The Increasing Gaming Population is Driving the Growth of Gaming Hardware Market

Globally, the gaming hardware market is expected to grow with a CAGR of 7.2% during the forecast period from 2023 to 2030. The market is propelled by the increasing number of gamers across the globe. Over the past decade, the number of gamers, including serious gamers, enthusiast gamers and casual gamers, has increased significantly. The total number of the gamer was estimated to be around 2.2 billion in 2020 i.e. approximately 30% of the world population. The number is further estimated to cross 2.6 billion by the end of 2020. The growth is mainly driven by the advancement in the gaming hardware and integration of new technologies to provide immersive gaming experience.

The development of new multiplayer games with the advance technologies such as augmented reality and virtual reality is also acting as a major driver for the growth of the market. Furthermore, the rising computation requirement for AAA games is also accelerating the adoption of the gaming hardware market. However, the growing demand for mobile gaming and cloud gaming is restricting the growth of the gaming hardware market.

The gaming hardware market is bifurcated based on the product type into gaming console, joystick console, head-mounted devices and GPUs. Gaming consoles accounted for more than 45% share in the overall gaming hardware market. The growth of the market is credited to large scale adoption of the gaming consoles. On the other hand, head mounted displays are estimated to grow significantly during the forecast period. The market is driven by the growing demand for the 3D gaming solutions.

North America is Leading the Gaming Hardware Market                              

North America accounted for more than 35% share in the gaming hardware market in 2021. The market is driven by the increasing gaming population across the region. North America has high purchasing power and lower barriers to entry for gaming systems, it dominates the gaming hardware market. Furthermore, the increasing disposable income of the population in the emerging economies along with the willingness to pay for gaming consoles.

Major players in 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Gaming Hardware market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Gaming Hardware market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Gaming Hardware market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Gaming Hardware market?
• Which is the largest regional market for Gaming Hardware market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Gaming Hardware market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Gaming Hardware market worldwide?