Gaming Accessories - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Gaming Accessories - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Gaming Accessories Market size is expected to grow from USD 10.72 billion in the current year to USD 17.91 billion in five years, registering a CAGR of 10.8% during the forecast period.

Increased demand for game accessories, allowing players to achieve the next level of performance, is a result of this growth in gaming. There is a need for speed, precision, and reliability in competitive gaming. Specialized, high-performance gear such as gaming mice, keyboards, and controllers are used by digital athletes in the same way that other sports allow them to perform at their best.

Key Highlights

• The growth in esports adoption has significantly raised the demand for robust game accessories. Special equipment, e.g., Ultraprecise optical sensors in the gaming mouse, significantly shorter actuation distances on keyboard switches, and programmable rear paddle of performance controllers, will meet gamers' requirements for competitive responsiveness.
• For an extended period, gaming involves a lot of movement, keyboarding, and scrolling. Accessories such as gaming mice are developed for prolonged use and are built to improve gaming sessions. The buttons are to be clicked multiple times; the glide pad is designed to decrease friction while being durable, and an antisweat coating has been added.
• In addition, the global market is growing due to increased demand for smartphones and rapidly developing technologies like virtual reality VR and Artificial intelligence. The potential of Augmented Reality has been recognized by top gaming console manufacturers such as Nintendo and Microsoft, who are leading the charge.
• A worldwide shortage of semiconductors has hampered the supply of everyday devices such as mobile phones, video game consoles, and tech-dependent vehicles. This resulted in a delay in plans from major gaming companies and reduced demand for their related accessories following the introduction of these devices on the market.
• With the outbreak of COVID-19 in China, several gaming accessory manufacturers experienced shipping delays due to the lack of manufacturing components and raw materials, as most of the manufacturing plants are in China. Once the existing inventory was sold, the companies needed more product supply.

Gaming Accessories Market Trends

Rise in E-Sports Gaming to Fuel the Demand for Gaming Accessory Equipment to Drive the Market Growth

• E-sports are now driving the world's gaming industry in terms of its market demand, which is currently strong under current market conditions. The export market has been forecast to increase over the next few years.
• It's the millennials who make up most of the audience and players in esports. To this end, eSPORTS publishers target these customers by ensuring the game's user experience and providing it to different platforms such as consoles, PCs, or cell phones.
• In the past years, this massive increase in the esports market has driven significant companies such as Logitech, Razer, and SteelSeries and their products, and this increase in demand could be multiplied by the expected growth of the estimated esports audience worldwide.
• Gamers are more aware of specific brands, so they make more significant considerations in making such a vital decision as purchasing peripherals. The choice of which peripheral brands have similar strategies related to esports, influence on products, and USPs is becoming more difficult for consumers.
• Also, many e-sports outfits and gaming companies offer partnerships and collaborations to increase the marketing and scope of the products. These big gaming companies with games such as Dota, League of Legends, and Fortnite provide massive scope opportunities to these companies as they have revenues and reach unparalleled and in millions.

Asia Pacific to Witness the Highest Growth

• Asia Pacific holds the largest market shares, whereas the highest revenue shares are in Southeast Asia. The world's top gaming hubs are China, Japan, Australia, and South Korea, accounting for more than 40 % of the industry's annual revenues.
• In Asia, China is one of the leading countries that has been adopting technology at an increasing rate. The country is home to one of the fastest internet bands and strong players, like Tencent and NetEase. The main driving factors for gaming in this country are growing esports and constantly innovative practices related to new games and consoles.
• eSports has also become a trend in the region, leading to an increasing market for video games. In other countries besides China, such as Indonesia, Vietnam, Malaysia, etc., new opportunities for gaming accessories have arisen because of increasing viewing rates and a growing trend towards electronic sports. There is also a growth in demand for video games via consoles, which will increase further as esports become more popular.
• Moreover, several new platforms are being created to strengthen the growth of Asia Pacific through increased regional content. Furthermore, the market is projected to continue rising as more and more 5G networks are installed in the country.

Gaming Accessories Industry Overview

The gaming accessories market is highly competitive due to a minimal number of global vendors holding a large share of the market. In the worldwide gaming accessory market, manufacturers will primarily focus on improving their game accessories collection to remain in competition with the market. Sony, Microsoft, and so on are some of the leading players.

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Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support