The enchanting world of gaming has been augmented by the arrival of virtual reality technology, which offers gamers an immersive 3-D experience through devices such as VR headsets, controllers, VR treadmill, etc. Persistence Market Research has studied this interesting market of virtual reality gaming accessories and presented the findings, forecasts, and insights in a new report titled “Virtual Reality Gaming Accessories Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025.” This report presents detailed revenue forecasts of the global VR gaming accessories market by components, platform, sales channel, and region and throws light on the various factors boosting revenue growth of the global market over an eight year assessment period from 2017 to 2025.
The global virtual reality gaming accessories market is projected to reach a market valuation in excess of US$ 31 Bn by the end of 2025, up from an estimated US$ 9.5 Bn in 2017, witnessing a CAGR of 15.9% in terms of revenue. The global virtual reality gaming accessories market is expected to create an incremental opportunity of about US$ 21.5 Bn between 2017 and 2025.
Global Virtual Reality Gaming Accessories Market: Segmental Forecast
The global virtual reality gaming accessories market is segmented on the basis of Components into Headset (Mobile, Tethered), VR Controller (VR Glove, Gun Controller, Haptic Controller, Handheld Controller), VR Treadmill, Gaming Suit, and VR PC Backpack. On the basis of Platform, the market is segmented into Gaming Console, PC, and Smartphone. By Sales Channel, the segmentation includes Organized Retail Chain, Unorganized Retail Chain, and Online Store. Regional classifications include North America, Latin America, Europe, Asia Pacific, and MEA.
- In terms of value, Asia Pacific is projected to be the most attractive regional market in the global virtual reality gaming accessories market during the forecast period, with high Y-o-Y growth rates. The APAC virtual reality gaming accessories market will reach a market valuation of just under US$ 14 Bn by the end of 2025 and witness a CAGR of 17.7% in terms of value. North America is the second largest regional market with revenues to the tune of US$ 8 Bn expected by 2025 end, with a CAGR of 15.8%.
- By component, the Headset segment is anticipated to be the most attractive segment during the forecast period, with market revenue estimated to stand at about US$ 12 Bn by 2025 end.
- Among the platform segments, the Smartphone segment is likely to lead the global virtual reality gaming accessories market, with revenues anticipated to cross US$ 14 Bn by the end of 2025 at a growth rate of 14.2%. Revenue from the PC and Gaming Console segments is expected to increase significantly between 2017 and 2025. The Gaming Console segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of CAGR, the Gaming Console segment leads in this category with a growth rate of 19.1% during the forecast period.
- By sales channel, the Online Store segment is projected to be the most attractive segment in the global market with a CAGR of 13.6%. In terms of value, the Unorganized Retail Chain segment is poised to witness substantial growth during the forecast period and register high Y-o-Y growth rates.
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Global Virtual Reality Gaming Accessories Market: Key Player Insights
The report profiles some of the top companies operating in the global virtual reality gaming accessories market such as HTC Corporation, Google Inc., Sony Corporation, Microsoft Corporation, Virtuix Holdings Inc., Samsung Corporation, Nintendo Co Ltd, Oculus VR LLC, HP Inc, and Xiaomi Corporation. Key market players are adopting strategies such as new product launches and continuous product upgradation to enhance sales growth and business revenue and also to expand into new markets. Companies are also leveraging new innovation strategy to reach potential customers in emerging markets.
The increasing adoption of smartphones compatible with VR devices presents lucrative opportunities for companies in the global virtual reality gaming accessories market. This is also augmented by a growing global adoption of gaming consoles equipped with VR technology. The VR gaming accessories market is rapidly growing owing to an increase in the use of mobile based headsets that provide a seamless gaming experience without the use of any cables attached to PCs or gaming consoles. As a norm, companies are moving towards the next level of gaming technology namely virtual reality and this is further boosting revenue growth of the global virtual reality gaming accessories market. Virtual reality gaming is a very lucrative field and provides numerous opportunities for market players to expand their business and increase the customer base. In order to fully leverage the innumerable opportunities presented by the global virtual reality gaming accessories market, companies need to focus on launching innovative mobile headsets and other VR gaming accessories to stay ahead of competition in this highly competitive market.