The global gaming peripherals market is estimated to be valued at $14,396.40 million by 2030, surging from $6,133.50 million in 2021, at a noteworthy CAGR of 9.9%
COVID-19 Impact on Gaming Peripherals Market
The global outbreak of a novel coronavirus pandemic is expected to cause a moderate impact on the gaming peripherals market. Manufacturing operations came to a halt due to labor shortages. This resulted in a significant drop in demand from end-use industries. As people were suddenly forced to stay at home, the supply slowdown impacted the market negatively as peripherals manufacturers faced issue regarding fulfilling the accelerated demand for the peripherals.
Regardless of the COVID-19 Outbreak, it is anticipated that overall demand for gaming peripheral will rise. As consumers sought ways to entertain themselves while spending more time at home, lockdown measures played a role in the growth in PC gaming. While the effects of the COVID-19 pandemic affected nearly every aspect of daily life in 2020, consumers turned to games for entertainment and a way to virtually connect with friends and families. According to the 2021 London Games Festival, software revenue increased by 18% to £4.55 billion, with increases in both digital and physical sales. Consumers outfitted themselves with new consoles, accessories, and upgraded PC game components, driving hardware revenues up +60.8% year on year to £2.26 billion. When several countries around the world imposed partial or total lockdowns to prevent the virus' spread, the request for gaming peripherals increased, as gaming became one of the most popular pastimes during lockdowns. All of these factors are driving the global growth of the gaming peripherals market.
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Global Gaming Peripherals Market Analysis
The interactive entertainment industry is rapidly expanding and constantly innovating new platforms to reach out to gamers all over the world. Gaming peripherals include all devices such as hardware that are used in a gaming system, controllers, gaming mouse & keyboard, cameras, virtual reality headsets, and others. The growing popularity of smartphones has fueled global gaming peripherals market demand in recent years. Furthermore, technologies such as virtual reality (VR) and artificial intelligence (AI) have fueled the global gaming peripherals market's growth.
However, the high costs of gaming peripherals such as DPI (dots per inch) mic and anti-ghost switches may act as a restraint for the global gaming peripherals market's growth.
E-sports' rapid growth has increased demand for advanced gaming keyboards and gamepads, and the gaming accessories market is expected to expand over the forecast period as gaming content improves. For instance, in August 2020, Logitech G, a Swiss computer peripherals and software manufacturer., introduced a new line of vibrant gaming peripherals, the most notable of the new Color Collection is the G733 Light speed Wireless Gaming Headset. In addition, EVGA Corporation, an American computer hardware company, in February 2021, released lots of new PC gaming input peripherals. The EVGA Z20/Z15 Series gaming keyboards are among the new offerings, along with EVGA X20/X17/X15 gaming mic. Additionally, growing participation of the leading players such as Logitech, Razor, Microsoft, Nintendo, and others to enhance developments is aiding the development of gaming peripherals to provide enhanced gaming experience to gamers, creating the growth opportunities for the market.
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Global Gaming Peripherals Market Size, Segmentation
The global gaming peripherals market is segmented based on component, device type, connectivity type, end-use, and region.
Based on component, the market has been divided into headsets, keyboard, controller, mic, and others. The headsets sub-segment is anticipated to have the fastest growth and generate a revenue of $4,602.70 million by 2030, growing from $1,893.00 million in 2021, with the healthy CAGR of 10.3%. Growing demand among individuals to improve overall gaming performance and experience high quality sound experience is expected to have a positive impact on the market growth. Headsets not only provide intense and filtered sound quality in the games but also allow the gamers to move freely from one place to another without affecting their concentration. Furthermore, technological advancement in gaming headsets such as use of optical technology and wireless connectivity, are significant factors driving the market growth in the gaming peripherals market.
The device type segment is further classified into PC and gaming console. The gaming console sub-segment is predicted to be the fastest growing sub-segment of the gaming peripherals market and garner a market share of $6,051.00 million by 2030, up from $2,510.70 million in 2021. The gaming industry across the globe has grown rapidly and has begun to explore the console gaming market through the development of console games. Console gaming is still in its nascent stage, with some developers keen to explore the market while others prefer to limit game development to PC and mobile platforms only. Rising demand for 3D video gaming based on augmented reality (AR)/virtual reality (VR) capabilities, as well as an increasing number of e-sport tournaments around the world is driving the market growth. Furthermore, with advancements in core wireless connectivity, the adoption of gaming console is expected to grow. Smart games and applications based on virtual assistant services are expected to drive the demand for the console gaming in the gaming peripherals market in the near future.
The connectivity type segment is further classified into wired and wireless. The wireless sub-segment is predicted to be the fastest growing sub-segment of the gaming peripherals market and garner a market share of $3,904.20 million by 2030, up from $1,593.40 million in 2021. The growing preference for wireless and smart peripherals, which provides benefits such as compatibility and ease-of-use, is expected to drive demand for the wireless sub-segment. Because of the growing popularity of video games and computers, there is a niche market for wireless peripherals. Furthermore, market vendors are constantly focusing on developing advanced and wireless peripherals.
The end-use segment is further classified into online and offline. The online sub-segment is predicted to be the fastest growing sub-segment of the gaming peripherals market and garner a market share of $8,407.90 million by 2030, up from $3,458.10 million in 2021. The proliferation of the internet and the increase in the number of web platforms for purchasing gaming platforms have been pivotal in the growth of the online sub-segment.
The gaming peripherals market in the Asia-Pacific region is predicted to be the fastest growing region market. The market in Asia-Pacific generated a revenue of $1,515.00 million in 2021 and is projected to reach up to $4,054.00 million by 2030. Due to an increasing number of gamers and a strong presence of market vendors in the region, gaming peripherals market in Asia-Pacific is expected to grow significantly. An increase in the number of gaming competitions organized by various vendors in the region to promote their gaming peripherals is expected to drive even more growth.
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Key Players in the Global Gaming Peripherals Market
Some of the leading global gaming peripherals market players are
Cooler Master Technology Inc.