent Retailers, Online Sales Channels, Other): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global gaming gadgets industry generated $52.70 billion in 2021, and is expected to generate $166.96 billion by 2031, witnessing a CAGR of 12.7% from 2022 to 2031.
Key determinants of growth
Increasing interest in gaming and gaming devices, rapidly increasing number of e-sports organizations and content creators, and easier access to gaming devices are driving the growth of the global gaming gadgets market. However, the integration of newer technologies into these gadgets greatly increases the price of the devices, which may hinder the purchasing decisions of customers, which may limit the growth of the market. In addition, businesses’ inclination towards cost-effective gadgets, strong growth in research & planning, and emerging technology infrastructure are expected to create new opportunities in the coming years.
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The case of Covid-19
The outbreak of the Covid-19 pandemic has had a positive impact on the global gaming gadgets market, due to the increasing interest in gaming and gaming devices among consumers during the lockdown.
However, the global gaming gadgets market has been hampered operationally, economically and socially during the pandemic. The industry remained under immense pressure due to several factors such as supply chain disruption, low human resources, and less production capacity.
However, in the post-pandemic period, the market quickly recovered.
The Commercial segment to maintain its leadership status throughout the forecast period
Based on end-use, the commercial segment held the highest market share in 2021, accounting for more than half of the global gaming gadgets market, and is expected to maintain its leadership status throughout the forecast period. Many content creators and entrepreneurs have come together to create organizations called e-sports orgs dedicated solely to gaming. This has resulted in an increase in the number of people going into the creation of gaming and e-sports content, which has led to an increase in sales of gaming devices. However, the residential segment is expected to show the highest CAGR of 13.3% from 2022 to 2031. The growing interest in building custom PCs for leisure and gaming experiences has led to a major increase in sales of residential gaming devices. personalized.
The 21 to 35 segment to maintain its initial position during the forecast period
Based on age group, the 21 to 35 segment accounted for the largest share in 2021, contributing nearly half of the global gaming gadgets market, and is projected to retain its leading position during the forecast period. Most consumers in the 21 to 35 age group grew up playing video games, and they associate gaming with relaxation and comfort, which helps drive sales of games and gaming gadgets. In addition, due to the higher spending abilities of consumers over the age of 25 to 27, there is more spending on consoles, PCs, or both. Furthermore, the under 20 segment is expected to show the largest CAGR of 14.2% from 2022 to 2031, due to the increasing popularity of gambling among the younger generation.
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Specialty Stores segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the specialty stores segment held the highest market share in 2021, accounting for nearly half of the global gaming gadgets market, and is expected to maintain its leadership status throughout the forecast period. Specialty stores can focus on a specific product range allowing store owners and employees to build expertise and a reputation for knowledge and variety in the store’s chosen specialty, driving the segment. However, the online sales channels segment is expected to show the highest CAGR of 16.8% from 2022 to 2031, owing to increased internet penetration.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global gaming gadgets market and is expected to lead the track in 2031. Moreover, the same region is expected to witness the fastest CAGR of 13.2% from 2022 to 2031. This has been attributed to the market setting the global standard for social features in games, such as in-game communication , friendship or mentoring systems, leaderboards, and player versus player (PvP) modes. The report also analyzes North America, Europe, & LAMEA.
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Key Market Players:-
Corsair
GIGA-BYTE Technology Co., Ltd.
HP Inc.
LENOVO
Microwave
MICROWAVE INT’L CO.
Nintendo
RAZER
Sega
SONY CORPORATION
Dell Technologies Inc.
Acer Inc
ASUSTeK Computers Inc.
Atari, Inc., a valve corporation
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