The Growth of Gaming Gadgets Market is anticipated to grow over the next decade, with the launch of a multitude of new products. The industry is also driven by the frequent release of new content and rapidly developing technologies, such as virtual reality and artificial intelligence. The recent novel coronavirus outbreak has led to an economic downturn, which has negatively affected the retail sector. However, with new technologies enabling the creation of high-end gaming consoles, the gaming gadget market is expected to continue to grow through 2021.
The gaming gadgets market is also expected to grow due to the increasing level of global income. While high prices have negatively affected the industry, a rising income level has enabled people to spend more on housing. Also, the proliferation of connected homes is expected to boost the market for gaming gadgets. Further, young gamers are building social bonds and increasing their spending power, which will further boost the growth of this market. In addition, gaming gadgets will also be a good way for people to unwind at the end of a long day.
The growth of gaming gadgets is expected to continue its explosive growth through the forecast period. However, competition among manufacturers is fierce, and consumers are increasingly becoming increasingly demanding. The popularity of social media has increased the number of players in the e-sports sector. Furthermore, the increased use of gaming consoles and gaming accessories in other countries is driving the growth of this industry. This, in turn, has created an environment that is conducive to the development of gaming gadgets.
Gaming gadgets market is dominated by some well-known firms, including Nintendo Co., Microsoft Corporation, and Sony Corporation. These companies have extensive global networks, which allow them to reach a large client base. As the industry continues to grow, the players will continue to focus on developing strategic initiatives to stay ahead of the competition and remain at the forefront of the industry. It is estimated that the gaming gadgets market will grow by about 6% per year.
Gaming gadgets market is expected to reach US$145 billion by 2031. The growth of gaming gadgets is primarily driven by the growth of e-sports. Increasing social media usage is creating opportunities for established players, and the cost of gaming accessories is the main deterrent for the industry. Meanwhile, PlayStation dominates the market, as it features improved graphics quality, top performance, and accessibility. Some companies have also introduced miniaturized versions of their popular gaming consoles, like the Game Gear Micro that is expected to reach market in four colors by 2020.
As the level of flexible income has risen in the past decade, consumer preferences are changing. With the increasing popularity of gaming gadgets, the market for gaming devices has also experienced a rapid transformation in recent years. For example, PlayStation holds a 46.3% market share by 2021, owing to the frequent technical updates. Nintendo Switch and Xbox are also expected to grow by five percent each year, respectively. In addition to these top players, other gaming devices have also experienced explosive growth.