VR Gaming Accessories Market Poised to Expand at a Robust Pace Over 2021-2031
VR gaming or virtual reality gaming refers to computer games that use virtual reality to give participants the experience of a game environment through a variety of VR gaming accessories such as sensor equipped gloves, VR headsets, and hand controllers. The growing demand for VR gaming, especially among the youth, offers great opportunities for companies in the global VR gaming accessories market.
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Key Drivers of the VR Gaming Accessories Market
Growing importance of virtual reality technology in the gaming industry and the increasing use of smartphones for enhancing the VR experience is expected to have a positive impact on the VR gaming accessories market.
The use of mobile based headsets is increasing as they do not use any cables attached to the gaming consoles and provide an uninterrupted gaming experience. This factor drives the growth of the VR gaming accessories market.
Increasing demand for electronic games coupled with the growing awareness about virtual reality is boosting the VR gaming accessories market. In addition, rising disposable income of consumers also has a positive impact on the demand for VR gaming accessories.
Factors Restraining the VR Gaming Accessories Market
Demand for VR gaming accessories is affected due to high initial investment and high cost of VR gaming accessories such as VR headsets, sensor equipped gloves etc. Also, physical and mental conditions may get hampered due to gaming for longer periods of time. This is also a restraint of the VR gaming accessories market.
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North America to Hold Leading Share of the Global VR Gaming Accessories Market
In terms of region, the global VR gaming accessories market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
Country and sub-region level analysis of North America features the U.S., Canada, and Rest of North America. Analysis and forecast of the VR gaming accessories market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC, South Africa, and Rest of Middle East & Africa. The VR gaming accessories market in South America is segmented into Brazil and Rest of South America.
North America dominated the global VR gaming accessories market in 2020, owing to the high purchasing power of consumers and considerable number of gamers in the region. Growth in population has been driving the VR gaming accessories market in North America, particularly in the US and Canada.
The VR gaming accessories market in North America is projected to expand at a rapid pace, followed by Asia Pacific, and Europe during the forecast period.
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Key Players Operating in the VR Gaming Accessories Market
The global VR gaming accessories market is highly competitive, owing to the presence of several global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to consolidate their position in the market.
A few key players operating in the global VR gaming accessories market are:
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