Gaming Gadgets Market Set to Grow at 8.2% CAGR Through 2032

According to FMI, global gaming gadget industry It is expected to be worth 71,305.3 million USD until 2022 and 156,774.9 million USD by 2032. It is estimated that in the years 2022–2032 the market will grow at an average annual rate of 8.2%During the evaluation period, Wii gadgets are expected to grow faster than average CAGR 10.8%.

Over the entire forecast period, the US market is expected to register a 6.3% CAGR. By 2021, the US is expected to maintain over 79.4% market share in North America, driven by increasing affordability and higher levels of discretionary income. The gaming device industry in the region is driven by the popularity of free-to-play and mobile games.

Innovations in technology, including graphics quality, VR, AR and processing power combined with device miniaturization have played a key role in the electronics and smart gadgets industry. Sega in 2020 announced the miniature Game Gear Micro, a palm-sized device available in four colors.

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Declining Points Limiting Growth of the Gaming Gadgets Market

Hardware dealers are driving up the prices of hardware components used in gaming devices, leading to an overall increase in the cost of gaming consoles.
The rising prices of gaming peripherals are an obstacle to the growth of the gaming gadget market.
The gaming industry is considered one of the most expensive due to the costs associated with gaming consoles and their accessories.
While gaming consoles and their accessories have become more cost-effective in recent years, high-quality accessories still remain expensive.
The increasing availability of gaming consoles and accessories has been offset by rising prices caused by hardware speculators, which has affected consumer purchasing decisions.
The long-term negative impact of rising prices on the gaming gadget market underscores the need for action to address the problem of hardware speculation.

Key findings from the gaming gadgets market research

PlayStation products are expected to account for a significant revenue share of 46.7% in 2021 thanks to frequent technical and system updates.
The market is dominated by home consoles, and the range of games is wider and comes from manufacturers such as Nintendo, Sony and Microsoft.
The United States holds a significant share of the North American video gaming market, accounting for 79.4%, driven by the rapid growth in the number of active players in recent years.
Thailand is a key market in South Asia, recording a compound annual growth rate (CAGR) of 18.4% due to higher spending on premium products in the country.
China presents huge opportunities for the gaming industry due to its larger consumer population and increased spending on gaming hardware and content.

Who is winning?

Leading gaming gadget manufacturers are focusing on aggressive promotional strategies, advertisements, and new product launches, which is driving the growth of gaming gadget sales across the globe.

The main players present in the gaming gadgets market are:

Nintendo Co., Ltd
Sony Corporation
Microsoft Corporation
Atari Inc.
Hyperkin Inc.
Razer Inc.
NVIDIA Corporation
SEGA of America Inc.
Valve Corp.
Dell Technologies Inc.
Mad Catz Global Ltd.

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Key Segmentation

By gadget type:

PlayStation
Xbox
Wii
Others

By product type:

Portable consoles
Home consoles

By age group:

Under 20 years old
21-35 years old
36-50 years old
51 years and over

By end use:

Residential/Households
Commercial

By end user:

Beginner
Semi-finished products
Professional

By sales channel:

Direct Selling
Specialty stores
Multi-brand stores
Independent small shops
Online retailers
Others

By region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a large team of ~400 analysts worldwide, FMI provides global, regional and local expertise on various industry domains and trends in over 110 countries.

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