Console Game Peripherals Market Size, Share, Growth, and Industry Analysis, By Type (Handle, Earphone and Others), By Application (Original, Refurbished and Others), Regional Forecast to 2031

Updated On: 15 April 2024

CONSOLE GAME PERIPHERALS MARKET REPORT OVERVIEW

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The global console game peripherals market size was USD 6616.8 million in 2022 and is projected to touch USD 8633.4 million by 2031, at a CAGR of 3.0% during the forecast period.

The global COVID-19 pandemic has been unprecedented, staggering, as the console game peripherals market are experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A console game peripheral is an additional piece of equipment linked to a laptop or personal computer (PC) to enhance the gaming experience. It consists of media card readers, tablet pens, gaming mice, keyboards, headsets, gamepads, and joysticks. The advent of competitive, multiplayer video games and the spread of high-speed internet connectivity are currently having a beneficial impact on the sales of advanced gaming peripherals worldwide. With the development of new games and formats for a broad audience in recent years, the trend of online games has had a significant impact on market growth. Additionally, a trend where games are created based on the preferences, interests, and platforms of the player has emerged as a result of access to a huge variety of game generations.

COVID-19 Impact: The COVID-19 Underlying Condition Downgraded the Market Growth

Every industry, including those in the automotive, hotel, aviation, retail, and other sectors, has experienced countless undesirable and unprecedented changes as a result of the COVID-19 pandemic, as we can all see. Businesses are quickly responding while the COVID-19 epidemic remains largely a health and humanitarian catastrophe. The COVID-19 pandemic, which is spreading globally, is having an impact on the console game peripherals market. Due to the closure of manufacturing facilities, the pandemic has had an impact on the production and supply of these peripherals globally. For instance, Konami Holdings Corporation announced in March 2020 that the spread of COVID-19 would cause an indefinite delay in the development of the TurboGrafx-16 Mini console.

LATEST TRENDS

"Growing Popularity of e-Gaming and VR Games to Attract the Consumers and Boost Market Sales"

The growing popularity of e-sports and virtual reality (VR) games among the general public is pushing the development of specialised gaming keyboards and gamepads that may be adjusted to give users with superior ergonomics. Aside from that, the growing commercialization of online gaming and the expanding trend of game streaming platforms are driving up the use of console game peripherals worldwide. Aside from that, the launch of high-definition displays, as well as the development of unique gaming accessories such as VR cameras, haptic gloves, controllers, and seats, is expected to provide a favourable boost to the market. The growing desire for realistic and immersive gaming experiences has necessitated the development of peripheral devices, high-quality gaming consoles, and body sensors.

CONSOLE GAME PERIPHERALS MARKET SEGMENTATION

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• By Type

Based on type the console game peripherals market is classified as handle, earphone and others.

• By Application

Based on application the console game peripherals market is classified as original, refurbished and others.

DRIVING FACTORS

"The Rising Prevelance of Gaming Enthusiast and  Professional Gamers to Inflate Market Share"

A large increase in the number of gaming fans and professional gamers, combined with an increasing desire for an immersive and realistic gaming experience, is one of the important reasons contributing to the market's favourable outlook. Players are now spending a lot of money on consoles and peripherals since gaming has become a mainstream market thanks to the development of social apps, and gamers have formed social groups to improve their gaming experience. The growing popularity of e-sports and gaming tournaments such as the League of Legends World Championship, the PUBG Global Championship, and the Call of Duty World League (CWL) is driving demand for advanced peripherals that assist gamers enhance their gaming skills.

"The Rapid Urbanization and Rising Disposable Income to Advance the Market Growth"

Additionally, the sales of premium gaming consoles, whole body sensors, and other gaming peripheral devices are being driven by increased urbanisation and rising personal disposable income. Based on rising need for a user-friendly interface, availability of hardware in a small size, and rising popularity, gaming consoles have a high likelihood of seeing rapid growth in the near future.

RESTRAINING FACTORS

"The Higher Cost and Availability of Counterfeit Products  to Restrain the Market Growth"

It is anticipated that the high price will hinder the expansion of the console game peripheral market share. Over the course of the predicted period, the availability of fake goods may become a significant barrier to growth. Unaware consumers frequently choose goods with comparable qualities at a far lower cost because they are less concerned about the brand and quality. The console game peripherals market growth is anticipated to be hampered by the growing use of these counterfeit products due to their low prices, particularly in developing nations like China, Indonesia, and Taiwan.

CONSOLE GAME PERIPHERALS MARKET REGIONAL INSIGHTS

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"North American Region to Lead the Market With Key Players and Spending on Video Games"

With a share of more than 25%, North America region led the console game peripherals market in 2019. This dominance can be ascribed to the presence of important manufacturers like Turtle Beach, CORSAIR, Mad Catz, and Microsoft Corporation. The expansion of the regional market is predicted to be boosted by the rising popularity of online gaming, the availability of personalised devices, and the creation of quality content. Contrarily, consumer patterns including high spending on video games and related accessories in comparison to other entertainment platforms have also been a factor in its expansion. The success of the market competitors depends on product innovation and strategic alliances due to the sizable number of participants on the American market share.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Sony (Japan)
• Nintendo (U.S.A)
• XBOX (Japan).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.