New York, US, July 08, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Gaming Accessories Market information by Product, by Device Type, by End-Use and Region – forecast to 2027” the market was valued at USD 2.14 Billion in 2018 and is expected to reach USD 4.04 Billion by 2025 at a compound annual growth rate of 9.68%
Gaming Accessories Market Scope:
The gaming accessories market is constantly growing, witnessing vast demand. 2020 was a game-changing year for the online gaming & gambling market. Online casino betting was legalized in most parts of the world, the US being the major one. Besides, government support for opening up the online gaming industry and reducing federal restrictions allows the gaming accessories market to garner significant revenues. With more legal breakthroughs expected in 2021 and beyond, the market is expected to garner massive momentum in the years to come.
Players like Bragg Gaming, Union Gaming Group, and others are seeing new opportunities to foster their global footprints markets that could mean big things. This also means that gaming accessories markets worldwide would garner significant traction further years ahead. Besides, advances in gaming technologies are expected to foster the global gaming accessories market size.
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Dominant Key Players on Gaming Accessories Market Covered Are:
Logitech International SA (Switzerland)
Razer Inc. (US)
Turtle Beach (US)
Mad Catz (US)
Cooler Master (China)
SADES Technological Corporation (China)
Google Inc. (US)
Nintendo Co. Ltd (Japan)
HP Inc. (US)
Oculus VR LLC (US)
Xiaomi Corporation (China)
AsusTek Computer Inc. (Taiwan)
Dell Inc. (US)
Acer Inc. (Taiwan)
Sony Corporation (Japan)
Nvidia Corporation (US)
Browse In-depth Market Research Report (111 Pages) on Gaming Accessories Industry:
Market USP exclusively encompassed:
Rising Numbers of Gamers & Online Gaming Platforms Upend Market Revenues
Rapid improvements in networking technologies and mobile apps are projected to increase the gaming accessories market size, registering a significant growth in revenues and user screen time. Moreover, the increasing adoption of smartphones and vast developments in technologies such as virtual reality (VR) and artificial intelligence (AI) are major trends accelerating the demand for gaming accessories.
Rising popularity of competitive games and increasing numbers of gamers drive the market. The 5G technology has marked a new beginning in the connectivity landscape and transformed the gaming industry. Countries worldwide are investing heavily in 5G technology to gain broader microeconomic advantages.
Besides, extensive uptake of online games in the education and media & advertisement sectors has allowed the market to perceive high growth in recent years. The rising uptake of cloud gaming in casinos and increasing numbers of gaming zones influence the market value. The wide range of uses in both commercial and personal uses impacts the cloud gaming market share.
Prohibitive Cost is a Major Headwind
On the other hand, high costs of gaming PCs and accessories, such as DPI mouse, anti-ghost switches, and others, restrict the market growth. Also, in some countries, specific gaming sites are banned, which can pose challenges to the growth of the gaming accessories market.
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Segmentation of Market covered in the research:
The gaming accessories market is segmented into products, device types, end-users, and regions. The product segment is sub-segmented into gamepads, keyboards, mice, headsets, surfaces, controllers/ joysticks, virtual reality (VR) devices, cooling fans, web cameras, and others.
The device type segment is sub-segmented into PC (desktop and laptop), smartphones, gaming consoles, and others. In addition, the end-user segment is sub-segmented into casual gaming and professional gaming. The region segment is sub-segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
North America dominates the global gaming accessories market. The presence of a large number of gaming accessories providers, such as Alienware, Razer Inc., Turtle Beach, Mad Catz, and Corsair, drives the growth of the market in the region. Also, various registered online gaming tournaments create significant demand for state-of-the-art devices to operate efficiently.
The gaming community is a rapidly growing entertainment industry in the US. This has encouraged the sales of the latest gaming peripherals, contributing to the gaming accessories market shares in North America. Besides, increased demand for gaming accessories and improved Internet connectivity with high reliability boost the market size in this region.
COVID-19 Impact on the Global Gaming Accessories Market
The onset of COVID-19 boosted the already booming gaming accessories industry, increasing public interest in online gaming. The pandemic and lockdown mandates worldwide allowed people more free time to involve in gaming and leisure activities. Besides, social distancing mandates are increasing the uptake of gaming accessories.
Also, increased uses of various cloud gaming services allowing the gaming accessories market to witness a constant uptick over the past few months. Additionally, increasing investments are seen by industry players to foster R&D activities offer significant market opportunities.
Impact of COVID-19 on the Gaming Accessories Market:
The gaming accessories market is expected to witness significant product launches and several strategic approaches, such as collaboration, expansion, mergers & acquisitions, and product launches. Major industry players make substantial strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on July 01, 2021, Bragg Gaming Group (Canada), a leading global provider of B2B iGaming technology & contents, announced the acquisition of Wild Streak Gaming (the US), a game studio specializing in casino slot game design.
The acquisition would enable Bragg to advance its acquisition strategy by increasing its ability to develop and distribute online casino content to the US market. This includes advanced game mechanics, mathematic works, game designs, and tailored features for US markets.
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