What's Happening?
Omdia, a technology research and advisory group, has released a forecast indicating that the global market for gaming peripherals and accessories is expected to surpass $20 billion by 2025. This growth is primarily driven by the increasing demand for gaming monitors, which are projected to contribute 49% of the overall revenue in 2025. The report highlights that while spending on games themselves has stagnated, the peripherals market has seen a significant rise, with a 44.3% increase in revenue from 2020 to 2024. The demand for higher resolutions and faster refresh rates in gaming monitors is a key factor in this growth, alongside the popularity of premium products like Sony's DualSense Edge controller.
Why It's Important?
The projected growth in the gaming peripherals market underscores a shift in consumer spending within the gaming industry. As game prices have not kept pace with inflation, developers have faced challenges in increasing their revenue. However, the peripherals market has not encountered such resistance, allowing manufacturers to set higher price points for premium products. This trend suggests a growing consumer willingness to invest in enhancing their gaming experience through high-quality accessories. The expansion of this market could lead to increased innovation and competition among manufacturers, benefiting consumers with more advanced and diverse product offerings.
What's Next?
As the market for gaming peripherals continues to expand, manufacturers are likely to focus on developing new technologies and features to capture consumer interest. The ongoing demand for improved gaming monitors and other accessories may drive further advancements in display technology and ergonomic design. Additionally, the success of premium products could encourage companies to explore new pricing strategies and marketing approaches to maximize their market share. Stakeholders in the gaming industry, including developers and accessory manufacturers, will need to adapt to these changes to remain competitive and meet evolving consumer expectations.
