In recent years, Virtual Reality (VR) has become increasingly popular across a wide variety of vertical industries, especially in the gaming industry. VR technology has swept the world by storm, creating a new breed of gaming technology. VR simulates a 3D environment in a way that allows users to communicate and interact with the virtual world, thereby providing a life-like experience anywhere.
The global virtual reality gaming accessories market is rapidly increasing owing to a rise in mobile headset usage that provides a continuous gaming experience without the use of any cables attached to gaming consoles or PCs. Further, the increasing adoption of smartphones by the millennial population, rapidly developing technologies such as virtual reality (VR) and artificial intelligence (AI) are fueling the growth of the virtual reality gaming market. The growing prominence of virtual reality in the gaming industry is expected to have a positive effect on the market for related hardware and accessories.
Also, increasing internet penetration and continuous advances in technology have contributed to a substantial increase in expenditures on ICT products and services in recent years. Major gaming console manufacturers such as Nintendo and Microsoft are investing in new product development due to rising demand as well as enhancing the potentiality of AR & VR in the market. Furthermore, the growing acceptance of gaming consoles fortified with VR technology along with the increasing adoption of smartphones compatible with VR devices offers lucrative opportunities to the global virtual reality gaming accessories market in the forecast period.
The global virtual reality gaming accessories market is divided based on product type, application, and region. Based on the product type, the global market is split into VR PC backpack, gaming suit, VR treadmill, VR controller, and HEADSET. The application segment consists of gaming consoles, PC, and smartphones.
Regionally, Asia Pacific is expected to dominate the global virtual reality gaming accessories market and is projected to continue its dominance during the forecast period. Factors such as an increase in consumer base, growing adoption of VR games on smartphones, and rapid technological advancement in virtual reality are driving the growth of the market in this region. China and Japan are the frontrunners for the virtual reality gaming accessories market in the Asia Pacific region. Further, the North America region is second-leading region in the market and is anticipated to account for a significant share over the forecast period. This is attributed to the rising adoption of virtual reality games at a faster pace.
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HTC Corporation, Sony Group Corporation, Virtuix Holdings Inc., Nintendo Co., Ltd., HP (Hewlett-Packard Development Company), Google Inc., Microsoft Corporation, Samsung Group, Oculus VR, Xiaomi Corporation are some of the leading players that are operating in the global virtual reality gaming accessories market. These players are focusing on advancements in product portfolios to enhance their market position.
In 2021, Microsoft Corporation has launched New Wireless Xbox Series X|S Pulse Red Controller with Multi-Color Design to offer a more responsive gaming experience and seemingly instantaneous action.