Gaming Accessories Market Size, Share & Trends Analysis Report By Product Type (Gamepads/Joysticks, Gaming Keyboards, Gaming Mice, Gaming Headsets, Web camera, Mice camera, Surface, Controllers, Colling fans, Virtual Reality Devices), By Device Type (PC (Desktop and Laptop), Gaming Consoles, Smartphones), By Connectivity Type (Wired, Wireless), By End Use (Offline, Online, Professional gamers, Casual gamers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032.

Market Overview

The global gaming accessories market size was valued at USD 9.45 billion in 2023. It is expected to reach USD 26.45 billion in 2032, growing at a CAGR of 12.12% over the forecast period (2024-32). The exponential growth in the gaming industry, driven by the increasing popularity of video games across various demographics, significantly boosts the demand for gaming accessories. Games on consoles, PCs, and mobile devices all contribute to this trend.

A gaming accessory is a piece of hardware that either improves the gaming experience or requires the use of a video game system. Webcams, joysticks, controllers, and headphones are a few examples of video game peripherals. The most popular video gaming system attachment is the controller used to play games. Gaming is one of the world's fastest-growing entertainment industries, and many online gaming events that require cutting-edge technology have also been recorded in this industry. Players have responded by purchasing the most modern gaming accessories, which has increased the size of the market for gaming accessories.

Market Dynamics

Global gaming accessories market drivers

• Rising demand for e-sports gaming

The global gaming business is driven by e-sports, which are in high demand in the current market environment. The entire e-sports market will be expected to expand during the forecast period. Millennials make up the majority of the e-sports viewership and participants. As a result, e-sports producers aim to attract these players by tailoring the gameplay and making the game available on various devices, including consoles, PC, and mobile. Large corporations like Logitech, Razer, and Steel Series have seen significant increases in demand for their products due to the e-sports market's recent growth. This trend may continue as the anticipated global e-sports audience expands. Companies like HyperX, Razer, and Steel Series, in particular, have seen increased profits due to this surge in demand, which Montgolfier credits to the expanding popularity of e-sports.

• New console and computer gpu unit launches

As far as the gaming industry is concerned, 2020 saw the release of virtually all major products. Sony introduced the PS5, Microsoft introduced the Xbox Series X, and Nintendo introduced the Switch, marking their most prosperous year in sales. This has been enhanced by introducing the new AMD Ryzen and Nvidia GeForce GTX 3000 series, which support the expansion of console gaming into the PC gaming market. As a result of the launches, sales of PC gaming hardware have gradually increased.

The COVID environment, where working from home gave players improved gaming opportunities, contributed to these increases in the year. The debut of these next-generation gaming consoles and PC gaming GPUs has expanded the market for accessories and encouraged players to spend more money on their peripherals, equipment, joysticks, and mouse. Sony and Microsoft have introduced brand-new gamepads for their respective gaming consoles, and there has been a spike in their sales, comparable to the rise in PS5 and Xbox X console sales.

Global gaming accessories market restraint

• Fluctuation in the production of silicon chips leading to shortage

A worldwide scarcity of semiconductors has disrupted the supply of commonplace electronics, including cellphones, gaming consoles, and tech-dependent automobiles. This has caused the large gaming firms' plans for the year to be delayed, and their introduction of gadgets into the market has consequently led to a decline in demand for their related peripherals. The difficulty of purchasing a PlayStation 5, Xbox Series X, or high-end GPU from companies like Nvidia or AMD might last for months due to the continued worldwide semiconductor scarcity. Since the launch of the flagship models of both Sony's PS5 and Microsoft's Xbox One, there has been a rise in demand for console peripherals, contributing to the shortfall. Following this, the two companies announced publicly that they would cut production by at least 10% over the next few years.

Global gaming accessories market opportunities

• Growing demand for console segment

Home consoles dominate the market with various players, such as Sony, Microsoft, and Nintendo. A new controller, headset, controller stand, and media remote are just a few of the accessories Sony unveiled to go along with its PS5 next-generation platform. During the projection period, the market for gaming accessories will expand due to the rising demand for gaming consoles. The market is driven by the release of new video games with demanding graphic specifications. On-demand visual entertainment is already starting to replace console games in the market.

