Gaming Gadgets Market By Gadgets Type(PlayStation, Xbox, Wii), Product Type(Handheld Consoles, Home Consoles), End Use(Beginners, Intermediates, Professional), & Region - Forecast 2021 - 2031
Gaming Gadgets Market - Analysis, Outlook, Growth, Trends, Forecasts
- August 2021
- 300 pages
- Consumer Product
Gaming Gadgets Market Snapshot
As per the FMI analysis, the gaming gadgets market size will surpass US$ 66.3 Bn in 2021. Between 2021 and 2031, the market is expected to exhibit compound annual growth rate (CAGR) of 8.2%. Wii gadgets are set to reflect a positive growth trajectory with an above average CAGR of 10.8% through the assessment period.
Active gamers around the world are spoilt with choice in terms of gaming products. They also are showcasing willingness to spend on premium products. Frequent technology innovations such as augmented reality (AR) and virtual reality (VR) are contributing towards growth of the gaming gadgets market. Future Market Insights (FMI) has forecast the market to register a year-on-year growth rate of 3.8% in 2021.
Key Points Covered in the Gaming Gadgets Market Report
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on Gaming Gadgets Market and how to navigate
- Recommendation on key winning strategies
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.
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How is Motion Gaming Influencing Product Development?
Technological advancements have caused a spurt in the availability of online video gaming. Professionals in eSports are required to endure long display times, possess a fast eye, quick reflexes, and nimble fingers. The eSport industry has become popular due to easy accessibility.
Further, motion gaming ensures that on-screen actions correspond to broad gestures, actions, or voice commands which require specialized controllers. Brands such as Sega Genesis, have tried to make motion gaming work but achieved less than moderate success.
Microsoft, however, found a different approach through the Kinect add-on for Xbox 360, using a camera that traced the gamer’s movement and translated the same into on-screen motion. These products are likely to create a lot of traction positively impacting such products.
What is the Impact of the COVID-19 Crisis on the Gaming Market?
Covid-19 has affected the global economy adversely, with manufacturing plants being hit hard. The global and regional supply chain as well as imports and exports were halted with sudden restrictions affecting operations in the gaming gadget industry.
However, the gaming gadgets sector is expected to witness significant growth through 2021 and beyond. Governments around the world have mandated home quarantine to prevent the spread of COVID-19. Companies are seeing an upsurge in the number of users and the number of hours spent on online games.
COVID-19 has accelerated the shift in e-commerce. Social distancing has led to an increase in online ordering and supported new models like click and collect, and third-party delivery. As a result, this trend drives market players towards digital platforms. This change has reshaped and revolutionized the gaming gadget market.
How is the Gaming Gadgets Market Faring in China?
East Asia is predicted to be one of the most attractive markets during the forecast period, according to Future Market Insights. China is expected to account for over 52.6% of market share in East Asia through 2021.
The ever-increasing penetration of smartphones and the rising demand for entertainment in China is a key factor driving regional growth. The growing number of online gamers and online tournaments in East Asia are encouraging vendors to launch various platforms that allow gamers to access AAA rated games.
With the inauguration and growing popularity of eSports in the country, China is likely to become the second-largest Esports market after the U.S. China has now even established a dedicated Esports town in Hangzhou to develop the next generation of competitive gaming talent. As a result, proliferation in the demand for online gaming has augmented demand for gaming gadgets in the market.
How are U.S. Millennials Driving the Sales of Gaming Gadgets?
The U.S. is expected to account for over 79.4% of market share in North America through 2021 owing to easy access to the latest technologies along with the increase in the affordability and higher levels of discretionary income. Free to play and mobile games are fueling market growth in the region.
The gaming industry here is continuously evolving in line with the latest technologies such as augmented reality and virtual reality, to capture the attention and imagination of gamers across the globe. Moreover, with the advent of cloud gaming, rising internet penetration and adoption of gaming platforms will create a conducive environment for growth.
Why is the Demand for Gaming Gadgets Increasing in India?
