The global gaming accessories market expanded by 6% in 2021, achieving 105 million shipments and revenues of $4.7 billion. Yet new research from Futuresource Consulting shows the market will retreat this year, with a 2% decrease expected for both volume and value.
“Consumers are beginning to divert more of their spend towards the essentials,” says Maxym Dmytriyev, a gaming analyst at Futuresource Consulting. “A general mood of economic uncertainty is making its presence felt in many regions, and it’s causing consumers to recalibrate their spending patterns.
“However, interest in the gaming accessories market still remains high. Hybrid working is here to stay, and that’s sustaining the pandemic-driven trend towards gaming as a hobby. It’s also supporting the purchase of gaming peripherals to supplement office working. And despite this year’s expected market shrinkage, total volume and value is still going to exceed 2020’s strong performance.”
The gaming accessories market covers headsets, speakers, keyboards and mice, with headsets making the largest contribution to volume and value, at 40% and 44% of the market respectively. The category has benefitted hugely from COVID, both due to a large and dedicated gaming audience, alongside the use of gaming headsets for remote working purposes.
“While consumers are being more cautious with their spending, the demand for hybrid gaming headset solutions still remains,” says Dmytriyev. “Sure, some premium features, such as detachable microphones and ANC, are being jettisoned in favour of wireless connectivity, good soundstage, audio fidelity and audio controls. But despite this, the market is still vibrant and energetic. And we’re seeing new gaming products from lifestyle audio brands like Sony, JBL and Edifier leveraging their audio pedigree to win over customers.”
The three gaming peripherals segments of speakers, keyboards and mice are also facing a short-term slowdown according to Futuresource, though mice are showing the most resilience. The research firm expects wireless functionality to play a lead role in driving the overall market, as 2.4GHz connectivity is reaching acceptable levels of latency for casual gamers. This allows for faster polling, better tracking precision and higher accuracy.
At the same time, improvements in battery technologies and price are stimulating the market, with products like HyperX Cloud Alpha innovating at the boundaries of wireless capability and battery capacity.
Moving forward, despite the market decline in 2022, Futuresource expects a positive long-term future for gaming accessories. Gaming remains a key growth area within the wider entertainment sphere, and the firm anticipates that volume and value will grow at 11% and 12% CAGR respectively between 2022 and 2026.
For further information on Futuresource Consulting’s global gaming headsets and accessories market outlook, or to make a purchase, please contact email@example.com