Gaming becoming a mainstream entertainment option increases accessory demand, States Fact.MR

ROCKVILLE, MD, UNITED STATES, January 14, 2025 /EINPresswire.com/ -- According to Fact.MR, a market research and competitive intelligence provider, the global Wearable Gaming Accessories Market is estimated to reach a valuation of US$ 4.6 billion in 2024 and is expected to grow at a CAGR of 15.7 % during the forecast period of (2024 to 2034).

The youth base of the region, which is technology oriented, combined with the rising disposable incomes has resulted in the growing adoption of advanced VR Technologies. Meta Quest, which is an all in one headset, has been able to capture a great market in countries such as Japan and South Korea while PlayStation VR enjoys the supremacy of Sony’s established gaming empire in the Asian region.

The rise of cloud gaming applications such as Xbox Cloud Gaming and NVIDIA GeForce Now has led to an increase in the popularity of VR headsets for instance Meta Quest and Play Station VR, resulting in an upsurge in the sales of wearables dedicated to gaming. This consequently enhances the immersive gaming experience to even more people speeding up the growth rate of the market.

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Key Takeaways from Wearable Gaming Accessories Market Study:

The global wearable gaming accessories market is projected to grow at 15.7% CAGR and reach US$ 19.8 billion by 2034. The market created an opportunity of US$ 2.6 billion growing at a CAGR of 14.2 % between 2019 to 2023

North America is a prominent region that is estimated to hold a market share of 24.3 % in 2034. Predominating market players include Google Inc, HTC Corporation, Microsoft Corporation, Samsung Electronics and Sony Corporation.

Wearable controllers under accessories type are estimated to grow at a CAGR of 15.8% creating an absolute $ opportunity of US$ 5.4 billion between 2024 and 2034. North America and East Asia are expected to create an absolute $ opportunity of US$ 7.2 billion collectively

“Continuous innovations enhance gaming hardware performance and user experience” says Fact.MR analyst.

Leading Players Driving Innovation in the Wearable Gaming Accessories Market:

The Key Players in the Wearable Gaming Accessories Industry include Google Inc.; GoPro Inc.; HTC Corporation; Machina; Microsoft Corporation; Nod Inc.; Oculus VR; Samsung Electronics; Sony Corporation; Thalmic Labs Inc.; Razer Inc.; Vuzix Corporation; Virtuix; Teslasuit; HaptX Inc.; Feelreal Inc.; Tactical Haptics; Magic Leap, Inc.; NeuroSky; Kopin Corporation; Other Market Players.

Country-wise Insights:

What is the reason behind the high adoption rate of wearable gaming accessories in the US?

Because of the robust supply chains of wearable gaming accessory players in this area, the North American wearable gaming accessory market is anticipated to provide its makers the greatest absolute opportunity. Smart electronic devices that are worn on the body are known as wearable gaming accessories, and they are very popular in American nations. Wearable gaming gear have become increasingly popular in the US, Canada, and other nations in this region due to the advancement of technology.

These components are probably going to have a bright future in North America, and the market for wearable gaming accessories is predicted to increase positively in the years to come. Wearable controllers, VR headsets, and body suits are just a few of the many kinds of wearable gaming accessories available. Every one of these has a certain role to play when carrying out an action.

What is the market outlook for wearable gaming technology in Asia Pacific?

A major factor driving the expansion of the wearable gaming accessories market is the rise in VR arcades, particularly in Asia. This makes sense because virtual reality arcades let users play multiplayer games, most of which require expensive wearable technology like haptic gloves, VR headgear, and entire bodysuits. High-end accessories are in demand as a result of these facilities' ability to give market participants access to sophisticated interactive games with improved sensory experiences.

Due to the fact that arcade operators and even individuals are investing in these technologies in an effort to improve gaming experiences, wearable gaming accessory sales are on the rise in Asia. This trend is probably going to improve the market's chances of expanding in that area.

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Market Development:

The wearable gaming accessories market across the globe is witnessing significant growth owing to the increasing number of gamers wanting to use such accessories and the rapid technological advancements. With the changing trends in the gaming world, it becomes imperative for firms to have certain realistic targets that would further inform their strategies concerning growth, enhancing market shares and development of new products. These trends among many others are some of the factors responsible for growth in this market.

It is essential to focus on more market growth strategies business activities should seek to market more in those areas which have not been fully exploited. This will especially apply to regions where there is greater access to the internet and an increasing number of mobile game users. Local marketing tactics help capture these new markets easily. Consumers use social networks and communities to connect with the brand and its content more actively.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global wearable gaming accessories market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the Accessories (Wearable Controllers, Wearable Audio, Wearable Displays, Haptic Feedback Gear, Health Monitoring Devices), Power Source (Rechargeable Battery, Replaceable Battery, Wired ,Hybrid), Gaming Platform Compatibility (PC Gaming, Console Gaming, Mobile Gaming, Cross platform), By End User (Individual Buyers, Institutional Buyers) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, Middle East & Africa)

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About Fact.MR:

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