According to a new report published by Allied Market Research, the gaming gadgets market size was valued at $52.70 billion in 2021 and is estimated to reach $166.96 billion by 2031. With the rising use of technology, it’s hard to avoid gaming. Games are on phones, on ads, and now gaming platforms have been used to hold concerts. This prediction should get retailers thinking about what gaming gadgets they want to create or sell.
I have mentioned before that I think more retailers should consider joining the gaming market because I believe that games will continue to improve and gaming gear will need to be compatible with all these advancements. Gaming has become a normal part of society and almost every child has played games like Minecraft or Fortnite. Since there has been a rise in the popularity of video games it makes sense that consumers need the proper equipment to play certain games. According to Statista, in 2021 the average age of video game players range from 18 – 34 years old, and this age demographic accounts for 38% of gamers. Since young adults are the main audience, they are more likely to have more disposable income and can afford to buy necessary gaming equipment.
But that doesn’t mean children are out of the running. Education has become more digital due to the Covid shutdowns in 2020. Now virtual labs and educational games have become integrated into learning curriculums. Even when I was in school I remember all the fun math or science video games I played and playing games made learning more enjoyable. More schools will want to update the technology they use to educate students and gaming gear such as virtual reality headsets. While this transition to more digitalized education and school equipment has happened yet, it is coming in the future and retailers should prepare for the rise in demand.