Gaming Steering Wheel Market Size, Share,Growth, Industry, Forecast and outlook (2024-2031)

Market Overview :

A gaming steering wheel is a peripheral game controller connected through a USB for racing or driving games. Its typical components include brake pedals, acceleration, and mechanical gears. Gaming wheels allow users to precisely adjust the steering angle and pedal control required to handle a virtual bike or vehicle properly, providing gamers with a realistic gaming experience. The gaming wheels are devised for game consoles, arcade games, personal computers (PC), PlayStation (PS), and simulators such as driving or racing simulators for casual and professional drivers.

Market Trends :

The increasing usage of augmented and virtual reality for racing games and the developing gaming culture globally is the primary drivers driving the growth of the gaming steering wheels market. Another growing element in the gaming industry is the rise of cloud-based gaming globally. However, the high cost of a gaming steering wheel acts as a restraining factor for the market.

The increasing usage of augmented and virtual reality for racing games

The inclusion of cutting-edge technology, such as Virtual Reality (VR) and Augmented reality (AR) in gaming simulators to provide realistic gaming experiences is expected to create new possibilities for market players. Companies have started collaborating and producing portable gaming sets as the younger generation goes for advanced games that give real-life experiences. For instance, in June 2021, Bentley and Fanatec, a key player in game consoles and PCs, partnered to develop a unique steering wheel that can be utilized for real and virtual motor racing. The steering wheel was designed for the Bentley Continental GT3 Pikes Peak challenge car.

Moreover, in March 2021, MG Motor launched an electric sports car, Cyberster, a high-performance vehicle. The vehicle boasts a futuristic interior with a gaming cockpit and console-style steering wheel. It is the world's first electric sports car to create a gaming cockpit that combines virtual reality (VR). Further, the new steering wheel design is in line with the gaming theme in the cabin.

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Market Segmentation :

Based on type, the global gaming steering wheel market is segmented into gear-driven wheels, belt-driven wheels, direct-drive wheels, and hybrid wheels.

Belt-driven wheels use a system of pulleys and belts to boost the power of their internal motors and provide smoother force feedback. The wheels are geared toward beginners and intermediate racers, although more experienced racers can also use them. Belt-driven wheels are the next step up from gear-driven wheels, ranging in price from US$ 200-500 and up to US$ 1,000 for high-end models. Moreover, belt-driven wheels have more modern technology than gear-driven wheels and the belts and pulleys typically equal more moving parts. As a result, the price increases on its own. In addition, these wheels often contain fans to keep everything cool.

Geographical Share :

North America dominates the game simulators industry with a significant market share. CXC Simulations, D-BOX TECHNOLOGIES INC., and Razer Inc. are among the major market participants in the region. The addition of racing platforms to various theatres around the region to support motorsports and e-sports is expected to boost demand for the gaming steering wheel market. For instance, in April 2018, VRX teamed with NAGRA to establish the SIM racing program in cinemas utilizing the cinema platform.

Moreover, the growing number of e-sport competitions in the region is expected to boost demand for gaming steering wheels. For instance, in June 2019, VRX placed racing simulators at ESPORTS CENTRAL, an e-sports hub in Canada. Therefore, the increasing popularity of online games and custom-made gaming simulators is anticipated to develop the market.

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Competitive Landscape

The global gaming steering wheel market is highly competitive due to several local and global brands. Major players in the market include Logitech Global SA, Endor AG, Thrustmaster, KW automotive GmbH, HORI CO. LTD., Ricmotech LLC, NUMSKULL, Flashfire Accessories Inc., Precision Sim Engineering Ltd, Leo Bodnar Electronics Ltd, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global gaming steering wheel market; these include acquisitions, mergers, product launches, contributions, and collaborations.

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