Asia-Pacific is the dominant region in global gaming gadgets market owing to the fact that large number of population is active on social media and presence of developing countries such as India, China, South Korea, and others. Moreover, surge in Gaming Gadgets Market Demand, inclination of businesses toward cost-effective gadgets, strong growth in research & planning, and emerging technological infrastructure are expected to offer significant growth opportunities for the market in Asia-Pacific.
According to a new report published by Allied Market Research, titled, “Gaming Gadgets Market,” The gaming gadgets market size was valued at $52.70 billion in 2021, and is estimated to reach $166.96 billion by 2031, growing at a CAGR of 12.7% from 2022 to 2031.
Gaming has become one of the biggest forms of entertainment in the world in the last couple of decades. Many consumers, especially smaller children and teenagers, are turning to gaming as their primary source of fun and entertainment. Games like Fortnite, Minecraft, World of Warcraft, and PlayerUnknown’s Battlegrounds are becoming prominent in households across the world. Due to the rise of gaming as a trend, the sales of gaming devices are going up, as these types of devices are required to play games with the highest performance outputs and optimum graphical settings.
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Gaming as content and media has become very popular in recent years. Many lets players, Youtubers, and streamers are actively engaged in creating content based on gaming and gaming devices. Furthermore, many of these 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 a severe increase in the number of people that are entering into gaming content creation and e-sports, which has led to an increase in the sales of gaming devices, as gaming devices are required to produce such type of content. Many content creators especially purchase many gaming PCs and consoles in order to create all types of gaming related content that might be exclusive to certain platforms, which is further boosting the sales of gaming devices.
Gaming gadgets are specialized equipment that require advanced technologies and compatible hardware and software in order to function properly. Many players in the gaming gadgets market are trying to deliver top of the line, premium products and hardware components for gaming as they provide the best experience and functionality while gaming. However, the integration of newer technologies into these gadgets also substantially raises the price of the devices, which may hamper customer purchase decisions. For example, a gaming laptop fitted with a graphics card that supports ray tracing technology costs more than a gaming laptop without ray tracing. Similarly, consoles with higher storage capacities and faster storage units like solid state drives cost significantly higher. These high prices of gaming devices make it difficult for consumers to purchase these devices, which negatively impacts the Gaming Gadgets Industry. Moreover, surge in Gaming Gadgets Market Demand, inclination of businesses toward cost-effective gadgets, strong growth in research & planning, and emerging technological infrastructure are expected to offer significant growth opportunities for the market in Asia-Pacific
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Gaming and gaming devices are very technology heavy and technology driven market. Newer developments of gaming have converted small, pixelated and boxy games into smooth, hyper realistic looking and feeling games. A lot of innovations are taking place in the gaming and gaming device industries, which is making them better every day. Integration of cloud gaming and cross platform gaming into devices which enable gamers to leave a game on the console and continue from the same place on a PC and vice versa is promoting the purchase of both types of gaming devices. Furthermore, innovations like the Steam Deck by Valve, Inc., which is a console-PC hybrid, is helping provide gamers the experience of playing on a PC in a hand held console format, which is attracting a lot of customers to such kind of gaming devices.
The gaming gadgets market is segmented into gadget type, end user, age group, distribution channel, and region. By gadget type, the gaming gadgets market is classified into consoles and personal computers. Depending on age group, the market is categorized into below 20, 21-35, and 35 and above. By end user, the gaming gadgets market is classified into commercial and residential users. According to distribution channel, the market is segmented into specialty stores, multi-brand stores, independent small stores, online retailers, and others.. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Japan, Australia, Singapore, New Zealand, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, UAE and rest of LAMEA).
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Key findings of the study
- On the basis of gadget type, console segment dominated the global market is likely to remain dominant during the Gaming Gadgets Market Forecast period.
- On the basis of end use, residential segment has numerous Gaming Gadgets Market Opportunity and is likely to be the fastest growing segment during the forecast period.
- On the basis of age group, below 20 years is expected to be the fastest growing segment during the forecast period.
- On the basis of distribution channel, Online sales channel is expected to be the fastest growing segment during the forecast period.
- Based on region, Asia-Pacific is the dominating region and is likely to remain dominant during the forecast period.
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