Gaming Gadgets Market to Reach $166.96 Billion, Globally,
Increase in interest in games and gaming devices, rapid increase in the number of e-sports organizations and content creators, and easier access to gaming devices are driving the growth of the global gaming equipment 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 (under 20, 21 to 35, 35 and above), by Distribution Channel (Specialty Stores, Independent Retailers, Online Sales Channels, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global gaming equipment industry generated $52.70 billion in 2021, and is expected to generate $166.96 billion by 2031, with a CAGR of 12.7% from 2022 to 2031.
Main determinants of growth
Increase in interest in games 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 equipment market. However, integration of newer technologies into these devices also significantly increases the price of the devices, which may hamper customers’ purchasing decisions and thus limit the market growth. Moreover, enterprise inclination towards cost-effective devices, strong growth in research and planning, and emerging technological infrastructure are expected to provide new opportunities in the coming years.
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Covid-19 Scenario
The outbreak of the Covid-19 pandemic has had a positive impact on the global gaming equipment market, due to the growing interest in games and gaming devices among consumers during the lockdown.
However, the global gaming equipment market has been hampered operationally, economically and socially during the pandemic. The industry remained under great pressure due to various factors such as interruptions in the supply chain, few human resources and less production capacity.
Nevertheless, in the post-pandemic period, the market quickly recovered.
The commercial segment to maintain its leadership status during the forecast period
On the basis of end-use, the commercial segment held the highest market share in 2021, accounting for more than half of the global gaming device market, and is estimated to maintain its leadership status during the forecast period. Various content creators and entrepreneurs have come together to create organizations called eSports organizations dedicated solely to gaming. This has led to an increase in the number of people entering the creation of gaming content and e-sports, which in turn has led to an increase in the sales of gaming devices. However, the residential segment is projected to manifest the highest CAGR of 13.3% from 2022 to 2031. The increasing interest in building custom PCs as a hobby and for personal gaming experiences among consumers is leading to a huge increase in sales for residential gaming devices.
The 21 to 35 segment to maintain its leading position during the forecast period
Based on age group, the 21 to 35 segment accounted for the largest share in 2021, contributing to nearly half of the global gaming equipment market, and is expected to maintain its leading position during the forecast period. Most of the consumers in the age group 21 to 35 have grown up playing video games and are associated with an ease and comfort of gaming, which helps to boost the sales of games and gaming equipment. Furthermore, due to the higher spending power of consumers over the age of 25 to 27, there is a greater spending on consoles, PCs or both. Additionally, the under-20 segment is expected to exhibit the largest CAGR of 14.2% from 2022 to 2031, owing to the rise in popularity of gaming among the younger generations.
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The specialty store segment to maintain its leadership status during the forecast period
On the basis of distribution channel, the specialty store segment held the highest market share in 2021, accounting for nearly half of the global gaming equipment market, and is estimated to maintain its leadership status during the forecast period. Specialty stores can focus on a specific product line, 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 channel segment is expected to manifest the highest CAGR of 16.8% from 2022 to 2031, due 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 equipment market and is expected to lead the way in 2031. Moreover, the same region is expected to witness the fastest CAGR of 13.2% from 2022 to 2031. This is 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 and LAMEA.
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Leading Market Players:-
Corsair
GIGA-BYTE Technology Co., Ltd.
HP Inc.
LENOVO
MICROSOFT
Micro-Star INT’L CO.
Nintendo
RAZER
Sega
SONY CORPORATION
Dell Technologies Inc.
Acer Inc
ASUSTeK Computers Inc.
Atari, Inc, valve corporation
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