In addition, Microsoft announced the Xbox Series X's debut (the successor of its range-topping Xbox One X gaming console). It will have far more powerful hardware, enabling 4K gaming at up to an astounding 120 frames per second, support for gameplay with variable refresh rate, and 8K display compatibility. For today's tech-obsessed gamers, VR is assisting in creating more realistic and immersive gaming environments by blurring the distinction between fiction and reality.

Regional Analysis

The global gaming accessories market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

North america dominates the global market

North America is the most significant shareholder in the global gaming accessories market and is expected to grow at a CAGR of 10.5% during the forecast period. The increase in internet speed has also been a significant factor in the growth of online gaming in the US. For instance, according to Ookla's Q2 2020 Speed Test US Market Report, the country's download speed over mobile climbed 15.8% to 29 Mbps between Q2 2019 - Q2 2020. Additionally, the government's attempts to hasten the installation of 5G throughout the nation aid in lowering latency lag and providing a fluid gaming experience. Several prominent vendors, including Microsoft, with most of their income from the US, focus on capitalizing on the expanding video game consumption, thereby offering new products. To take advantage of the expansion of the gaming sector, specific well-known overseas competitors are also increasing their presence in the United States.

Europe is expected to grow at a CAGR of 13.8%, generating USD 7.23 billion during the forecast period. In anticipation of the launch of the German iGaming industry in 2021, Relax will provide its game library on the operator's new Loewen Play Fun online casino site alongside titles from the supplier's third-party studio partners. Using games in multiple end-user industries provides numerous chances for the country's suppliers. For instance, the Munich-based digital medical technology business Brainlab recently purchased Level Ex, a digital health startup developing medical video games to improve doctors' and surgeons' clinical skills. Additionally, the popularity of VR/AR gadgets among consumers has encouraged businesses like Crytek to enter the market. The company created certain video games intended to be played on VR equipment. Crytek announced the release of CRYENGINE for mobile devices in August 2020 via enrolling in a beta test. A 3D game creation platform known for its support for virtual reality is CRYENGINE. To deliver the engine to the Android ecosystem, Crytek and Google cooperated.

Asia-Pacific is expected to grow significantly during the forecast period. The importance of the community is a crucial prerequisite for developers in Southeast Asia. Over the years, many of the top-grossing games and genres in the area have included cooperative gameplay and social components. India's gaming user base grew dramatically as a result of the availability of competitively priced smartphones, which has increased year over year for the past five years, the adoption of high-speed 4G internet, and the lowest data tariffs in the world. Mobile gaming made up the most significant portion of India's gaming market.

With expanding technological adoption, China is one of Asia-Pacific's most influential nations. Some of the leading gaming drivers in the country include the expanding e-sports scene and the ongoing creation of new games and systems. Due to a stringent government approval process, consoles like the PlayStation, Microsoft Xbox, and Nintendo Switch typically take longer to launch in China. A natural name verification system for video games that China had planned is almost ready for a statewide rollout. To offer its gaming service—aptly dubbed 5G Streaming Game—exclusively to its 5G users in South Korea, KT revealed plans to collaborate with cloud gaming expert Unitus.

The gaming market in Africa is very fragmented, with numerous tiny firms. It is anticipated that the industry will consolidate throughout the projected period due to changing consumer behavior and rising expenditure demands. As opposed to gaming consoles or computers, cellphones and tablets are used more frequently in Egypt for gaming. The young, active gaming population is rapidly expanding in the area, and the extensive use of cellphones and the internet are driving the expansion of the gaming sector in Egypt. South Africa is one of the biggest markets for the gaming sector on the African continent. The development in popularity of mobile gaming is one of the significant reasons influencing the gaming market's continuous growth trends. E-sports and iGaming are the two primary areas within this industry that are expanding. The cost of consoles is high in Kenya due to taxes, which forces most local gamers to rely on mobile gaming or gaming clubs built up nearly everywhere in the nation. The country is improving its 4G connectivity before offering 5G services, as stated in the announcement from March 2021.

