Increase in interest in gaming and gaming devices, rapid increase in the number of e-sports orgs and content creators, and easier access to gaming devices drive the growth of the global gaming gadgets market.
PORTLAND, Ore., Aug. 29, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Gaming Gadgets Market by Gadget Type (Console, PCs and Laptops), by End Use (Residential, Commercial), by Age Group (below 20, 21 to 35, 35 and above), by Distribution Channel (Specialty Stores, Independent Retailers, Online Sales Channels, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031“. According to the report, the global gaming gadgets industry generated $52.70 billion in 2021, and is anticipated to generate $166.96 billion by 2031, witnessing a CAGR of 12.7% from 2022 to 2031.
Prime determinants of growth
Increase in interest in gaming and gaming devices, rapidly increasing number of e-sports orgs and content creators, and easier access to gaming devices drive the growth of the global gaming gadgets market. However, integration of newer technologies into these gadgets also substantially raises the price of the devices, which may hamper customer purchase decisions, thus can restrict the market growth. Moreover, inclination of businesses toward cost-effective gadgets, strong growth in research & planning, and emerging technological infrastructure are expected to present new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic had a positive impact on the global gaming gadgets market, owing to the growing interest in gaming and gaming devices among consumers during the lockdown.
- However, the global gaming gadgets market was obstructed operationally, economically, and socially during the pandemic. The industry remained under huge pressure due to several factors such as disruptions in the supply chain, low human resources, and less production capacity.
- Nevertheless, in the post-pandemic period, the market recovered quickly.
The Commercial segment to maintain its leadership status throughout the forecast period
Based on end use, the commercial segment held the highest market share in 2021, accounting for more than half of the global gaming gadgets market, and is estimated to maintain its leadership status throughout the forecast period. Several content creators and entrepreneurs have come together in order to create organizations called e-sports orgs that are solely dedicated to gaming. This has led to an increase in the number of people who are entering into gaming content creation and e-sports, which, in turn, led to an increase in the sales of gaming devices. However, the residential segment is projected to manifest the highest CAGR of 13.3% from 2022 to 2031. The increasing interest in building custom PCs as a hobby and for personalized gaming experiences among consumers is leading to a heavy increase in sales for residential gaming devices.
The 21 to 35 segment to maintain its lead position during the forecast period
Based on age group, the 21 to 35 segment accounted for the largest share in 2021, contributing to nearly half of the global gaming gadgets market, and is projected to maintain