Some of the key factors driving growth of gaming hardware is technological developments in the gaming industry. Innovative technologies such asinteractive glasses, 4k content, and 3D audio quality are enhancing the experience of end-users and also driving constant innovation in the gaming hardware world. Over the coming years, these factors are expected to provide substantial traction to the global gaming hardware market. The gaming hardware market is anticipated to reach 260.5 million units, in terms of volume by 2026, expanding at a CAGR of 6.6%.
Demand for gaming hardware from residential end-users is expected to rise during the forecast period. The residential end-user is a significant revenue contributor to the gaming hardware market. Demand for handheld consoles from residential end-users has increased, and this trend is expected to continue during the forecast period. The adoption of virtual reality headsets in the commercial sector has undergone a significant rise in the past few years; this is due to introduction of gamification in the industries to improve user engagement, organizational productivity, flow, learning, and physical training.
Moreover, growing demand for mobile apps is further anticipated to bolster the market growth.Demand for consoles is expected to be high in Japan and the U.S. during the forecast period. From the economic point, declining prices of global positioning system (GPS) sensors required for gaming hardware is another factor responsible for the growth of the market. Image sensors and GPS sensors are important components of the headsets due to the need for mobility in gaming. Thus, drop in price of sensors is anticipated to drive the gaming hardware market in the near future.
With increasing disposable income in developing countries, buyers would prefer to buy advanced gaming systems. Apart from the existing customer base, an increase in number of buyers of gaming devices is expected in future. This is attributed to the large size of the population with rising purchasing power, especially in India and China. Both the emerging economies are witnessing an exponential rise in the middle class population.
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The gaming hardware market has been segmented based on product type, end-use, and geography. Based on product type, the market has been classified into Consoles (Standard Consoles and Handheld), and Accessories (Controller, Headsets, and Camera). In terms of end-use, the market has been segmented into residential and commercial.
Based on geography, Europe is expected to be an attractive region of the gaming hardwaremarket,owing to the faster adoption of gaming systems in the residential and commercial sector.Innovation in the gaming hardware market and rise in the number of manufacturers of gaming hardwareare projected to drive the marketin Asia Pacific in the coming years. The gaming hardware market in South America and Middle East & Africa is expected to expand at a robust pace in the near future.
The gaming hardware market consists of established and emerging players. Market players focus on introducing advanced gaming systems in the market. Product innovation, technological advancements, and acquisitions are the key competitive strategies adopted by players in the gaming hardware market. Key companies profiled in the research report in terms of consoles and accessories developers include Microsoft Corporation, Nintendo Co Ltd., NVIDIA Corporation, Sony Corporation, Logitech International S.A, Venom UK Ltd, Madcatz, A4TECH, Scuf Gaming International LLC., V-MODA, LLC, Razer Inc,. and Turtle Beach.