Gaming Accessories Surge In Pandemic Lockdown
The gaming accessories market is tipped to break $6 billion USD ($8.1 billion AUD) in 2024, as the COVID-19 pandemic fuels massive growth this year.
According to a new report from Futuresource Consulting, gaming accessories are set to achieve 21 per cent volume growth in 2020, with COVID-19 lockdowns contributing to demand. Morris Garrard, Research Analyst at Futuresource Consulting, says the pandemic has increased demand that was already there.
“Consumer interest was already rising, and the pandemic has simply applied an additive effect. Self-isolation orders created a surge in gaming peripherals, not only for gaming purposes, but also for use when working from home.
“All of this combined activity across gaming headsets, speakers, keyboards and mice will result in shipments of 97.8 million units, generating a retail value of $4.2 billion [$5.7bn AUD] by year end,” he said.
Gaming headsets make up 40 per cent of the market with 26 per cent year-on-year growth expected in 2020, though many non-gaming consumers have gone with entry-level models, resulting in lower retail value than growth. According to Garrard, spatial audio, which delivers “cinema-like” surround sound and 3D audio, is a popular feature.
“Its promotion as a gaming headset USP as well as inclusion in next generation console hardware will drive consumer awareness and uptake. Sony is delivering its proprietary service ‘Sony 360 Reality Audio’, whereas Microsoft offers a choice of Dolby Atmos, DTS:X and Windows Sonic on the Xbox Series X and S,” he said.
Gaming keyboards and mice are also surging, and are expected to grow by 17 per cent and 20 per cent this year respectively.
“The gaming accessories market holds substantial potential for further growth, with our forecasts showing that shipments will progress at a 9% CAGR between 2020 and 2024 across the four major product categories covered within this report.
“Alongside this, retail value will increase at double digit CAGR between 2020 and 2024, to generate over $6 billion in 2024,” said Garrard.