Market Dynamics- Drivers
Increasing hard core or casual gamers and growing popularity of e-sports are expected to drive growth of the PC gaming peripheral market during the forecast period
The increasing hard core or casual gamers and growing popularity of e-sports are expected to drive growth of the PC gaming peripheral market during the forecast period. Hard core gamers are those, who spend more time in playing video games and use advanced technologies gaming peripherals. Introduction of e-sports and virtual gaming has driven demand for gaming keyboards and gamepads that improves the gaming experience of the users. Thus, increasing demand of games from consumers has created the need for gaming consoles, peripheral devices, and others. Additionally, the affordability of these peripheral devices and rise in youth populations are the major factors that are expected to boost the market growth.
The increasing awareness about e-sports and ease of availability of the internet has increased growth of e-sport viewership significantly in the recent past. E-sports industry is the fastest growing industries that have become popular and offers lucrative growth opportunities to market players of peripheral devices such as keyboard and mouse. For instance, in 2017, according to Coherent Market Insights there were around 193.6 million casual gamers and 145.3 million enthusiasts gamers, which creates total audience of 338.9 million. Moreover, according to Coherent Market Insights, the PC gaming peripherals market is to expected to reach US$ 4.13 billion by 2024.
Among regions, North America region held a dominant position in the PC gaming peripherals market in 2019, accounting for 29% share in terms of value, followed by Asia Pacific and Europe, respectively.
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High cost of gaming peripherals are expected to hamper growth of the PC gaming peripherals market over the forecast period
High cost of PC gaming peripheral devices such as mouse, keyboard, and joysticks are expected to hinder growth of PC gaming peripheral market. The absence of advanced technologies gaming peripherals such as DPI mouse and anti-ghost switches allowed gamers to spend more money on peripheral devices. This, in turn, is expected to hinder demand for pc gaming peripherals and thereby expected to restrain the market growth over the forecast period.
Growing demand for augmented reality and virtual reality is expected to create lucrative growth opportunities for market players
The demand for augmented and virtual reality is increasing rapidly, owing to the increasing adoption of smartphones in the market. Ease of accessibility on smartphones and tablets are fueling demand for augmented reality gaming devices. Advancements in the gaming technologies and are aiding in the expansion of augmented reality gaming peripherals in the market. The development of new headphones with advanced gaming technologies attracting gamers to purchase these headphones. The development of virtual augmented reality and virtual reality are expected to drive growth of the PC gaming peripherals market. The demand for virtual reality games are increasing globally due to development of new controllers and accessories by the makers of gaming peripherals. For instance, according to coherent market insights, global VR video gaming sales revenue are expected to reach at US$ 23.2 billion by 2020, followed by PC and console segments.
Key companies operating in the PC gaming peripheral market include Alienware, Logitech Internation SA, Razer Inc., Mad Catz Global Limited, Corsair Components, Inc., Cooler Master Co., Ltd., Sennheiser electronic GmbH & Co. KG, HyperX, SteelSeries, Anker, Roccat, Reddragon, Thrustmaster, and Turtle Beach Corporation.
Key companies are focused on expanding product portfolio by product launch/development strategies, in order to gain competitive edge in the market. For instance, in March 2018, Logitech International launched PC gaming speaker Logitech G560 PC with advanced technology ‘Logitech G LIGHTSY’ that provides light and sounds to PC gaming. Logitech International expand its high-performance for the requirements of gamers, and provides new innovation in RGB to new immersive levels.
Key manufacturers are focused on product launches, in order to enhance their product portfolio. For instance, in April 2018, Razer launched Razar game store for gamers to purchase games such as Car Fry 5, Ni No Kuni, and others. Razer uses hardware and peripherals such as excellent blade laptops and cameras to encourage people to invest in Razer game store.
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