The Gaming Gadget Demand Is Increasing
Gaming gadgets market is set to accrue revenue worth $166.96 billion by 2031.
The rise in the number of people playing, watching, and broadcasting esports has enhanced the demand for gaming gadgets across the globe. The massive need for seamless gaming and gaming performance has resulted in product innovations and new product development, thereby enhancing the preference for gaming gadgets.
Growing trends of using high poly 3D assets and texts in games will increase the inclination of gamers towards the use of gaming gadgets. This, in turn, will proliferate the expansion of the global gaming gadgets industry in the years ahead. According to the Allied Market Research Report, the global gaming gadgets market is set to accrue revenue worth $166.96 billion by 2031.
Key players in the global gaming gadgets market are implementing strategies such as the launching of new products to expand their product portfolio and bringing innovations to their existing products. In addition, the strategy will help in increasing the sale of gaming gadgets and will add to customer value. Moreover, strategic partnerships have helped market players in enhancing their business activities and offering new products to customers.
This, in turn, will open new facades of growth for the gaming gadgets industry across the globe.
Furthermore, the strategic partnership strategy has proved profitable for market players as it has enabled them to increase their customer base globally along with adding to their product width and product line extension.
The business strategy has also helped the industry participants in creating a value proposition for their products and strengthening the position of their products across the globe.
Let us discuss some of the key trends observed in the global gaming gadgets market. New product launches have played a pivotal role in leveraging the growth of the global gaming gadgets market and will continue to do so even in near future.
Fastrack, the foremost youth Accessories Company based in India, and Amazon Fashion have joined hands to launch the new smartwatch Reflex Play on Amazon Prime Day. The new product has new features such as blood pressure monitoring and SPO2 monitoring. Reportedly, the 13” AMOLED characteristic of the smartwatch provides exceptional performance in comparison to other display technologies. The strategic move of Fastrack is aimed at launching cutting-edge watches and fulfilling consumer demand.
Furthermore, Zebronics India Private Limited, a leading Indian firm launching IT peripherals, mobile accessories, sound systems, and surveillance items, launched jumbo wireless neckband. Reportedly, the new product possesses nearly 160 hours of battery life, gaming mode, and swift charging. The initiative of the firm is aimed at expanding across the global consumer electronics industry.
Continuing with the trends of new product launches, Advanced Micro Devices entered in collaboration with Dell Technologies for introducing Alienware m17 r5 Gaming Laptop. In addition, the new laptop is integrated with new AMD smart technologies, AMD Ryzen 6000 series processors, and AMD Radeon™ RX 6000 series graphics. Moreover, the new product is designed particularly for the gaming sector and has new display features that will save battery lifespan and enhance the gaming performance of a laptop. The move will boost the firm’s strategy of expanding across the global gaming industry. Strategic partnerships are the major strategies adopted by industry players for launching new technologies and features in gaming gadgets.
Herman Miller, a luxury high-end furniture firm, entered a partnership with G2 Esports, a leading global sports and entertainment brand. The strategic move is intended to supply equipment to teams and work on gamer designs.
Furthermore, Arcade1Up, the leading player in the at-home retro arcade gaming and entertainment industry, entered a partnership with The Op, a major publisher of best-selling board games and puzzles. The strategic partnership is focused on adding the most popular games of Op to ArcadeUp’s gaming portfolio referred to as Infinity Game TableTM. The move will make Op’s iconic games available at Infinity Game TableTM in digital form and assist in expanding the Infinity Game TableTM portfolio of ArcadeUp.
Acquisition is the key strategy implemented by industry players to expand their business portfolios.
Sony Interactive Entertainment, a video game and online entertainment firm, has decided to acquire Repeat.gg, an online gaming platform. The acquisition will help Repeat.gg access to more game titles and gaming technologies. It will also boost Sony’s PC gaming portfolio and help the firm expand across the live service gaming industry.
Furthermore, NODWIN Gaming, a subsidiary of gaming and sports firm Nazara Technologies, acquired nearly 35% shares of Wings, a gaming accessories firm owned by Brandscale Technologies. The move is aimed at scaling up of the retail presence of NODWIN in India. Apart from this, the initiative will help NODWIN improve its direct-to-consumer approach to gaming and esports customers in India.
Furthermore, market players are adopting key business strategies for expanding their product lines and adding to their profits. It will also help in expanding their consumer base across the globe.
Author Biography– Dhananjay Punekar is writer, avid reader & book lover, and interested in watching sports. He holds post graduate degree in management and is working as a Sr. Specialist Content Writer at Allied Market Research. He can be reached at dhananjay.punekar@alliedanalytics.com
