Gaming Steering Wheels Market Size (2024 - 2029)

Gaming Steering Wheels Market Analysis

The Gaming Steering Wheels Market size is estimated at USD 25.57 billion in 2024, and is expected to reach USD 38.80 billion by 2029, growing at a CAGR of 8.70% during the forecast period (2024-2029).

The global surge in augmented and virtual reality adoption, especially in racing games, alongside the expanding gaming culture, propels the growth of the gaming steering wheel market. Additionally, the global ascent of cloud-based gaming presents another significant growth avenue. Yet, the market faces a hurdle in the form of the high cost associated with gaming steering wheels.

• The gaming environment in various regions has changed significantly in recent years. Exposure to digital gaming and, in some cases, increased disposable incomes during the pandemic have further promoted e-sports as an alternative to traditional recreational sports. This further stimulated demand and drove the growth of digital gaming within the various regions, with new players joining the games across conventional age, gender, and socio-economic groups.
• The growth of the gaming steering wheel market is attributed to flourishing demand for desktop games, thriving exports, games featuring animation characteristics, and the synchronized recent release of mobile and desktop versions. Further, the growing demand for entertainment spurred the development of homegrown games in various regions. For instance, Chinese regulators approved more games for release in 2023 than in the previous two years, with over 1,000 titles granted a publishing license during the past year. The annual total is 1,076, more than the 512 approved the last year.
• The rise in VR and AR games worldwide would allow market players to develop new products that comply with these games. By 2025, NewGenApps projects that the global user base for AR and VR games will reach 216 million. An international survey encompassing technology company executives, startup founders, and investors reveals that 59% of respondents anticipate gaming to lead investments in VR technology.
• The digital literacy rates in various regions prove to be of immense help to the growing gaming industry. For instance,  the Germany Games Industry Association states that over half of Germans play computer and video games. Between the ages of 6 and 69, 58% of people use a console, PC, or smartphone to immerse themselves in digital worlds. However, the 50- to 59-year-old age bracket is the most active, with over one-fifth of the population playing computer and video games. This group and those in the 60–69 age bracket account for one-third of all German video game players.
• Competition in the gaming steering wheel market intensifies with the rise of alternative gaming controllers like gamepads, joysticks, and motion-based devices. These alternatives cater to gamers seeking varied experiences, appealing to racing and simulation enthusiasts and those exploring diverse gaming genres. In June 2023, the Asus ROG’s first gaming console was launched by the Asus subsidiary ROG. The company claimed its new product had the same performance as a PS5 game console, owing to an integrated AMD Ryzen Z1 Extreme processor.

Gaming Steering Wheels Industry Segmentation

A gaming steering wheel, a USB-connected peripheral game controller, enhances the experience of racing and driving games. Comprising brake pedals, acceleration, and mechanical gears, these wheels offer precise steering and pedal control, mimicking real-life vehicle handling for an immersive gaming experience.

The gaming steering wheels market is segmented by type, distribution channel, and key countries. By type the market is segmeneted into entry Level, advanced racing wheels. By distribution channel is segmented into online, offline. By key countries the market is segmented by United States, China, United Kingdom, Germany, Rest of the World . The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.