DUBLIN–(BUSINESS WIRE)–The “Gaming Accessories Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The Global Gaming Accessories Market was valued at USD 7.75 billion in 2020, and it is expected to reach USD 15.40 billion by 2026, registering a CAGR of approximately 12.2% during the forecast period (2021-2026).
During the Covid-19 pandemic, several gaming accessory manufacturers experienced shipping delays due to the lack of manufacturing components and raw materials, as most of the manufacturing plants are in China. Once sold the existing inventory, the companies faced an insufficient supply of the product.
Key Highlights
However, the first quarter of 2020 sales was offset by strong revenue growth year-over-year due to an increase in demand for Corsair Gaming accessories as more people in more countries are under shelter-in-place restrictions.
According to the company, shelter-in-place and other similar restrictions have resulted in increased demand for its products because such conditions limited people’s access to alternative forms of entertainment and social interaction. A similar trend is being witnessed by several companies operating in the market.
Further, the increasing adoption of smartphones, rapidly evolving technologies such as virtual reality (VR) and artificial intelligence (AI) are fueling the growth of the market across the globe. Major gaming console manufacturers like Nintendo and Microsoft have realized the potentiality of AR and are leading the charge.
AR can free gamers from ‘their world’ and usher them into the real world to play. For instance, Human Pac-Man is a game that allows the users to wear goggles and chase each other in real life, just resembling the characters in Pac-Man. Such developments are aiding the development of gaming accessories to provide enhanced gaming experience to gamers.
The rapid growth of e-sports has up-surged the demand for advanced gaming keyboards and gamepads, and the gaming accessories market is expected to grow over the forecast period with the continuous enhancement in gaming content. China is the largest, highest grossing, and the most profitable video game market in the world, since 2015. In esports, China has been the world leader in terms of tournament winnings, possessing some of the best talents in the world across multiple video games, as well as one of the largest pool of video gamers.
Key Market Trends
Console Segment to Witness Significant Growth
Home consoles primarily dominate the market with various players, such as Sony, Microsoft, and Nintendo dominating the market. Sony launched a full slate of accessories to go along with its next-generation console, PS5, including a new controller, headset, controller stand, and media remote. The increasing demand for gaming consoles will drive the growth of the gaming accessories market in the forecast period.
Launch of new gaming content with high graphic requirements? is driving the market. Console gaming is in the transition to on-demand visual content, and this transition has already begun. Microsoft announced the launch of the Xbox Series X (the successor of its range-topping Xbox One X gaming console). It will pack vastly more powerful hardware, adding a 4K gaming experience at up to a mind-boggling 120 frames per second, support for gameplay with variable refresh rate, and compatibility with 8K displays.
Further, The gaming keyboards are marked with innovations and multiple product launches, intensifying the competition amongst manufacturers providing gamers with various choices. The companies are highly focused on providing RGB lighting of the gaming keyboards to enhance the gamers’ gaming experience.
Diminishing the lines between fantasy and reality, VR is helping create gaming worlds that are more realistic and immersive for today, technology-obsessed gamers. Oculus in the United States sees its future in cordless, self-contained headsets that operate like gaming consoles. This standalone Quest virtual reality headset has 80 percent media and 20 percent gaming, whereas the Oculus Quest is emphatically gaming-focused.
Asia-Pacific to Witness the Highest Growth
Asia-Pacific holds the largest market share, where Southeast Asia holds the most significant revenue share. Countries, like China, Japan, Australia, and South Korea, are the prime gaming hot spots of the world, which are estimated to generate more than 40% of the gaming industry’s revenues annually.
Also, by 2021, the number of mobile online gamers in Southeast Asia will rise to 250 million. Indonesia, Malaysia, Thailand, Vietnam, Singapore, and the Philippines are the six most significant countries for mobile gaming in Southeast Asia.
Companies Mentioned
Alienware (Dell)
Logitech International SA
Razer Inc.
Mad Catz Global Limited
Turtle Beach Corporation
Corsair Components Inc.
Cooler Master Co. Ltd
Sennheiser Electronic GmbH & Co. KG
HyperX
Anker
Reddragon (Eastern Times Technology Co. Ltd)
Nintendo Co. Ltd
Sony Corporation
SteelSeries
Nvidia Corporation
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