According to a new report on the gaming hardware market published by Transparency Market Research, the global gaming hardware marketis expected to reach a volume of 260.5 Million Units by 2026, expanding at a CAGR of 6.6% from 2018 to 2026. According to the report, the global market is projected to continue to be influenced by a number of macroeconomic and industry-specific factors. In terms of product type, the consoles segment is anticipated to expand in the coming years.
Persistent technological developments in the gaming industry
Demand for gaming hardware has increased significantly in recent years. Residential users are prominent end-users of gaming hardware. Demand for gaming hardware in the commercial sector is expected to rise during the forecast period. There has been a substantial increase in the deployment of standard consoles in commercial sectors. This technology has enhanced the experience of playing games. The trend is expected to continue during the forecast period. New game consoles introduce high definition audio and video images along with advanced graphic technology. Major players specializing in console and virtual reality headsets and other accessories are coming up with their latest products by 2018 and 2019.
In terms of region, Europe held a prominent share of the gaming hardware market in 2017. North Americaconstitutes a key market share, and the market in the region is anticipated to expand at a robust pace during the forecast period. The market in Middle East & Africa and South America is expected to expand at a steady growth rate as compared to the market in other regions of the world.
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Gaming Hardware Market Analysis
The global gaming hardware market has been segmented based on product type, end-use, and geography. Demand for headsets and controller accessories is expected to rise significantly during the forecast period. Japan is estimated to have the highest density of gaming hardware. Major manufacturers of gaming hardware have a presence in Japan. With the advent of virtual & augmented reality, the demand for headsets accessories has increased significantly.
Demand for advanced technology is a key factor driving demand for gaming consoles. Asia Pacific and North America are expected to propel demand for gaming consoles & accessories over the forecast period. Demand for standard consoles is projected to continue to be significant in the commercial sector. The demand for handheld consoles is expected to be high in the regions of Europe and Asia Pacific in the coming years.
The global gaming hardware market is primarily driven by the North America region, in terms of volume. Europe constitutes a prominent market share, followed by APAC, Middle East & Africa, and South America. The U.S. contributes significantly to the market in North America. Rapid innovations in gaming devices design and connectivity and rise in the number of manufacturers of gaming hardware are expected to drive the gaming hardware market in the U.S. in the near future. In Middle East & Africa, GCC is the leading sub-region of the market, followed by South Africa. Middle East & Africa is likely to be an attractive region of the market with investment opportunities for companies. In South America, Brazil is the leading economy driving the gaming hardware market.
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Global Gaming Hardware Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global gaming hardware market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Some of the key players in the market are Microsoft Corporation, Nintendo Co Ltd., NVIDIA Corporation, Sony Corporation, Logitech International S.A, Venom UK Ltd, Madcatz, A4TECH, Scuf Gaming International LLC., V-MODA, LLC, Razer Inc. and Turtle Beach.Market leaders are focusing on expanding their business by developing strategic partnerships and offering innovative solutions to end-use industries.