DUBLIN--(BUSINESS WIRE)--The "Global Gaming Peripheral Market, By Device (Input, Output), By Platform (Gaming Consoles, PC), By Connectivity (Wired, Wireless), By Distribution Channel (Online, Offline), By End User (Individual, Enterprise, Commercial) - Forecast till 2027" report has been added to ResearchAndMarkets.com's offering.
The global gaming peripheral market held a market size of USD 4,541.7 Million in 2020, and the market is expected to reach USD 8,690 Million by 2027. The global gaming peripheral market size by volume accounted for 143.22 Million Units in 2020.
The market for gaming peripheral is anticipated to register a CAGR of 10% over the assessment period.
The surging popularity of e-sports and online gaming acts as a major driver for the gaming peripheral market. The growing developments in technologies such as 5G, 4G, RFID, Wi-Fi, and bluetooth is anticipated to positively impact the market growth.
Further, the growing implementation of the Internet of Things (IoT) in the gaming sector provides suitable conditions for market growth. For instance, first-party Xbox titles such as Forza and Halo are using IoT for enhancing their games. Further, with the rise of the young population in the workforce, the affordability of gaming peripherals has increased which is also expected to catalyze market growth. Further, the growing penetration of smartphones in developing and underdeveloped economies is expected to bolster market growth in the coming years.
Growth Influencers:
The growing popularity of e-sports or virtual gaming around the world
The number of hardcore/casual gamers has increased in recent years. According to the report published by Accenture, globally, there were about 2.7 billion gamers in 2021. In addition, the report also stated that nearly 400 million new gamers are anticipated by 2023. Thus, the growing number of gamers is expected to generate demand for gaming peripherals, thereby boosting the market growth. The increasing popularity of e-sports is expected to provide favorable conditions for market growth.
According to the data published by Roundhill Financial Inc., from 2012 to 2018, the viewership of e-sports grew by nearly 195%. Further, well-established sports teams such as VFL Wolfsburg or FC Schalke 04, Cloud9 are engaged in recruiting esports players. In near future, it is predicted that more teams would join e-sports. Further, sponsorship for e-sports is increasing at a considerable rate. For instance, in June 2017, Intel entered into a partnership with the ESL. As per the partnership, all computers utilized for e-sports will be equipped with devices for Intel.
Further, the adoption of virtual gaming has increased significantly. According to the data published by Forbes, there were about 171 million active virtual reality users globally in 2018. Conclusively, the surging popularity of e-sports and virtual gaming is expected to catalyze market growth over the forecast period.
Increased investments pooling in gaming and e-sports
Investments in the online gaming sector are increasing at a considerable rate in several countries. As per the data published by the National Investment Promotion & Facilitation Agency, the Venture Capital (VC) funding for gaming startups in India stood at USD 350 Million in 2014-2020, and it is expected to grow at a CAGR of 22%. Further, Hangzhou, a Chinese city aims to construct 14 e-sports facilities before 2022 and invest nearly USD 2.22 Billion. The increasing investments in online gaming and e-sports are expected to boost the growth of the global gaming peripheral market.
High device cost coupled with increased availability of counterfeit products
The high cost associated with gaming peripherals is anticipated to pose a challenge for the growth of the global gaming peripheral market. In addition, the growing availability and adoption of counterfeit products are expected to negatively affect market growth. The adoption of counterfeit products owing to their low prices is high in countries such as Indonesia, China, and Taiwan. In addition, consumers with less awareness regarding brand and quality generally opt for counterfeit products at low prices.
Regional Overview:
On a regional basis, the global gaming peripheral market is segmented into Europe, North America, Asia Pacific, Middle East & Africa, and South America.
North America dominates the global market with a market share of more than 34% owing to the increasing online gamers population and presence of the largest hardware companies for gaming consoles. Europe accounts for the second-largest market share in the global gaming peripheral market. The market growth in this region is attributed to the popularity of esports and online gaming. E-sports is highly popular in Germany, owing to which many gaming companies are planning to expand their presence in the country. In addition, Germany is considered one of the biggest gaming markets in Europe. Further, the U.K. and France are also lucrative markets for gaming peripherals.
Companies Mentioned
- Alienware
- Anker Innovations Limited
- Cooler Master Technology, Inc.
- Corsair Components, Inc.
- Eastern Times Technology Co., Ltd. (Redragon)
- Gamdias
- Guillemot Corporation S.A
- HyperX
- Kingston Technology Company, Inc.
- Logitech International S.A
- Mad Catz
- Razer, Inc.
- Reddragon
- ROCCAT STUDIOS
- Sades
- Sennheiser Electronic GmbH & Co. KG
- Sharkoon Technologies
- Shenzhen Rapoo Technology Co., Ltd.
- SteelSeries
- Thermaltake Technology Co., Ltd.
- Turtle Beach Corporation
For more information about this report visit https://www.researchandmarkets.com/r/oq2ozx
