Gaming Peripheral Market Industry is expected to grow from 8.59(USD Billion) in 2023 to 17.9 (USD Billion) by 2032. The Gaming Peripheral Market CAGR (growth rate) is expected to be around 8.5% during the forecast period (2024 - 2032).
Key Market Segments
The gaming peripheral market is segmented based on product type, device type, technology, price range, and distribution channel.
By Product Type
- Keyboards: Gaming keyboards, especially mechanical ones, are favored for their responsiveness and durability. This segment is projected to grow at a CAGR of 7.6% over the next eight years.
- Mice: Precision and customization options make gaming mice a crucial accessory for gamers.
- Controllers: With the rise of console gaming and PC gamers using controllers, this segment continues to see steady growth.
By Device Type
- PC: The PC gaming peripheral market is anticipated to surpass USD 8.34 billion by 2030, driven by the popularity of PC gaming and the continuous release of high-end PC games.
- Gaming Consoles: Console gaming peripherals are also witnessing growth, especially with the release of new consoles and exclusive titles.
By Technology
- Wired Peripherals: Traditionally favored for their reliability and lower latency.
- Wireless Peripherals: Advancements in wireless technology have led to increased adoption due to the convenience and reduced clutter they offer.
By Price Range
- Budget: Catering to casual gamers and those new to gaming.
- Mid-Range: Targeting enthusiasts who seek a balance between performance and cost.
- Premium: Designed for professional gamers and those seeking top-tier performance, this segment accounted for 20% of the market revenue in 2023 and is expected to witness significant growth.
By Distribution Channel
- Online: E-commerce platforms and official brand websites.
- Offline: Physical retail stores, including specialized gaming shops and electronics retailers.
Industry Latest News
Recent developments in the gaming peripheral industry highlight the dynamic nature of the market:
- Scuf's Valor Pro Controller: Scuf has introduced the Valor Pro, a wired Xbox and PC controller priced at $99.99. It features Hall effect magnetism to prevent stick drift, four programmable rear buttons, and dedicated dials for game volume and chat mix. The controller aims to offer a budget-friendly alternative with ergonomic enhancements.
- Lenovo Legion Go Handheld PC: Lenovo has entered the handheld gaming market with the Legion Go, which boasts an eight-inch LCD screen and detachable controllers. Powered by an AMD Ryzen Z1 Extreme processor and 16 GB of RAM, it offers smooth performance and a high-resolution display. Despite some software glitches, the device is praised for its performance and unique design.
- Logitech's Strong Performance: Logitech International reported adjusted earnings of $1.20 per share on sales of $1.12 billion for the September quarter, surpassing analyst expectations. Gaming peripherals emerged as the largest revenue driver with $300.5 million in sales. The company remains optimistic about the holiday season, focusing on product innovations to drive sales.
Key Companies
The gaming peripheral market is highly competitive, with several key players driving innovation and market growth:
- Logitech International S.A.: Known for a wide range of gaming accessories, including mice, keyboards, and headsets.
- Razer Inc.: Specializes in high-performance gaming hardware and has a strong presence in the eSports community.
- Corsair Gaming, Inc.: Offers a diverse portfolio of gaming peripherals and recently reported strong quarterly earnings, with peripherals showing significant growth.
- Mad Catz Global Limited: Provides innovative gaming controllers and accessories.
- Turtle Beach Corporation: Focuses on gaming headsets and audio accessories.
- Kingston Technology Company, Inc.: Through its HyperX brand, offers a range of gaming peripherals, including headsets, keyboards, and mice.
Market Drivers
Several factors are propelling the growth of the gaming peripheral market:
- Rise of eSports: The increasing popularity of competitive gaming has led to a higher demand for specialized peripherals that offer a competitive edge.
- Technological Advancements: Innovations such as wireless technology, AI-powered enhancements, and immersive experiences are attracting gamers seeking the latest features.
- Growing Gaming Community: An expanding global gaming community, coupled with increased disposable income, has led to higher spending on gaming accessories.
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