The global gaming hardware market is forecasted to be valued at USD 36,739.7 million in 2023. During the forecast period spanning from 2023 to 2033, the sales of gaming hardware are projected to experience substantial growth at a CAGR of 4.9%. By 2033, the gaming hardware industry is anticipated to reach an impressive valuation of USD 59,464.4 million.
In forthcoming years, virtual reality headset sales will continue to grow significantly in the commercial sector. Gaming hardware will continue to grow in market share as mobile game applications demand increases. During the historical period from 2018 to 2022, the demand for gaming hardware exhibited a steady growth with a value CAGR of 4%.
Data Points | Key Statistics |
---|---|
Expected Market Value (2023) | USD 36,739.7 million |
Anticipated Forecast Value (2033) | USD 59,464.4 million |
Projected Growth Rate (2023 to 2033) | 4.9% |
Gaming is one of the fastest growing industries in the world, and it is continuing to grow at a staggering pace. The occasional game stands out among the crowd and has millions of players worldwide. Since the beginning of this decade, gaming hardware has experienced an increase in demand. Gaming hardware offers a realistic representation of players and environments during gameplay, which is what attracts consumers and gamers to the gaming industry.
With innovations such as 3D gaming and augmented reality glasses, the concept of gaming hardware is constantly evolving and further enhancing the gaming experience. Gaming hardware demand is expected to grow faster than PC hardware demand over the forecast period, resulting in rapid growth for the global gaming hardware market.
Global gaming hardware sales are expected to gain substantial momentum over the next few years due to these factors. In addition, gaming hardware market is heavily influenced by the residential market. Over the forecast period, residential end-users will demand more gaming hardware. In the coming years, handheld console demand is expected to grow among residential end users.
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The increasing expenditure of gamers on advanced next generation gaming consoles is driving the global gaming hardware market. In addition, the advent of high definition televisions and the rise of premium laptops and PCs with high-quality graphics is another factor contributing to the increase in the demand for gaming hardware.
The trend is expected to be further fueled by the increase in the amount of AAA games that will require high levels of computing power and display capabilities. Global gaming hardware revenues are expected to rise as VR demand increases, as gamers are increasingly inclining towards games with superfast framerates.
Moreover, emerging technologies like the Internet of Things (IoT) and growing internet penetration are creating new interest among gamers in higher end consoles and peripherals. As a large number of gamers remain devoted to PC gaming, regular gaming hardware consoles are becoming more common, as users show a high degree of inclination to technological updates, resulting in continual revenue growth for gaming hardware providers.
Gaming hardware revenues may be negatively affected by the shift of casual gamers to mobile devices and tablets from high-end PCs and consoles. It is however unlikely that the global gaming hardware market will grow due to the high costs connected with gaming hardware, such as virtual reality.
Moreover, both a lack of internet speed and a lack of high-quality graphics systems will hinder the growth of these markets. There is a risk that new technologies and innovations will outdate other products in the market, further posing a threat to the growth of gaming hardware products.
According to Future Market Insights, since North America has high purchasing power and lower barriers to entry for gaming systems, it dominates the gaming hardware market. In 2022, North America held a market share of 26.5%.
A significant number of key players is also expected to drive the growth of the region's gaming hardware market during the projection period. Also, customers in North America are expected to increase their use of high-speed internet and smart devices during the forecast period, which will create opportunities for the gaming hardware market.
Global gaming hardware demand is expected to be dominated by the Asia Pacific, followed by North America and Western Europe. A major factor that drives the market is the growing number of people that are playing video games throughout the region. Games are growing at an accelerated rate in India that can be compared to other sub-sectors of the entertainment industry, including cinema and home entertainment.
It is estimated that India's gaming industry accounted for less than 1% of the global gaming market compared to those of China and the U.S.
PC gaming culture is believed to be the dominant gaming culture in China and South Korea, representing most of the gaming population. A major factor driving the purchase of gaming consoles in the market is the emergence of emerging economies coupled with an increase in disposable income.
Innovation and an increasing number of manufacturers will drive the gaming hardware market in the Asia Pacific in the coming years. As smartphones have become more prevalent, more access to the internet, influencers have reached a wide audience, and the COVID-19 lockdown has contributed to the growth of the gaming industry in India. A combination of all these factors will fuel the growth of the gaming hardware market.
Category | Gaming Platform |
---|---|
Leading Segment | Gaming Hardware in TV |
Market Share | 43.4% |
Category | Product Type |
---|---|
Leading Segment | Gaming Hardware in Consoles |
Market Share | 18.3% |
The gaming industry has witnessed a surge in immersive gaming features as game developers increasingly incorporate them into their creations. As a result, there is a notable rise in the development of game-centric TVs in the market. These TVs offer a compact and portable design, making them a popular choice among gamers over the years. The affordability of gaming hardware has contributed to their growing popularity in the TV market.
With continuous advancements in gaming technology, there is a surging demand for improved TVs that can keep up with the ever-evolving market. The demand for stunning graphics in gaming devices has been a significant driver of this growth, leading to remarkable expansion in the gaming TV market over the past few years. It is evident that TVs have become an integral part of the gaming industry for consumers worldwide, and this trend is expected to persist during the forecast period.
The console segment holds a significant position in the gaming hardware market since these offer dedicated gaming experiences with optimized performance and immersive gameplay. Exclusive titles secured by prominent manufacturers like Sony and Microsoft create a sense of loyalty among players. These well-established brands also enjoy strong recognition, further bolstering their market presence.
Consoles' accessibility, with easy setup and competitive pricing, attracts a broad consumer base, including casual gamers. Additionally, the consoles' multiplayer capabilities foster a thriving gaming community, enhancing the overall gaming experience. The longer product lifecycle of consoles provides stability for developers and ensures players enjoy consistent gaming without frequent hardware upgrades.
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Numerous start-ups offering gaming hardware are showcasing no less than the best in gaming hardware and technology. The start-up companies also provide 3D gaming services and VR gaming hardware devices, among other products, services, and distributions in the market. A market for high-end products is developing in response to the increasing use of artificial intelligence in gaming technologies.
It is crucial that global manufacturers are continuously striving to innovate new gaming hardware products in order to stay competitive in the global gaming hardware market. To market themselves, companies use a variety of strategies, including mergers and acquisitions, expansions, collaborations, and partnerships.
Some of the key participants present in the global gaming hardware market include Sony Corporation, Microsoft Corporation, Apple Inc., Google, HTC Corporation, Nintendo, Linden Research, Inc., Activision Blizzard, Inc., Sega Games Co., Ltd., Oculus VR, LLC, GAMDIAS, Anker Innovations Technology, Redragon and Others.
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 4.9% from 2023 to 2033 |
Market Value in 2023 | USD 36,739.7 million |
Market Value in 2033 | USD 59,464.4 million |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Gaming Platform, Product Type, End-user |
Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
Key Companies Profiled | Sony Corporation; Microsoft Corporation; Apple Inc.; Google; HTC Corporation; Nintendo; Linden Research, Inc.; Activision Blizzard, Inc.; Sega Games Co., Ltd.; Oculus VR, LLC; GAMDIAS; Anker Innovations Technology; Redragon; Others |
The United States, China, and Japan dominate the global gaming hardware market.
The gaming hardware market is forecast to register a CAGR of 4.9% through 2033.
During 2018 to 2022, the market grew at a CAGR of 4%.
Rising popularity of online gaming is disrupting the current market trends.
The global market size to reach USD 59,464.4 million by 2033.
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