According to a new market research report published by Acute Market Reports “Global Gaming Hardware Market (Product Type (Gaming Console, Joystick Console, Head Mounted Devices (HMD), GPUs); Application (PCs, Television, Handheld Device)) Market – Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the gaming hardware market is set to grow with a CAGR of 7.2% during the forecast period.
The gaming hardware is driven by the rapid technological advancement in the gaming domain. The gaming consoles have evolved significantly over the past decade from cassette base games to the advance digital video games with wearable technology. The integration of advance technologies such as augmented reality, virtual reality, gesture control, voice control into the gaming consoles is attracting new customers. Furthermore, the GPUs and TV screen are also getting smarter and more sophisticated to cop up with the changes in the gaming hardware. Additionally, due to the Increasing competition, the market players are also launching new iterations of their gaming consoles to carter the growing demand of the consumers. This is also accelerating the adoption of the gaming hardware among the consumers.
The increasing disposal income of the population and willingness to pay more for new gaming consoles is the also acting as a major driver for the growth of the market. As the middle class of the emerging countries such as India and china is growing, the spending capacity of the population is also rising. This is enabling the population to spend on entertainment and leisure. Therefore, buyers are now more willing to pay for advance gaming technologies. However, the advent of the subscription based gaming services is acting as a major inhibitor for the growth of the gaming hardware market.
The gaming hardware market is bifurcated based on the application into PCs, TV and handheld devices. PCs segment accounted for more than 55% share in the gaming hardware market in 2021. The growth of the market is credited to the large scale adoption of the PC gaming across the globe. Furthermore, the high computation requirement of the high definition games also promotes the market growth. On the other hand, TV segment estimated to grow significantly during the forecast period. The market is driven by the growing adoption of the smart TVs for gaming consoles.
North America’s gaming console market is anticipated to grow substantially during the forecast period. The growth of the market is credited to the large number of gaming population in the region. The high disposable income of the population in the region is also one of the primary factors driving the demand for the home console market. Europe also contributes significantly towards the growth of the market.
The prominent players of the gaming hardware market are Apple Inc, Activision Blizzard Inc, Google Inc, Sony Corporation, Linden Research Inc, HTC Corporation, Microsoft Corporation, NVIDIA Corporation, Nintendo, Logitech International, Sega Games Co Ltd, Oculus VR LLC, and Venom UK Ltd.
Browse the full report at https://www.acutemarketreports.com/report/gaming-hardware-market
