Gaming Accessories Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The gaming accessories market is expected to reach $ 14.53 billion in 2023, and to reach $ 30.62 billion by 2032, growing at a CAGR of 8.64% from 2024 to 2032. This growth is driven by the increasing demand for gaming accessories, as well as the increasing popularity of e-sports and online games. As gaming becomes more and more popular, the demand for high-quality accessories such as headsets, gamepads, and game chairs is also increasing, which will also drive the market. There are several reasons for this growth. The proliferation of high-performance game consoles and PCs, the popularity of virtual reality and augmented reality, and the trend of mobile games are all driving the growth of the market. The market is also driven by the development of the gaming industry, and companies such as Logitech, Razer, and Corsair are constantly innovating and launching new products to meet the needs of the gaming industry. They are also forming strategic alliances with game companies, investing in research and development, and running targeted marketing campaigns. The gaming industry is constantly evolving, and the demand for gaming accessories is expected to be high, and the market will continue to grow steadily.

Regional Market Size

Regional Deep Dive

The gaming accessories market is growing significantly in several regions. The growing popularity of games and the rise of e-sports have been the driving forces for this growth. North America has the highest penetration of gaming accessories, a strong customer base, and high-quality gaming experiences. Europe offers a diverse gaming culture and a growing demand for accessories. The Asia-Pacific region is rapidly growing due to a large population of game players and increasing disposable income. The Middle East and Africa are slowly becoming a part of the gaming culture, mainly due to the expansion of the Internet and the rise of mobile gaming. Latin America is still in its developing stage, but it is a promising region due to a young population and an increasing demand for gaming as a popular entertainment option.

Europe

• The European market is seeing a surge in sustainability initiatives, with companies like SteelSeries and Corsair developing eco-friendly gaming accessories, reflecting a growing consumer preference for environmentally responsible products.
• Regulatory changes in data protection, particularly with GDPR, are prompting gaming accessory manufacturers to enhance their data security measures, impacting product design and marketing strategies.

Asia Pacific

• The rapid growth of mobile gaming in countries like China and India is driving demand for mobile-compatible gaming accessories, with companies like Xiaomi and Razer launching products tailored for mobile gamers.
• The increasing popularity of eSports in the region has led to significant investments in gaming tournaments and events, fostering a culture that prioritizes high-quality gaming accessories among competitive players.

Latin America

• The growth of internet accessibility in Latin America is leading to an increase in online gaming, which is driving demand for affordable yet high-quality gaming accessories among a young, tech-savvy population.
• Local companies are emerging in the gaming accessory market, such as Mobo and Giga, focusing on providing cost-effective solutions tailored to the unique preferences of Latin American gamers.

North America

• The rise of cloud gaming services, such as NVIDIA GeForce NOW and Google Stadia, is influencing the demand for high-performance gaming accessories, as gamers seek peripherals that enhance their experience in a cloud-based environment.
• Major companies like Razer and Logitech are investing heavily in product innovation, focusing on ergonomic designs and customizable features to cater to the growing demand for personalized gaming experiences.

Middle East And Africa

• The Middle East is witnessing a rise in gaming cafes and community hubs, which are becoming popular venues for gamers, thus increasing the demand for shared gaming accessories and equipment.
• Government initiatives in countries like Saudi Arabia are promoting digital entertainment, including gaming, which is expected to boost local manufacturing and distribution of gaming accessories.

Did You Know?

“In 2022, it was estimated that over 2.7 billion people worldwide were gamers, with a significant portion of them investing in gaming accessories to enhance their gaming experience.” — Newzoo Global Games Market Report

Segmental Market Size

The gaming accessories market is growing at a fast pace, mainly due to the rising popularity of gaming across all age groups. E-sports, with its high-performance peripherals, and the growing trend of remote gaming, especially post-pandemic, are the two main factors driving the market. Further, the introduction of wireless and customisable accessories is improving the gaming experience and boosting the market. The gaming accessories market is currently at a mature stage of development, with the likes of Razer, Logitech and Corsair leading the way in terms of innovation and product offerings. The main applications are gaming headphones, controllers and keyboards, which are essential for both casual and professional gamers. Further, augmented and virtual reality are reshaping the way in which we interact with our environment. Also, the push for sustainable development is causing manufacturers to investigate eco-friendly materials and production processes, in line with the increasing demand for socially responsible gaming products.

Future Outlook

During the period 2023 to 2032, the gaming accessories market is expected to grow from $1.55 billion to $3.06 billion, at a CAGR of 8.64%. The growth is due to the growing penetration of games in all the age groups, especially in young consumers and casual gamers. The industry forecasts that the use of high-quality accessories such as headphones, controllers, and gaming chairs will increase with the penetration of gaming in the general population. The growth in virtual reality and augmented reality will be the driving force behind the development of accessories. The augmented and virtual reality experience requires special equipment, which will increase the demand for virtual reality goggles and haptic devices. Moreover, the growing trend of e-sports and professional gaming will contribute to the growth of the market, as professionals and amateurs will need premium accessories to improve their performance. As manufacturers continue to invest in research and development, the market will see the launch of smart accessories that integrate artificial intelligence and machine learning and offer a more personal gaming experience. In general, the gaming accessories market is on a promising path, with the development of technology and the penetration of the general population.