Segmental Analysis

The global gaming accessories market is segmented by product type and device type.

Based on product type

The global gaming accessories market is bifurcated into gamepads/joysticks, gaming keyboards, gaming mice, gaming headsets, and virtual reality devices.

The gaming headsets segment is the highest contributor to the market and is expected to grow at a CAGR of 11.2% during the forecast period. Gaming headset demand has increased due to the emphasis on immersive gaming experiences. This market among professional gamers is predicted to expand significantly, focusing on improved stereo sound. Gaming headsets can be broadly classified according to gamers' tastes and have inspired manufacturers to create new designs. Due to the growth of e-sports, numerous businesses are updating current goods and releasing new ones that provide comfortable long-playing hours for gamers with premium sound systems. The Drop x Sennheiser PC38X Gaming Headset, an improved version of the PC37x, was released on September 2020 by EPOS Sennheiser and Drop, the company's gaming division, to provide gamers with a more comfortable gaming headset with high quality and good frequency response.

Only virtual reality equipment can completely fulfill the immersive experience of virtual reality gaming. Virtual reality devices are based on the newest technology, poised to upend conventional gaming methods as virtual reality games progress and grow in popularity among players. Creators of virtual reality and augmented reality games are pushing for widespread consumer adoption of the devices, which typically include headgear and motion tracking to immerse players in a game. The major vendors in the market for gaming VR devices are constantly updating their products to reflect newer technologies. For instance, in September 2020, Oculus introduced the Oculus Quest 2, a new all-in-one form factor, new Touch controllers, and a high-resolution display that further advances its VR capabilities. In addition to Oculus, Sony is breaking new ground with its PlayStation VR platform. Sony announced the release of its VR system for the PS5 shortly in February 2021, which would enable dramatic and engaging gaming experiences.

Based on device type

The global gaming accessories market is bifurcated into pc (desktop and laptop), gaming consoles, and smartphones.

The gaming consoles segment owns the highest market share and is expected to grow at a CAGR of 12.3% during the forecast period. As the number and diversity of games increase, so does the time customers spend playing them. A vital component of the console will be the growing use of immersive technologies like virtual, augmented, and mixed reality. Users can improve their experience to make it more pleasurable and practical than conventional options. Many gamers prefer to use extras like external hard drives, storage expansion cards, gaming headsets, speaker systems, extra controllers, controller chargers, vertical placement stands, etc., to improve and make their console gaming experience more immersive. These factors are anticipated to drive market growth during the forecast period.

PC gaming has always been popular among gamers who are not necessarily hardware enthusiasts but use a personal computer to play games. PC gamers want to optimize performance as opposed to consumers of commodity systems, who try to spend as little as feasible. Most desktop computers sold in recent years use DDR4 RAM and can support speeds of at least DDR4-2133. Memory speed impacts MD's Zen-based designs substantially more. The "Infinity Fabric" of the firm, which links the various logic blocks inside Ryzen CPUs, relies on the memory bus's speed. Consequently, enhanced memory speeds on Ryzen and Threadripper-based machines frequently translate into improvements in actual performance. This translates into better performance at larger resolutions and greater framerates at standard sizes like 1080p (1920 x 1080).

Recent Developments

• January 2024 - The "Designed for Samsung Gaming Hub" program will be on display at CES® 2024, as revealed by Samsung Electronics. The program aims to collaborate with top gaming accessories manufacturers to develop the upcoming line of partner goods that are the best in class for Samsung's game streaming service, Gaming Hub.
• April 2024 – PowerA announced the arrival of its latest controller, the Enhanced Wireless Controller for Nintendo Switch with Lumectra™ RGB, an ACCO Brands division. This controller, which is officially licensed, provides gamers with an electrifying experience that not only improves gameplay but also introduces a vibrant new dimension to their gaming excursions.