The global gaming peripherals market is estimated to be valued at $10,905.8 million by 2028, surging from $4,956.0 million in 2020 at a noteworthy CAGR of 10.5%
COVID-19 Impact on Gaming Peripherals Market
The global outbreak of a novel coronavirus pandemic is expected to cause a moderate impact on the gaming peripherals market. Manufacturing operations came to a halt due to labor shortages. This resulted in a significant drop in demand from end-use industries. As people were suddenly forced to stay at home, the supply slowdown impacted the market negatively as peripherals manufacturers faced issue regarding fulfilling the accelerated demand for the peripherals.
Regardless of the COVID-19 Outbreak, it is anticipated that overall demand for gaming peripheral will rise. As consumers sought ways to entertain themselves while spending more time at home, lockdown measures played a role in the growth in PC gaming. While the effects of the COVID-19 pandemic affected nearly every aspect of daily life in 2020, consumers turned to games for entertainment and a way to virtually connect with friends and families. According to the 2021 London Games Festival, software revenue increased by 18% to £4.55 billion, with increases in both digital and physical sales. Consumers outfitted themselves with new consoles, accessories, and upgraded PC game components, driving hardware revenues up +60.8%year on year to £2.26 billion. When several countries around the world imposed partial or total lockdowns to prevent the virus's spread, the request for gaming peripherals increased, as gaming became one of the most popular pastimes during lockdowns. All of these factors are driving the global growth of the gaming peripherals market.
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Global Gaming Peripherals Market Analysis
The interactive entertainment industry is rapidly expanding and constantly innovating new platforms to reach