What Is The Definition Of The Global Gaming Steering Wheels Market?
Gaming steering wheels are specialized input devices that create the experience of driving a vehicle in racing and simulation video games. These devices provide a more immersive and realistic driving experience by replicating real-world steering wheels, allowing players to become more involved in the game.
Gaming Steering Wheels Global Market Report 2024 provides data on the global gaming steering wheels market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gaming steering wheels market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Gaming Steering Wheels Market Size And Annual Growth Rates?
The gaming steering wheel market has seen substantial growth, rising from $20.57 billion in 2023 to $22.28 billion in 2024, with a CAGR of 8.3%. This growth is linked to increasing demand for high-performance gaming peripherals, the popularity of simulation games, rising consumer interest, demand for safety solutions, and the rise of esports and competitive gaming. By 2028, the market is expected to reach $30.86 billion at a CAGR of 8.5%. Factors driving this growth include the adoption of AR/VR technologies for immersive experiences, the growing appeal of simulation games, expanding gaming infrastructure, and the rise of social impact gaming initiatives. Key trends forecasted include advancements in adaptive and steer-by-wire technology, innovative material use, integration of blockchain technology, adoption of wireless and cloud gaming, and greater integration with AR and VR platforms.
Which Key Drivers Are Propelling The Gaming Steering Wheels Market's Growth?
The increasing number of e-sport competitions is expected to spur the growth of the gaming steering wheel market. E-sport competitions are organized multiplayer video game contests where professional players or teams compete for prizes. The popularity of these competitions is fueled by the availability of high-speed internet, cultural acceptance, and the influence of social media. Gaming steering wheels are commonly used in e-sports to offer a realistic driving experience. These competitions attract sponsorships from hardware manufacturers, which target a dedicated audience of gaming enthusiasts. For example, in May 2024, Esports News UK reported a 140% surge in revenue from UK gaming events, reaching £10.3 million in 2023, compared to £4.35 million in 2022. Thus, the rise in e-sport competitions is expected to drive the growth of the gaming steering wheel market.
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What Are The Key Segments Within The Global Gaming Steering Wheels Market?
The gaming steering wheels market covered in this report is segmented –
1) By Type: Gear-Driven Wheel, Belt-Driven Wheel, Direct Drive Wheel, Hybrid Wheel
2) By Clutch Pedal: With Clutch Pedal, Without Clutch Pedal
3) By Weight: 0-2.0 kilogram (kg), 2.1- 4.0 kilogram (kg), 4.1- 6.0 kilogram (kg), 6.1-8.0 kilogram (kg), More Than 8.0 kilogram (kg)
4) By Distribution Channel: Online, Offline
5) By Application: Personal Computer (PC), PlayStation 3 (PS3), PlayStation 4 (PS4), XBOX
How Are New Trends Impacting The Size Of The Gaming Steering Wheels Market?
In the gaming steering wheel sector, major players are advancing professional-grade racing setups to deliver highly realistic and immersive racing experiences. These setups closely simulate real-world racing, enabling drivers to train and analyze data for improved performance. For instance, in September 2022, LOGITECH, a Switzerland-based innovator in gaming technology, launched the PRO Racing Wheel and PRO Racing Pedals. The wheel includes a high-performance direct drive motor providing 11 Newton meters of force feedback and features metal paddle shifters that can double as analog gas or brake controls. Meanwhile, the pedals incorporate a load cell brake for realistic pressure detection, with customizable spacing to meet user preferences.
Which Region Drives The Highest Growth In The Gaming Steering Wheels Market?
North America was the largest region in the gaming steering wheels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gaming steering wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
