Pune, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Prospect:
According to the SNS Insider, The Gaming Hardware Market size was valued at USD 36.2 Billion in 2023 and is expected to grow to USD 63.86 Billion by 2032 and grow at a CAGR of 6.51 % over the forecast period of 2024-2032.
The gaming hardware market is driven by esports and advancements in technology.
The gaming hardware market is rapidly expanding, driven by increased internet access and the surging popularity of esports. Competitive multiplayer games, coupled with extensive sponsorships, encourage gamers to invest in advanced consoles and peripherals for enhanced performance. The demand for high-quality gaming experiences is further bolstered by innovative technologies like superfast frame rates and IoT integration. Despite challenges like supply chain disruptions and semiconductor shortages impacting production, the market's core components—including consoles, PCs, and peripherals remain strong. As content creation and streaming grow, so does the need for high-performance gaming hardware.
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Dominant Market Players Listed in this Research Report are:
- Microsoft Corporation (Xbox Series X/S)
- Nintendo Co., Ltd. (Nintendo Switch)
- NVIDIA Corporation (GeForce RTX Series)
- Sony Corporation (PlayStation 5)
- Logitech International S.A. (Logitech G Pro Gaming Headset)
- Venom UK Ltd. (Venom Rechargeable Battery Pack)
- Oculus VR (Oculus Quest 2)
- Linden Research (Second Life - Virtual Reality)
- Sega Games (Sega Genesis Mini)
- Corsair Gaming, Inc. (Corsair K100 RGB Mechanical Gaming Keyboard)
- Razer Inc. (Razer Blade Gaming Laptops)
- Alienware (Dell Technologies) (Alienware Aurora Gaming Desktops)
- ASUS (ROG Zephyrus Gaming Laptops)
- Acer (Predator Gaming Monitors)
- HP Inc. (Omen Gaming PCs)
- SteelSeries (SteelSeries Arctis 7 Gaming Headset)
- Others
Gaming Hardware Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 36.2 Billion |
| Market Size by 2032 | USD 63.86 Billion |
| CAGR | CAGR of 6.51% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Gaming Consoles, Gaming Accessories) • By End User (Commercial Gaming Hardware, Residential Gaming Hardware) |
| Key Drivers | • Expanding Horizons Through Live Streaming of Multiplayer Gaming Events • The Rise of Cloud-Based Gaming Driving Hardware Advancements. |
Evolving Consumer Trends Shape the Future of the Gaming Hardware Market
The gaming hardware market is currently experiencing a transformative phase influenced by shifting consumer purchasing intentions. The "Gaming Influence Factor" indicates a temporary decline in dedicated gaming hardware purchases as consumers opt for versatile systems for both gaming and professional use. Despite this, projected annual growth of 5.2% in consumer spending on gaming hardware suggests a rebound is on the horizon. With over 75% of American households housing at least one gamer, demand remains robust. Companies are adapting to changing preferences, focusing on immersive experiences and advanced features. As new gaming technologies emerge, particularly GPUs, the market is poised for significant growth by 2025.
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Consoles and Residential Hardware Drive Growth in the Gaming Market
In 2023, gaming consoles dominated the gaming hardware market, capturing 59.44% of the revenue, largely due to ongoing technological advancements and a robust lineup of exclusive titles. Industry leaders like Sony and Microsoft have significantly contributed to this growth with their latest console releases. Sony's PlayStation 5, launched in late 2020, features innovative hardware, including a custom SSD for rapid loading and superior graphics. Meanwhile, Microsoft's Xbox Series X has gained traction by offering powerful hardware and services like Xbox Game Pass, providing a vast game library. The focus on cross-platform compatibility and the rise of cloud gaming further enhance the appeal of consoles, ensuring continued growth in the gaming hardware sector as consumer demand for immersive experiences rises.
In 2023, the residential gaming hardware segment led the market with a 59.56% share, driven by gamers seeking immersive experiences at home. Innovations like Nvidia's GeForce RTX 4000 series GPUs, along with accessories from Corsair and Razer, have enhanced gaming setups. The rise of online gaming services and streaming platforms further encourages upgrades, signaling continued growth in this segment of the gaming hardware market.
Growth in gaming hardware is led by North America, while Asia-Pacific is rapidly accelerating
By 2023, North America has emerged as the leading region in the gaming hardware market, accounting for 34.44% of total revenue. This growth is driven by a vibrant gaming community, technological advancements, and significant investments from major firms like Nvidia and AMD. Their cutting-edge products, such as the GeForce RTX 40 series and Radeon RX 7000 series, enhance gaming experiences. Additionally, the popularity of esports has boosted demand for high-quality systems, ensuring the region's continued dominance in the global market.
In 2023, the Asia-Pacific region has become the fastest-growing market for gaming hardware, fueled by a surge in gaming popularity and technological advancements. Countries like China, Japan, and South Korea are at the forefront, supported by rising disposable incomes and a robust gaming culture. The expansion of mobile gaming and the rise of esports have further increased demand for high-performance gaming hardware, making the region a significant player in the global market.
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Recent Development
- 2024 Console Landscape: Anticipation for updated PlayStation 5 and Xbox Series X models with enhanced CPUs and GPUs for faster frame rates and potential 8K gaming.
- March 2023: Microsoft partnered with Boosteroid to expand the global availability of games through cloud gaming.
- February 2023: Microsoft and NVIDIA announced a 10-year deal to offer Xbox PC titles to over 25 million GeForce NOW users, including popular titles like Call of Duty and Minecraft.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Key Vendors and Feature Analysis, 2023
5.2 Performance Benchmarks, 2023
5.3 Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
7. Gaming Hardware Market Segmentation, by Type
8. Gaming Hardware Market Segmentation, by End User
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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