Gaming Peripherals Market revenue is expected to increase at a robust CAGR of 10.5% By 2028

    Kedar Supekar

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    The global gaming peripherals market is estimated to be valued at $10,905.8 million by 2028, surging from $4,956.0 million in 2020 at a noteworthy CAGR of 10.5%

    COVID-19 Impact on Gaming Peripherals Market

    The global outbreak of a novel coronavirus pandemic is expected to cause a moderate impact on the gaming peripherals market. Manufacturing operations came to a halt due to labor shortages. This resulted in a significant drop in demand from end-use industries. As people were suddenly forced to stay at home, the supply slowdown impacted the market negatively as peripherals manufacturers faced issue regarding fulfilling the accelerated demand for the peripherals.

    Regardless of the COVID-19 Outbreak, it is anticipated that overall demand for gaming peripheral will rise. As consumers sought ways to entertain themselves while spending more time at home, lockdown measures played a role in the growth in PC gaming. While the effects of the COVID-19 pandemic affected nearly every aspect of daily life in 2020, consumers turned to games for entertainment and a way to virtually connect with friends and families. According to the 2021 London Games Festival, software revenue increased by 18% to £4.55 billion, with increases in both digital and physical sales. Consumers outfitted themselves with new consoles, accessories, and upgraded PC game components, driving hardware revenues up +60.8%year on year to £2.26 billion. When several countries around the world imposed partial or total lockdowns to prevent the virus's spread, the request for gaming peripherals increased, as gaming became one of the most popular pastimes during lockdowns. All of these factors are driving the global growth of the gaming peripherals market.

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    Global Gaming Peripherals Market Analysis

    The interactive entertainment industry is rapidly expanding and constantly innovating new platforms to reach out to gamers all over the world. Gaming peripherals include all devices such as hardware that are used in a gaming system, controllers, gaming mouse and keyboard, cameras, virtual reality headsets, and others. The growing popularity of smartphones has fueled global gaming peripherals market demand in recent years. Furthermore, technologies such as virtual reality (VR) and artificial intelligence (AI) have fueled the global gaming peripherals market's growth.

    However, the high costs of gaming peripherals such as DPI (dots per inch) mice and anti-ghost switches may act as a restraint on the global gaming peripherals market's growth.

    E-sports' rapid growth has increased demand for advanced gaming keyboards and gamepads, and the gaming accessories market is expected to expand over the forecast period as gaming content improves. For instance, in August 2020, Logitech G, a Swiss computer peripherals and software manufacturer., introduced a new line of vibrant gaming peripherals, the most notable of the new Color Collection is the G733 Light speed Wireless Gaming Headset. In addition, EVGA Corporation, an American computer hardware company, in February 2021, released lots of new PC gaming input peripherals. The EVGA Z20/Z15 Series gaming keyboards are among the new offerings, along with EVGA X20/X17/X15 gaming mice. Additionally, growing participation of the leading players such as Logitech, Razor, Microsoft, Nintendo, and others to enhance developments are aiding the development of gaming peripherals to provide enhanced gaming experience to gamers is creating the growth opportunities for the market.

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    Global Gaming Peripherals Market Size, by Segmentation

    The global gaming peripherals market share is segmented based on component, peripheral device type, connectivity, distribution channel, and region.

    Component:

    Based on component, the market has been divided into headsets, keyboard, controller, mice, and others. The headsets sub-segment is expected to have the largest market share, with revenues exceeding $3,465.5 million by 2028, up from $1,524.8 million in 2020. The gaming headset is designed and used solely for gaming, whereas some headsets can perform other functions such as pulling gaming sound effects and other functions. One of the major contributors to the growth of the gaming headset market is advancements in the e-sports industry. E-sports has elevated online gaming to the status of a spectator sport. With the increasing acceptance of e-sports, gaming headset makers are focusing on customizing their products for e-sports gamers in particular. E-sports is a platform where gamers compete against one another and gain global exposure, which increases gaming entertainment. This factor presents numerous opportunities for headset manufacturers.

     Peripheral device type:

    The peripheral device type segment is further classified into PC and gaming consoles. The gaming consoles sub-segment is predicted to be the fastest growing sub-segment of the gaming peripherals market and garner a market share of $4,514.8 million by 2028, up from $2,002.7 million in 2020. The gaming industry across the globe has grown rapidly and has begun to explore the console gaming market through the development of console games. Console gaming is still in its nascent stage, with some developers keen to explore the market while others prefer to limit game development to PC and mobile platforms only. Rising demand for 3D video gaming based on augmented reality (AR)/virtual reality (VR) capabilities, as well as an increasing number of e-sport tournaments around the world, are driving market growth. Furthermore, with advancements in core wireless connectivity, the adoption of gaming consoles is expected to grow. Smart games and applications based on virtual assistant services are expected to drive the demand for the console gaming in the peripheral market in the near future.

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    Connectivity

    The connectivity segment is further classified into wired and wireless. The wireless sub-segment is predicted to be the fastest growing sub-segment of the gaming peripherals market and garner a market share of $2,880.7 million by 2028, up from $1,259.2 million. The growing preference for wireless and smart peripherals, which provides benefits such as compatibility and ease-of-use, is expected to drive demand for the wireless sub-segment. The leading players for example Razer TM is the world's leading lifestyle brand for gamers. introduces the world's first wireless Razer keyboard and mouse for Xbox One in December 2018. With the Razer Turret for Xbox One, it is now possible to bring the full Razer gaming keyboard and mouse experience to Xbox One, complete with lighting and game integration. Because of the growing popularity of video games and computers, there is a niche market for wireless peripherals. Furthermore, market vendors are constantly focusing on developing advanced and wireless peripherals.

    Distribution Channel

    The distribution channel segment is further classified into online and offline. The online sub-segment is predicted to be the fastest growing sub-segment of the gaming peripherals market and garner a market share of $6,159.2 million by 2028, up from $2,769.0 million. The proliferation of the internet and the increase in the number of web platforms for purchasing gaming platforms have been pivotal in the growth of the online sub-segment.

    Region:

    The gaming peripherals market for the Asia-Pacific region is predicted to be the fastest growing region. The market in Asia-Pacific generated a revenue of $ 1,153.8 million in 2020 and is projected to reach up to $2,873.7 million by 2028. Due to an increasing number of gamers and a strong presence of market vendors in the region, gaming peripherals market forecast in Asia-Pacific is expected to grow significantly. An increase in the number of gaming competitions organized by various vendors in the region to promote their gaming peripherals is expected to drive even more growth.

    Region: Asia-Pecific Region have vast Growth Opportunities

    Key Players in the Global Gaming Peripherals Market

    Some of the leading global gaming peripherals market players are

    1. Logitech
    2. Ducky
    3. Corsair
    4. SteelSeries
    5. Razer
    6. HyperX
    7. ZOWIE (BenQ)
    8. Mad Catz
    9. Cooler Master Technology Inc.
    10. Plantronics Inc.

    Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.