The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the global gaming peripheral market from US$ 4,895.7 Mn in 2021 to US$ 8,690 Mn by 2027. The market is estimated to register a CAGR of 10% during the forecast period 2022-2027. In terms of volume, the market is projected register a CAGR of 9.4% during the forecast period. Gaming peripherals are external devices that are specifically designed to play video games on phones, computers, or consoles. There are numerous types of gaming peripheral devices such as gaming headsets, gamepads, joysticks, keyboards, mouses, and virtual reality devices. These peripherals help in enhancing the gaming experience while playing several video games. About a third of the global population is an active video gamer and is likely to grow in the future, which will augment the demand for gaming peripherals.
Market Dynamics
Drivers:
The growing impetus of the Global Gaming Peripheral Market is attributed to growing popularity of e-sports or virtual gaming around the world and increased investments pooling in gaming peripheral and e-sports. The growing popularity of e-sports and various gaming tournaments such as League of Legends World Championship, PUBG Global Championship, and Call of Duty World League (CWL) are driving demand for advanced peripherals, which help gamers to improve their gaming skills. Thus, the constant growth in the popularity of e-sports and virtual gaming has led to the significant development of special gaming peripherals, particularly keyboards and gamepads, which can customize and deliver better experience to the user. Furthermore, the technological evolution of hardware took place across a specialized set of gaming hardware, including processors, input devices, audio systems, monitors, streaming equipment, mobile phones, and more. The hardware growth has improved the total gaming experience and taken it to the next level for making gameplay more engaging among players. In addition, the growth of the market for gaming peripherals is further accelerated by the increased investments by key players in the field of e-sports and advanced gaming peripherals coupled with the growing purchasing power of gamers to use such devices, particularly in emerging markets.
Restraints
Higher initial cost, lack of standardization concerning gaming peripherals, and increased availability of counterfeit products are likely to restrict the market growth of the gaming peripheral market globally. Consumers with a lack of awareness about the brand and quality usually opt for products offering similar features at a considerably low price. The increasing demand of these counterfeit products, owing to their low prices, especially in emerging countries such as China, Indonesia, and Taiwan, is expected to hamper the growth.
Opportunities
Over the past few years, virtual reality (VR) and augmented reality (AR) has gained wide popularity in the field of gaming. Also, many gaming companies have conducted trials to incorporate virtual reality and augmented reality as these technologies are poised to grant gamers a fully immersive gaming experience. Hence, gaming peripherals manufacturers are also keen to implement such technology in their devices, which is set to gain immense popularity, and are often predicted to take over gaming market by 2027.
Regional Analysis
North America holds the major share in the Global Gaming Peripheral Market
North America is projected to have the largest hold in 2021. The United States majorly contributes to the market growth in the region. This is owing to the large-scale investments for video gaming and e-sports coupled with the availability of custom-made devices and the production of good content in the North American gaming peripheral market. Moreover, the rising preference for improving personalized gaming experience, and higher concentration of the market players are expected to drive the market growth in the region.
Europe held around 30% of the Global Gaming Peripheral Market share in 2021
Europe gaming peripheral market holds a significant share of more than 30% in the global gaming peripheral market in 2021. Based on the platform, the gaming console segment contributed the major share in Europe market. Where the gaming console in Europe is also growing at the fastest CAGR during the forecast period.
Asia Pacific has the fastest CAGR during the forecast period
Asia Pacific is anticipated to register significant growth over the forecast period, owing to expanding gaming market in countries such as China, India, Japan, and South Korea. The increasing number of gaming competitions organized by various vendors in the region to advertise their gaming peripherals is further anticipated to drive growth. For instance, in September 2019, Acer Inc. and its gaming laptops and peripherals brand Predator organized Asia Pacific Predator League. On the basis of distribution channel, online holds the major share of 58% in Asia-Pacific gaming peripheral market in 2021.
Wired connectivity segment contributed the major share in Middle East & Africa Gaming Peripheral Market
In terms of connectivity, wired connectivity segment contributed the major share in Middle East & Africa (MEA) Gaming Peripheral market, however, the wireless is projected to grow at the fastest CAGR during the forecast period. Factors such as the use of high-end, flash memory, and DVD drives are still prevalent in the industry. In addition, the industry witnessed a high demand for wired devices especially among youths based on preference. Other factors such as low cost and low maintenance also trigger the demand for gaming peripherals in MEA.
Brazil leads the South American Gaming Peripheral Market
Brazil holds 47% of the South America gaming peripheral market share in 2021 and is estimated to have the fastest CAGR during the forecast period. Individuals holds the major share in South America gaming peripheral market, whereas the enterprise end-user is projected to grow at the fastest CAGR during the forecast period.
Competitive Insight
The key players in the Global Gaming Peripheral Market are Alienware, Corsair Components, Inc., Logitech International S.A, Razer, Inc., Sennheiser Electronic GmbH & Co. KG, HyperX, Anker Innovations Limited, Guillemot Corporation S.A, and SteelSeries among others.
Segmentation Overview
Following are the different segments of the Global Gaming Peripheral Market
By Device
By Platform
By Connectivity
By Distribution Channel
By End User
By Region
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