Gaming Hardware Market Set to Surge: Projected to Reach $59.5 Billion by 2033 at 4.9% CAGR

The worldwide gaming hardware market is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2033, from US$ 36,739.7 million in 2023 to US$ 59,464.4 million. The market for gaming hardware has shown exceptional growth due to the growing demand for cutting-edge gaming technology that improves the immersive gaming experience. There are more people playing games because of the industry’s explosive expansion. To enable these gaming experiences, there is a consequent rise in demand for gaming gear.

Gaming has evolved from a simple hobby to a passionate pursuit and even a profession, fueling the desire for high-performance hardware. Additionally, the advent of cloud gaming services has revolutionized the gaming landscape, offering top-tier gaming experiences without the need for expensive hardware investments. This accessibility has opened up new possibilities and attracted more gamers, contributing to the overall growth of the gaming hardware market.

E-sports and game streaming have gained massive popularity, attracting a huge audience. Competitive gamers and content creators in these areas require top-tier hardware to excel in their respective fields. Social media and online gaming platforms provide a platform for gaming enthusiasts to share their experiences and recommendations. Positive reviews and word-of-mouth promotion can boost the sales of popular gaming hardware, leading to increased brand recognition and market share for manufacturers.

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Key Takeaways

North America and Europe Take the Lead: With remarkable market shares of 26.5% and 21.4% in 2022, respectively. North America and Europe have solidified their positions as the leading gaming hardware markets. This impressive growth can be attributed to their enduring passion for gaming and substantial investments in cutting-edge technology.
United States Dominates, while Germany Picks up Steam: With an 18.5% share in 2022, the United States firmly established itself as the market leader in gaming hardware. Meanwhile, Germany exhibited extraordinary growth, with a 9.5% share in 2022, indicating a vibrant gaming culture in the country.
Australia’s Gaming Renaissance: Australia experienced a surprising increase in 2022, with a 3.4% share, signifying a growing gaming culture and a rising demand for high-end gaming hardware in the country.
The Rising Sun Illuminates Gaming Hardware in Japan: With a significant 7.6% market share in 2022, Japan stood out in the world of gaming hardware. The country’s expanding influence on the worldwide market is largely attributed to its passion for gaming, its culture of innovation, and its dedication to delivering distinctive gaming experiences.
India and China: Potential Future Players: Two gaming behemoths, China and India, are on a trajectory to transform the gaming hardware sector. Both nations demonstrate tremendous development potential, with a projected CAGR of 6.7% for China and 7.1% for India through 2033. They are anticipated to become key players in the global gaming hardware market going forward. Their growing populations, increasing disposable incomes, and burgeoning interest in gaming are expected to fuel their significant growth in the industry.

Competitive Landscape

The gaming hardware industry is fiercely competitive, with significant competitors constantly struggling for supremacy. The booming popularity of gaming, whether as a pastime or a serious career, has driven the rising need for cutting-edge gaming technology that enhances the overall experience. As players seek to advance their gaming endeavors, the competition intensifies, leading to a demand for more expensive equipment. Moreover, the market has witnessed a disruptive impact due to cloud gaming services, which have revolutionized the gaming landscape. Players can now access top-tier gaming experiences without the necessity of investing in expensive hardware. This shift in approach has further influenced the dynamics of the gaming hardware market, prompting companies to adapt and innovate to stay relevant in this evolving ecosystem.

Microsoft

One of the top manufacturers of gaming hardware is Microsoft. The business sells various gaming accessories, including controllers, headphones, and keyboards, in addition to some of the most well-known gaming consoles in the world, the Xbox.

Sony

Sony is yet another significant vendor in the video game hardware industry. The business also sells various gaming accessories, and its PlayStation game consoles are also particularly well-liked.

Nintendo

A Japanese firm, Nintendo is renowned for its cutting-edge game consoles. One of the most well-known gaming consoles in the world, the company’s Switch also comes with various gaming accessories.

Intel

Intel is a significant semiconductor manufacturer that also provides a variety of gaming hardware items. The business also provides a variety of other gaming equipment, including motherboards and RAM, and its Core CPUs are among the most well-liked gaming processors in the world.

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Key Developments

In April 2023, Razer, a well-known company in the video game hardware and peripherals industry, revealed its commitment to supporting Web3 gaming projects by introducing the zVentures Web3 Incubator (ZW3I). The primary goal of ZW3I is to promote the adoption of Web3-enabled games among the general public. To achieve this, Razer plans to carefully choose developers with a proven history of creating successful games to participate in their incubator program.

Sony revealed its plans to release the PlayStation 5 Pro (PS5 Pro) gaming console in late 2024, as announced in March 2023. This upcoming console is set to be an enhanced version of the current PlayStation 5 (PS5). In addition to the PS5 Pro, the tech giant is also anticipated to introduce a new PS5 variant featuring a detachable disc drive within the current year.

Key Segments Profiled in the Gaming Hardware Survey

Gaming Hardware Market by Gaming Platform: