According to the new research report published by The Insight Partners, titled “Gaming Controller Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market was valued at US$ 1,663.5 million in 2019, and it is expected to grow at a CAGR of 8.0% during 2020–2027 to reach US$ 2,973.5 million by 2027.
The presence of developing economies, such as China, India, South Korea, Malaysia, the Philippines, and Taiwan, makes Asia a developing continent. Stable economies and surging technological advancements support the growth of various industries and markets in the region. Moreover, digitalization of economies and industries such as gaming, and rising disposable income of the middle-income class group are among the factors propelling the overall economic growth of the region and driving it from a developing to developed phase.
The adoption of video gaming is rising among young and old population across APAC. In 2020, there were nearly 1.5 billion gamers, which prove Asia Pacific as one of the largest region for video gaming globally. China, Japan, and South Korea are amongst the top 10 markets in terms of game revenues. Taiwan, India, Indonesia, Thailand, the Philippines, Malaysia, and Vietnam are other small gaming markets growing in Asian economy. Moreover, the trend of eSports in the region is expanding; around 10 million enthusiasts, with 2 million in Indonesia and 2.8 million in Vietnam have showed their interest toward eSports.
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Europe comprises developed economies such as Germany, France, the UK, and Italy. Germany, the UK, France, Italy, and Spain are the prominent markets having high gaming revenues. Germany is a highly valuable video game market of the Western Europe, followed by the UK and France. With over 90% adoption of smartphones in the European region, more than 30% of the European population plays online games on their smartphones. In addition, there are around 2,000 gaming firms in the UK engaged in the business of developing games for escalating gaming market. The high penetration of smartphones in the region is projected to fuel the significance of controllers, such as gamepad, compatible for smartphones.
The gaming controller market players mainly perform several strategies to expand their business and maintain their brand name globally. For instance, in 2020, Scuf Gaming International, LLC, launched high-performance gaming controllers for Call of Duty League to bring fans new, official league controllers, featuring team colors and logos.
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