Gaming Accessories Market: Grow with a High CAGR- Global Industry Analysis, Market Size, Key Manufacturers, Trends, Size, and Forecast: 2022-2031

The Global Gaming Accessories Market was valued at USD 7.75 billion in 2022, and it is expected to reach USD 15.40 billion by 2031, registering a CAGR of approximately 12.2% during the forecast period. During the Covid-19 pandemic, several gaming accessory manufacturers experienced shipping delays due to the lack of manufacturing components and raw materials, as most of the manufacturing plants are in China. Once sold the existing inventory, the companies faced insufficient supply of the product.

However, the first quarter of 2020 sales were offset by strong revenue growth year-over-year due to an increase in demand for Corsair Gaming accessories as more people in more countries are under shelter-in-place restrictions. According to the company, shelter-in-place and other similar restrictions have resulted in increased demand for its products because such conditions limited people’s access to alternative forms of entertainment and social interaction. A similar trend is being witnessed by several companies operating in the market.

Further, the increasing adoption of smartphones, rapidly evolving technologies such as virtual reality (VR) and artificial intelligence (AI) are fueling the growth of the market across the globe. Major gaming console manufacturers like Nintendo and Microsoft have realized the potentiality of AR and are leading the charge.

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AR can free gamers from ‘their world’ and usher them into the real world to play. For instance, Human Pac-Man is a game that allows the users to wear goggles and chase each other in real life, just resembling the characters in Pac-Man. Such developments are aiding the development of gaming accessories to provide enhanced gaming experience to gamers.
The rapid growth of e-sports has up-surged the demand for advanced gaming keyboards and gamepads, and the gaming accessories market is expected to grow over the forecast period with the continuous enhancement in gaming content. China is the largest, highest grossing, and the most profitable video game market in the world, since 2015. In esports, China has been the world leader in terms of tournament winnings, possessing some of the best talents in the world across multiple video games, as well as one of the largest pool of video gamers.

Key Market Trends

Console Segment to Witness Significant Growth

Home consoles primarily dominate the market with various players, such as Sony, Microsoft, and Nintendo dominating the market. Sony launched a full slate of accessories to go along with its next-generation console, PS5, including a new controller, headset, controller stand, and media remote. The increasing demand for gaming console will drive the growth of the gaming accessories market in the forecast period.

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Launch of new gaming content with high graphic requirements​ is driving the market. Console gaming is in the transition to on-demand visual content, and this transition has already begun. Microsoft announced the launch of Xbox Series X (the successor of its range-topping Xbox One X gaming console). It will pack vastly more powerful hardware, adding a 4K gaming experience at up to a mind-boggling 120 frames per second, support for gameplay with variable refresh rate, compatibility with 8K displays.
Coming to innovation, in Sep 2019, NEOGEO Arcade Stick Pro Merged both Gaming Console and Controller in one part where the controller also comes with “start/select” buttons, a turbo switch and ports for HDMI and USB. This innovation will help the user to penetrate more on the console segment due to its unique features.
Further, The gaming keyboards are marked with innovations and multiple product launches, intensifying the competition amongst manufacturers providing gamers with various choices. The companies are highly focusing on providing RGB lighting of the gaming keyboards to enhance the gamers’ gaming experience.
Diminishing the lines between fantasy and reality, VR is helping create gaming worlds that are more realistic and immersive for today, technology-obsessed gamers. Oculus in the United States sees its future in cordless, self-contained headsets that operate like gaming consoles. This standalone Quest virtual reality headset has 80 percent media and 20 percent gaming, where the Oculus Quest is emphatically gaming-focused.

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Asia-Pacific to Witness the Highest Growth

Asia-Pacific holds the largest market share, where Southeast Asia holds the most significant revenue share. Countries, like China, Japan, Australia, and South Korea, are the prime gaming hot spots of the world, which are estimated to generate more than 40% of the gaming industry’s revenues annually.
Also, by 2021, the number of mobile online gamers in Southeast Asia will rise to 250 million. Indonesia, Malaysia, Thailand, Vietnam, Singapore, and the Philippines are the six most significant countries for mobile gaming in Southeast Asia.
A trend that has also been fuelling the games market in the region is the rise of eSports. Growing viewership and an increasing trend towards e-sports have opened up new opportunities for gaming accessories in countries other than China, such as Indonesia, Vietnam, Malaysia, etc. Due to the adoption of esports, demand for video games through the console is also increasing and will accumulate more growth in the future.
Also, various new platforms are being generated to enhance Aisa-Pacific growth by increasing the extent of local content. Further, with the increasing number of 5G connections in the country, the market is expected to witness further growth. For instance, in June 2019, Qualcomm Technologies announced a joint demonstration with ZTE of the 5G-powered cloud gaming on a live 5G network. Such developments will fuel the growth of gaming accessories in the region as a result of new game launches and increased gamers.

Competitive Landscape

The gaming accessories market is highly competitive due to the presence of very few global vendors who hold a high market share. The manufacturers in the worldwide gaming accessories market are primarily focused on improving their portfolio of gaming accessories to stay competitive in the market. Key players are Sony Corporation, Microsoft Corporation, etc.

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