According to FMI, the gaming console industry is projected to be worth US$71.3 billion by 2022 and US$156.7 billion by 2032. He estimates that between 2022 and 2032, the market will grow at an average annual growth rate of 8.2%.
Technological innovations such as processing power combined with graphics quality, VR, AR, and device miniaturization have played an important role in the electronics and smart gadget industry. For example, in his 2020, Sega unveiled his Micro, palm-sized miniature game gear in four colors.
Demand for gaming gadgets is expected to grow rapidly during the forecast period, owing to the investment in technology and the launch of products with value-added services. As a result, brands are focused on leveraging their brand position by increasing retail penetration.
The brand actively works with local and regional online retailers to ensure product accessibility in developed and developing countries. Sega of America is a company with high local and regional online penetration. These trends are expected to boost the market growth.
One of the trends driving the gaming gadget market is the rise of esports. Growing viewership and growing interest in esports are opening up new opportunities for gaming gadgets in countries outside of China, such as Vietnam, Malaysia, and Indonesia.
Key Takeaways from Gaming Gadget Market Research:
- PlayStation products are expected to hold a notable revenue share of 46.7% in 2021, aided by frequent technology and system updates.
- Home consoles dominate the market with a wide range of gaming options from players like Nintendo, Sony and Microsoft.
- The US holds a notable 79.4% share in North America due to the surge in the number of active gamers in recent years.
- Thailand is a key market in South Asia, reaching a CAGR of 18.4% due to increased spending on domestic premium products.
- China presents an opportunity for the gaming industry due to its growing consumer population and increased spending on gaming content and hardware.
“Frequent launches of new gaming content with superior graphics and rapidly evolving technologies such as artificial intelligence (AI) and virtual reality (VR) are key factors creating a conducive environment for major console makers. and will have an impact on the growth of the gaming gadget market.FMI analysts said:
Market Impact of COVID-19
The COVID-19 outbreak has disrupted business operations in various sectors, resulting in an economic downturn. The retail industry has been hit hard. Declining overall discretionary spending levels pose a temporary challenge to players operating in the market.
Strong year-over-year sales growth offset these issues as consumers were subject to stay-at-home restrictions. Demand for gadgets is expected to remain in demand in the coming months as various forms of entertainment and social interactions are restricted.
Players are now focused on increasing their online penetration, allowing players to access a broader consumer base at once at minimal cost.
who is winning?
Leading manufacturers of gaming gadgets focus on aggressive promotional strategies, advertising and new product launches to increase sales of gaming gadgets worldwide.