Global Gaming Accessories Market to Witness Stunning Growth with Types, Application, Opportunities – EIN News

Gaming Accessories Market

Global gaming accessories market was valued at US$ 7825.21 Mn in 2020 growing at a CAGR of 12.54% over the forecast period

PUNE, MAHARASHTRA, INDIA, March 31, 2022 /EINPresswire.com/ — Based on Absolute Markets Insight’s Findings, the Asia Pacific region is expected to showcase the highest growth rate during the forecast years in the global gaming accessories market. The growth of online distribution channels such as Amazon, Alibaba, and Flipkart, coupled with the rise in awareness and interest regarding casual gaming is a major reason for the higher revenue forecast in the Asia Pacific region. Furthermore, countries such as Japan, South Korea and China are largely focussing on professional gaming tournaments, and professional gaming accessories are growing in demand. Also, the region is seeing the growth of local gaming accessory manufacturers, driven by government initiatives to promote electronics manufacturing in countries like China, India and Indonesia, amongst others. Micro-Star International Co., Ltd, for instance, is a Taiwan-based electronics manufacturing company that has started providing gaming accessories such as keyboards, mice, audio devices and controllers, amongst others. These factors will help the Asia Pacific region emerge as a prominent market in the global gaming accessories market in the coming years.

The COVID-19 pandemic has drastically changed the lifestyle of individuals around the globe. Numerous nations enforced lockdown measures to curb the spread of coronavirus using social distancing norms, and individuals were forced to stay indoors as a result of the same. However, the pandemic has a positive impact on the global gaming accessories market, as there was a higher demand for these accessories as individuals were relying on gaming and entertainment for keeping them occupied during this period. Professional gaming tournaments were held online, which in turn resulted in the higher adoption of gaming accessories. Mobile gaming, for instance, saw rapid growth during the initial months of the pandemic. In India, for example, reports suggest that around 7.1 billion downloads were made during the first three months of the pandemic. Hence, the gaming accessories market is expected to considerable growth in the next few years driven by the pandemic conditions.

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Based on the distribution channels, offline channels accounted for the highest revenue share in the global gaming accessories market in 2020. The greater inclination towards physically verifying the products, and seeking customization, especially for gaming furniture, is a major reason for the higher share of offline distribution channels in the global gaming accessories market. However, online distribution channels are expected to register the highest growth rate during the forecast years in the global gaming accessories market. The pandemic has accelerated the adoption of online sales channels, especially amongst casual gamers. Individuals are increasingly ordering gaming accessories from indirect e-commerce platforms such as Amazon and Alibaba, amongst others. Furthermore, traditional offline channels are offering products through their websites. Online delivery is considerably less expensive, and the market participants are able to offer discounts on these products due to lesser maintenance and employee spending. These factors will help for the growth of online distribution channels in the coming years.

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Competitors:

Some of key players operating in the global gaming accessories market are Anker Innovations Limited, ASUSTEK COMPUTER INC., Cooler Master Technology inc., CORSAIR, Dell Inc., Eastern Times Technology Co., Ltd (REDRAGON ZONE), Endor AG (Fanatec), …….

Source: https://www.einnews.com/pr_news/567115743/global-gaming-accessories-market-to-witness-stunning-growth-with-types-application-opportunities

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