Market Trends of Gaming Accessories Industry
Rise in E-Sports Gaming to Fuel the Demand for Gaming Accessory Equipment to Drive the Market Growth
- E-sports are now driving the world's gaming industry in terms of its market demand, which is currently strong under current market conditions. The export market has been forecast to increase over the next few years.
- It's the millennials who make up most of the audience and players in esports. To this end, eSPORTS publishers target these customers by ensuring the game's user experience and providing it to different platforms such as consoles, PCs, or cell phones.
- In the past years, this massive increase in the esports market has driven significant companies such as Logitech, Razer, and SteelSeries and their products, and this increase in demand could be multiplied by the expected growth of the estimated esports audience worldwide.
- Gamers are more aware of specific brands, so they make more significant considerations in making such a vital decision as purchasing peripherals. The choice of which peripheral brands have similar strategies related to esports, influence on products, and USPs is becoming more difficult for consumers.
- Also, many e-sports outfits and gaming companies offer partnerships and collaborations to increase the marketing and scope of the products. These big gaming companies with games such as Dota, League of Legends, and Fortnite provide massive scope opportunities to these companies as they have revenues and reach unparalleled and in millions.
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Asia Pacific to Witness the Highest Growth
- Asia Pacific holds the largest market shares, whereas the highest revenue shares are in Southeast Asia. The world's top gaming hubs are China, Japan, Australia, and South Korea, accounting for more than 40 % of the industry's annual revenues.
- In Asia, China is one of the leading countries that has been adopting technology at an increasing rate. The country is home to one of the fastest internet bands and strong players, like Tencent and NetEase. The main driving factors for gaming in this country are growing esports and constantly innovative practices related to new games and consoles.
- eSports has also become a trend in the region, leading to an increasing market for video games. In other countries besides China, such as Indonesia, Vietnam, Malaysia, etc., new opportunities for gaming accessories have arisen because of increasing viewing rates and a growing trend towards electronic sports. There is also a growth in demand for video games via consoles, which will increase further as esports become more popular.
- Moreover, several new platforms are being created to strengthen the growth of Asia Pacific through increased regional content. Furthermore, the market is projected to continue rising as more and more 5G networks are installed in the country.
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