Gaming Peripheral Market is projected to reach US$ 8,690 Million by 2027, owing to growing popularity and increased investment of virtual gaming and e-sports globally | CAGR: 10%: Astute Analytica – PRNewswire
NEW DELHI, Feb. 7, 2022 /PRNewswire/ — Global Gaming Peripheral Market was valued at US$ 4,895.7 Million in 2021 and is forecasted to reach US$ 8,690 Million by 2027. The market is expected to register a CAGR of 10% during the forecast period. The global gaming peripheral market is driven by the growing popularity of e-sports or virtual gaming around the world. The market is further expanding due to increased investments in gaming peripheral, e-sports and increasing number of gamers globally. Increasing demand for realistic and immersive gaming experience has led to a significant development of special gaming peripherals. The e-sports industry has witnessed remarkable growth over the years with the potential of reaching large audience in terms of popularity.
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With the increased consumer inclination towards online and social media gaming, many prominent companies and government authorities have invested in the field of e-sports and advanced gaming peripheral market. However, factors such as higher initial cost, lack of standardization and increased availability of counterfeit products inhibit the market growth of gaming peripheral market.
Output devices segment is estimated to have the highest market share during the forecast period
Based on device, the gaming peripheral market is segmented into input devices (controller, gamepads, gaming mice, headsets, joysticks, keyboards, others) and output devices (AR/VR headsets, gaming headsets, printer, speakers and others). The output devices segment dominates the market with 55% market share in 2021. Factors such as increased advancement in output devices, growing popularity of e-sports and virtual gaming in recent years have strengthen the market share of such devices in the global market.
Gaming console segment dominates the Global Gaming Peripheral Market
On the basis of platform, the gaming peripheral market is bifurcated into gaming consoles and PC (desktop/laptop). The gaming console segment is estimated to have the highest market share during the forecast period. Gaming consoles shows a high probability for rapid growth based on growing popularity, accessible compact size for hardware and user friendly interface. Gaming consoles segment is estimated to grow at the fastest CAGR of 10.5% over the forecast period.
Wireless connectivity segment is projected to grow at the fastest CAGR during the forecast period
Based on connectivity, the gaming peripheral market is categorized into wired and wireless connectivity. Wired connectivity segment is estimated to have the highest market share in 2021. Increasing preference for smart and wireless peripherals, rising popularity of virtual video games and PC is anticipated to drive the demand for wireless segment. Furthermore, vendors and key market players are continuously focusing on developing advanced and wireless peripherals.
Online segment holds the highest market share in terms of distribution channel
Based on distribution channel, the gaming peripheral market is segmented into online and offline channels. Online segment dominates the marketplace and is anticipated to witness a high growth during the forecast period. Online distribution channel is gaining significant marketplace as several vendors are focusing on digital sales. Also, the rapid surge in the internet proliferation and web platforms tends to be a critical factor in the growth of online distribution channel.
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Individual segment is projected to be the most lucrative segment over the forecast period