NEWARK, Del: , Sept. 21, 2022 (GLOBE NEWSWIRE) — According to a latest report by FMI, the global gaming gadgets market has been valued at US$ 71,305.3 Million by 2022, according to FMI and is anticipated to reach US$ 156,774.9 Million by 2032. Between 2022 and 2032, the market is expected to grow at an 8.2% compound annual growth rate (CAGR). During the assessment period, Wii devices are expected to grow at a faster-than-average CAGR of 10.8%.
Active gamers all over the world have an abundance of gaming products to choose from. They are also showing a willingness to spend money on high-end items. As a result of frequent technological innovations such as augmented reality (AR) and virtual reality, the gaming gadgets market is expanding (VR). Future Market Insights (FMI) predicts that the market may grow at a 3.8% year on year.
A surge in gaming-related content creators, such as live streamers, let’s players, and competitive e-sports players, has resulted in gaming becoming a large-scale media format. The growing number of gaming content creators is causing a boom in the gaming gadgets market, as these creators purchase multiple types of gaming devices in order to play platform exclusive games and provide various types of content surrounding these devices.
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Many competitive e-sports organisations have emerged in recent years, organising and competing in e-sports competitions for games such as League of Legends, Dota 2, TFT, and Heathstone. These competitions necessitate a large number of gaming devices, the sales of which are helping to boost the market.
Newer market innovations are critical to propelling the market forward. The release of the Steam Deck, a portable gaming console that provides PC-like performance and can also be used as a PC, is paving the way for further advancements in the gaming device market.
- The U.S. market is expected to grow at a 6.3% CAGR during the forecast period.
- The Japan market is expected to grow at a 9.6% CAGR during the forecast period.
- The India market is expected to grow at a 14.1% CAGR during the forecast period.
- With 46.3% of the gaming gadgets market, PlayStation is the market leader in the gadget type segment.
- Home consoles accounted for roughly one-third of global gaming gadget sales and are expected to grow the fastest, at 7.1% CAGR.
- Multi-brand store-based retailing continues to dominate the sales channel segment, accounting for a sizable 28.2% gaming gadgets market share.
- The convenience provided by online platforms is expected to drive gaming gadgets market growth in the sales channel segment at a CAGR of 17.2%.
- Gamers under the age of 20 accounts for a sizable gaming gadgets market share 53.9% of all devices.
- The use of gaming devices in the home is expected to account for a sizable 70.0% gaming gadgets market share.
- The gadgets for beginners account for 53% of the gaming gadgets market.
- During the forecast period, the professional category is expected to grow at a faster rate, with a CAGR