Gaming accessories market worth the revenue of around US$7 Bn (2021) is proliferating at a noteworthy rate recently. The ballooning virtual reality (VR) technology will act as one of the most significant growth influencers for gaming accessories market.
Rocketing Sales of Home Consoles to Fuel Growth of Gaming Accessories Market
Game enthusiasts spend many a day/night sitting at their desk gaming and having the time of their life. Not only will they have invested plenty of money into PC/games console but will likely also have invested heavily in their gaming setup, a setup consisting of interesting gaming desk accessories, such as ergonomic gaming chair, standing gaming desk, gaming monitors, monitor stand, USB hub, phone charging station, wire organiser, desk lamp, ergonomic mousepad, desk air purifier, headphones, webcam, LED lighting, microphone and stand, gaming mouse, and keyboard. Global gaming accessories market will expand over the forecast period on account of the mounting demand for gaming consoles at households.
Introduction of new video games with demanding graphic specifications is propelling the industry. The move from console gaming to on-demand visual entertainment has already started. Microsoft revealed that Xbox Series X would be released (the successor of its range-topping Xbox One X gaming console). In addition to offering a 4K gaming experience at up to an astounding 120 frames per second, support for gameplay with variable refresh rate, and compatibility with 8K monitors, it will be far more potent in terms of hardware. In terms of innovation, the NEOGEO Arcade Stick Pro, released in September 2019, combined a gaming console and controller into a single unit. The controller also included start/select buttons, a turbo switch, and HDMI and USB connectors.
Further, the gaming accessories market is characterised and numerous product launches, intensifying manufacturer competition and offering gamers a wide range of options. To improve the gaming experience for players, firms are putting a lot of effort into providing RGB lighting on gaming keyboards. Virtual reality (VR) tools assist in creating more realistic, and immersive gaming environments for today's tech-obsessed gamers by blurring the barriers between the fiction, and reality. The future of Oculus in the US is cordless, standalone headgear that functions like game consoles. Unlike the Oculus Quest, primarily focused on gaming, this standalone Quest VR headset contains 80% media, and 20% game content.
Gaming Accessories Market Rises High as Boom Around Online Gaming Grows Denser
The controller is expected to be the fastest-growing segment of the gaming accessories market over the forecast period. The market for controllers is growing due to the increased demand for online games. The need for VR gaming accessories is anticipated to benefit from the growing importance and widening adoption of VR technology in the gaming industry, and the rising use of smartphones to improve the VR experience. The market for VR gaming equipment is thus expanding rapidly with soaring demand for electronic games, and broadening popularity of VR. The need for VR gaming accessories is also positively impacted by consumers' increasing disposable income.
Asia Pacific’s Gaming Accessories Market Reaps the Benefit from the Mushrooming Gaming Hub Culture
Asia Pacific is the largest consumer region for gaming accessories market and will also exhibit the fastest growth rate throughout the forecast period. The top gaming hubs of the world include China, Australia, Japan, and South Korea, which are thought to account for more than 40% of yearly gaming industry profits. Additionally, there will be 250 million mobile internet gamers in Southeast Asia by 2021. The six most essential nations in Southeast Asia for mobile gaming are Indonesia, Malaysia, Thailand, Vietnam, Singapore, and the Philippines. The growth of e-sports segment is a trend that has also been boosting the gaming sector in the region. Growing popularity of e-sports, and viewership in nations other than China, such as Indonesia, Vietnam, and Malaysia have created new opportunistic prospects for gaming accessories market. The popularity of e-sports is driving demand for console video games, which will continue to expand in future.
VR gaming accessories market is anticipated to benefit from the growing importance of virtual reality technology in the gaming industry, and the rising use of smartphones to improve the VR experience. Adoption of mobile-based headsets is rising as they do not require any cords to be connected to the gaming consoles and offer a continuous gaming experience. VR gaming accessories market is thus expanding rapidly. Additionally, several new platforms are being developed that are further likely to boost the growth of market across Asia Pacific by increasing the availability of local content.
Further, the industry is anticipated to grow as more 5G connections are deployed nationwide. For instance, Qualcomm Technologies and ZTE announced a joint demonstration of cloud gaming powered by 5G on a live 5G network in June 2019. Due to the release of new games and an increase in gamers, such changes will accelerate the growth of gaming accessories in the area. VR gaming is a very profitable industry that offers market participants many chances to grow their clientele. Companies need to concentrate on releasing cutting-edge mobile headsets, and other VR gaming accessories to stay ahead of competitors in this fiercely competitive market to fully harness the countless potential given by the worldwide VR gaming accessories market across Asia Pacific.
Global Gaming Accessories Market: Competitive Landscape
Microsoft Corporation announced the availability of Pulse red wireless controllers in January 2021. These controllers may be used with an Xbox console, PC, or Android device without going through the setup process each time. On the other hand, In February 2020, Logitech G, a brand of Logitech and Herman Miller, announced cooperation exclusively for developing the next generation of high-performance gaming furniture. Together, the two businesses will be able to meet the demands of esports competitors, players, and streams because they both bring years of design and technical experience to the table.
A few of the players in the gaming accessories market include CST Industries, Inc. (US), McDermott International Inc. (US), Containment Solutions Inc. (US), DN Tanks (US), Caldwell Tanks (US), Balmoral Tanks Limited (UK), and Synalloy Corporation (US).
Global Gaming Accessories Market is Segmented as Below:
By Device Type
By Connectivity type
By End Use
Key Elements Included In The Study: Global Gaming Accessories Market
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