New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Gaming Hardware Market Information Deployment Mode, By Product Type, By End User, By Region – Market Forecast Till 2032”, the Gaming Hardware Market could thrive at a rate of 6.50% between 2023 and 2032. The market size will be reaching around USD 62.04 Billion by the end of the year 2032.
Market Synopsis:
In 2022, the global gaming hardware market was estimated to be worth USD 35.2 billion. The gaming hardware market is expected to increase from USD 37.48 billion in 2023 to USD 62.04 billion by 2032, at a compound annual growth rate (CAGR) of 6.50% between 2023 and 2032. Rising professional gamers' and amateurs' need for high-end gaming gear, as well as market leaders releasing new and innovative products, are significant market drivers boosting market growth.
Games are quickly becoming a popular form of entertainment on a global basis. Globally, there were 3.1 billion gamers in 2020, and that figure is expected to rise by 500 million by 2024. The planet is occupied by 7.7 billion people, or just under half of it.
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Market Competitive Landscape:
Key Companies in the Gaming Hardware market include:
- Microsoft Corporation
- Nintendo Co Ltd.
- NVIDIA Corporation
- Sony Corporation
- Logitech International S.A
- Venom UK Ltd
- Oculus VR
- Playstation
- Linden Research
- Sega games
Scope of the Report - Gaming Hardware Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 62.04 Billion |
| CAGR during 2022-2030 | 6.50% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Introduction of new technologies in gaming hardware. |
| Key Market Dynamics | Increase in disposable income levels Increasing availability of high-speed internet and mobile connectivity. |
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Video game enthusiasts are making major strides by live broadcasting multiplayer gaming sessions. The live and pre-recorded streaming of video games has spawned a new breed of content-obsessed consumers. To support such big video streaming events, gamers require sophisticated gaming technology such as speakers, joysticks, motion controllers, and consoles.
E-sports is also helping to drive market expansion. The growing trend of moving from physical to online games has prompted industry participants to prioritise hardware efficiency and compatibility. Because 5G latency is far lower than 4G, it will reduce current online gaming difficulties such as gaming lag by providing an enhanced cloud streaming experience.
5G devices support a large number of devices at once, increasing the number of gamers and allowing developers to give an upgraded gaming experience in the online gaming market. Multiplayer games, Free2Play (F2P), and massively multiplayer online (MMO) have all gained in popularity, and this trend is expected to continue in the future years.
The growing popularity of esports, social gaming, cloud-based gaming, and roguelike gaming is boosting growth. The availability of games across technologies such as consoles, cellphones, portable gaming devices, laptops, and tablets, as well as important market participants focusing on the release of interactive games, appeal to youthful generations for entertainment purposes.
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Segmentation:
The worldwide gaming hardware market is divided into three segments: product type, end user, and region.
The gaming hardware market is divided into two categories: consoles and accessories. In terms of product type, consoles lead the worldwide gaming hardware market, accounting for 56.54% of the market.
The gaming hardware market is divided into commercial and residential end users. In 2022, the commercial category was responsible for around 61.24% of the revenue share in the global gaming hardware market.
The market is divided into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. North America will lead this industry due to its big and established gaming culture and large number of gamers and gaming fans. As a result of this culture, there is a significant demand for gaming hardware products such as consoles, gaming laptops, gaming peripherals, and accessories. Furthermore, the North American continent is home to some of the world's largest gaming hardware manufacturers, including Microsoft, Sony, and Nintendo.
Because they are well-established in the industry, these companies are well-positioned to meet the need for gaming gear in North America and internationally. As a result, market growth in this region will be boosted.
Due to its vast and rising population, Asia Pacific gaming hardware market accounts for the second-largest market share, with a high proportion of young people, who are the key buyers of gaming hardware goods. Furthermore, the increased availability of high-speed internet and mobile connectivity can be contributed to the APAC region's quick rise in the gaming business. This has made it easier for gamers to access online games and streaming services, leading to an increase in demand for gaming gear goods.
Furthermore, China's gaming hardware market had the biggest market share, while India's gaming hardware industry was the region's fastest-growing market.
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Due to a variety of variables, Europe has the third-largest market share for gaming hardware. The region boasts a significant gaming populace that is prepared to invest in high-quality gaming hardware. Furthermore, the rise of Esports and the growing popularity of mobile gaming has increased demand for gaming gear in the region. The presence of several prominent gaming hardware firms, such as Logitech, Razer, and Corsair, is another important element contributing to the strength of the European gaming hardware market. These companies have built a strong presence in the European market, providing consumers with a variety of gaming hardware items. Furthermore, the German gaming hardware market had the biggest market share, while the UK gaming hardware industry had the quickest growth in the European region.
Latest Industry Updates (January 2021):
In 2021, the industry's income will exceed that of movies, music, and books combined by $175 billion. Because of artificial intelligence and machine learning, the gaming business has expanded into new areas. These technologies are employed in anything from network performance to player matching. These cutting-edge technologies enable the delicate but critical duties of attracting new players and repelling bad actors, boosting monetization, and developing and extending new player ecosystems easier.
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