In 2021, India will account for over 31.2% market share in South Asia. As gaming grows, the Indian government is expected to play an active role in facilitating and regulating the industry.
India is emerging as a popular outsourcing destination for global gaming companies due to high availability of skilled game developers and the rapid boom in the country's gaming market.
Growth in the Internet and smart homes, improved digital payment infrastructure, advancement in technologies, increasing income levels, upgrades to the ecosystem with 4G networks, and game preferences are the primary reasons for this popularity.
Digital gaming encompasses a variety of genres via mobile, computer and console devices. Currently, the Indian gaming industry is witnessing a paradigm shift from mobile gaming to console gaming owing to improvements of wireless connectivity in the country paving the way for gaming gadget sales.
Why is the Demand for PlayStation Gadgets Key to Revenue Generation?
PlayStation and Xbox account for a significant share in the market. However, PlayStation holds the lead, accounting for 46.3% of the market in 2021. Frequent technical and system updates have attracted a larger pool of gaming enthusiasts towards this brand.
Home Consoles to Remain Top-Selling Category
Home consoles accounted for around 3/4th of global gaming gadgets sales in 2021, and are expected to exhibit fastest growth, registering a CAGR of more than 7.1% over the forecast period. Home consoles are easily connected to display devices, including televisions, and an external power source to play video games.
Most consoles have included customized components to maximize space and reduced power consumption to provide the best performance for gaming, while lowering costs with reduced storage and memory configurations.
However, handheld consoles are expected to register significant growth during the forecast period with superior portability and lower cost.
Why are Online Sales Preferred by Gamers?
In terms of sales channels, multi-brand store-based retailing is still prominent, accounting for a notable share of 28.2% in 2021. This enables customers to compare and choose between a wide range of available products, which in turn has increased the footfall in these shops.
The convenience offered by online platforms is likely to add impetus to the market’s growth reflecting a CAGR of 17.2%. COVID-19 lockdowns have further promoted the use of e-commerce websites due to the closure of retail stores. Players in the market have taken this opportunity to strengthen their presence through online channels amidst the pandemic.
Which Age Group of Gamers is Key to Sales?
Gamers below 20 years account for a notable share of 53.9% as compared to other devices in 2020. Gen Z is a critical demographic that has largely influenced industry trends. Gen Z are now actively taking up video gaming for entertainment and fun.
Many young gamers are building social connections through games. This demographic is likely to spend more on gaming gadgets, which is likely to have a positive impact on sales.
How are Residential Applications Aiding Demand?
Residential use of gaming gadgets is expected to account for a notable share of 70.0% by the end of 2021. The rising trend of connected homes is supporting the penetration of gaming gadgets globally.
Moreover, the income level of the global population is rising which allows them to spend more on housing and equip their homes with new technological goods at a faster pace including immersive gaming devices.
Which End Users Holds Major Revenue Share?
Gadgets for beginners account for a notable share of over 53% owing to widespread interest in casual entertainment. However, the professional category is expected to register higher growth a significant CAGR of 12.9% during the forecast period.
Companies operating in the gaming gadgets market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product portfolio to address the demand of an expanding pool of consumers.
- In Jul 2021, Samsung launched the Odessey Neo G9 gaming monitor integrated with quantum mini-LED technology for HDR applications.
- MSI launched its series of GP Leopard, Pulse GL, and Katana GF gaming laptops with 11th Gen Intel Core H-series CPUs for consumers in India.
- In January 2021, Microsoft Corporation announced the launch of Pulse Red wireless controllers that can run on multiple devices to switch between Xbox consoles, PCs and Android devices without having to repeat the setup process every time.
Scope of Report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Gadget Type, Product Type, Age Group, End Use, End User, Sales Channel, and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Market by Category
By Gadgets Type:
By Product Type:
- Handheld Consoles
- Home Consoles
By Age Group:
- Below 20 Years
- 21-35 years
- 36-50 Years
- 51 Years and Above
By End Use:
By End User:
By Sales Channel:
- Direct Sales
- Specialty Stores
- Multi-brand Stores
- Independent Small Stores
- Online Retailers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)