Gaming Gadgets Market 2021 Outlook, Current and Future Industry Landscape Analysis 2031

The introduction of virtual reality (VR) has significantly reshaped gaming experience in recent years. Some of the leading companies in the gaming gadget market are stressing on an immersive experience.

According to a recent report by Future Market Insights (FMI), the gaming gadget market is expected to surpass a valuation of US$ 145 Bn at a CAGR of over 8% through 2031.

Innovations in technology including graphic quality, VR, AR and processing power coupled miniaturization of devices have played key roles in the electronics and smart gadgets industry. Sega in 2020 announced the miniature Game Gear Micro, a palm-sized device that comes in four colors.

With investments aimed towards technology and product launches with value-added services, the demand for gaming gadgets is expected to grow rapidly during the forecast period. Brands are extensively focused on leveraging their brand position through enhancing retail penetration.

Brands are actively collaborating with local and regional online retailers to ensure product accessibility in both developed and developing countries. Sega of America, Inc. is one such company with significant local and regional online penetration. These trends are expected to fuel growth in the market.

One trend that is propelling the gaming gadgets market is the rise of eSports. Rising viewership and increasing interest towards e-sports has unlocked new opportunities for gaming gadgets in countries other than China including Vietnam, Malaysia, and Indonesia.

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2021-2031 Gaming Gadgets Market Outlook in Comparison to Sales Registered in 2016-2020

Innovations in software and hardware and the proliferation of advanced technologies are expected to be key factors driving growth. FMI has forecast the gaming gadgets market to rise at 8.2% CAGR between 2021 and 2031 in comparison to the 7.4% CAGR registered during 2016-2020.

Easier availability and accessibility of games on the Internet along with the increasing number of Internet services are expected to keep the growth prospects positive in the coming years. Game developers are also constantly improving and pushing technological boundaries regarding real-time rendering of graphics, which will emerge as a major contributor.

The growing trend of social media gaming is anticipated to have a positive impact on the market. A large section of the global population uses social networking sites such Reddit and Facebook for gaming.

Gaming genres including action, role play, simulation and strategy are anticipated to attract customers. The rising popularity of e-sport tournaments and the growing number of professional gamers is expected to drive sales.

Moreover, the transition from physical games to online games has prompted players to focus on hardware efficiency and compatibility. MMO, Free2Play, and multiplayer games have gained popularity, a change that is projected to continue over the coming years.

The rising levels of discretionary income has augmented consumer spending on gaming products. Changing consumer preferences have led to the widespread adoption of advanced gaming consoles equipped with sophisticated features such as record and share and cross-platform gameplay.

Key Takeaways from the Gaming Gadgets Market Study

• PlayStation products are expected to hold a noteworthy revenue share of 46.7% in 2021 aided by frequent technical and system updates.
• Home consoles dominate the market with a wider scope of gaming options from players like Nintendo, Sony, and Microsoft.
• The U.S. holds a noteworthy value share of 79.4% in North America owing to the rapid upsurge in the number of active gamers in recent years.
• Thailand is a key market in South Asia reflecting a CAGR of 18.4% owing to higher spending on premium products in thecountry.
• China showcases major opportunities for the gaming industry owing to a larger consumer population with increased spending on gaming content and hardware.

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Impact of COVID-19 on the Market

The outbreak of the novel coronavirus has resulted in an economic downswing by causing disruptions in the business operations in various sectors. The retail industry has been hit hard. A reduction in overall discretionary spending levels, is posing a temporary challenge for players operating in the market.

These issues were offset by strong year-over-year revenue growth as consumers were subject to shelter-in-place restrictions. Limits on varied forms of entertainment and social interaction is expected to keep the demand for gadgets afloat in the coming months.

In light of this situation, players are now focused on improving online penetration, as this provides an opportunity to the players to access a wider consumer base at once within minimum costs.

 Who is winning?

Leading manufacturers of gaming gadgets are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of gaming gadgets globally.

Major 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., and Mad Catz Global Ltd. among others.