Global Gaming Headset Market - Drivers and Forecast from 2020 to 2024

 

The global gaming headset market to grow to USD 2.12 billion by 2021, at a CAGR of more than 7% over the forecast period, according to their latest report.

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The research study by Technavio on the global gaming headset market for 2017-2021 provides a detailed industry analysis based on product (PC gaming headset and console gaming headset), technology (wired gaming headset and wireless gaming headset), distribution channel (offline and online), and geography (the Americas, APAC, and EMEA).

Currently, wired headsets are leading the revenue generation in the global gaming headsets market, occupying over 62% of the total share. However, wireless headsets are witnessing high penetration rates, with improvement in technology and battery lives. Wireless headsets are projected to lead the market by the end of the forecast period, generating close to 53% of the overall revenue.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global gaming headset market:

·         Growth in the global e-sports market

·         Technological developments and product innovation

·         Sophisticated techniques in gaming

Growth in the global e-sports market

E-sports adds entertainment value to gaming by helping the gamers get a global exposure where people can enjoy the game by competing against the best in the world. The popularity of e-sports is at an all-time high, which will continue to grow during the forecast period, thereby driving the growth of the market.

Technological developments and product innovation

The gaming market is witnessing several significant technological developments and product innovations, providing improved graphics to make the gaming experience more realistic. These advances incorporate the use of additional hardware such as gaming headphones and other audio-visual aids to provide the ultimate gaming experience to the users. Games such as Call of Duty series, Warcraft series, Diablo III, FIFA series, Battlefield series, Grand Theft Auto, Metal Gear, and L.A. Noire, use the latest software and graphics, drawing a large number of players. The high number of takers for these games ensures a steady revenue stream to the gaming headset market.

Sophisticated techniques in gaming

“The techniques used by gamers are constantly evolving to keep up with the increased complexity and sophistication of the latest games. Also, the number of adult consumers who can afford to spend more to procure the best gaming paraphernalia are increasing, resulting in a direct increase in the sales of gaming headphones,” says Ujjwal.

The increase in the number of adult consumers has not only increased the target audience base, but has also resulted in the emergence of gaming as a way of entertainment, stress buster, and means to an enhanced gaming experience. This has resulted in the increased sales of premium gaming peripherals, thereby adding significant revenue to the market.

 

Analysis on New Product Launches in Covid-19 Related Markets-Wireless Gaming Headset Market 2020-2024 | Advances in Audio Technologies to Boost Market Growth

The wireless gaming headset market is expected to grow by USD 998.69 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.

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The use of complex orchestrated dynamic soundtracks and context-supporting sound effects has become a standard in the gaming industry. In addition, game developers are now integrating the latest audio compression technologies such as Dolby Surround Technologies to provide an immersive and real-life experience to gamers during gameplay. The adoption of such advanced audio technologies has compelled market vendors to develop and launch compatible headsets with advanced audio drivers. For instance, the 7.1 surround sound technology, which relies on advanced audio drivers, is now commonly available in wireless gaming headsets. The introduction of such features is increasing the adoption of gaming headsets, which is driving the growth of the market.

As per Technavio, product launches as a primary growth strategy among vendors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Wireless Gaming Headset Market: Product Launches as a Primary Growth Strategy Among Vendors

Vendors in the market are consistently investing in R&D to develop and launch new products compatible with the latest audio driver technologies. Some of the key areas of improvement include increasing battery life, fine-tuning drivers, and widening the frequency range of wireless gaming headsets. Vendors are also focusing on improving other features such as performance, sensitivity, and reliability, which have become crucial purchase criteria. For instance, in October 2019, Sennheiser electronic launched the GSP 370 Wireless Gaming Headset with a battery life of up to 100 hours. Such innovative product launches are crucial in attracting consumer interest as well as gaining a competitive edge over rivals. Therefore, this trend is expected to boost the growth of the global wireless gaming headsets market during the forecast period.

Wireless Gaming Headset Market: Segmentation Analysis

This market research report segments the wireless gaming headset market by technology (RF gaming headsets and Bluetooth gaming headsets) and geography (APAC, Europe, MEA, North America, and South America).

The North America region led the wireless gaming headset market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in sales of gaming consoles and a rapid rise in the entry of new console players.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report