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Gaming Steering Wheels Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Gaming Steering Wheels Global Market
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According to The Business Research Company's, The gaming steering wheel market size has grown strongly in recent years. It will grow from $20.57 billion in 2023 to $22.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to the growing demand for high-performance gaming steering wheels, rising demand for simulation games, increasing consumer interest, demand for safety solutions, and the rise of e-sports and competitive gaming.
The gaming steering wheel market size is expected to see strong growth in the next few years. It will grow to $30.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to the increasing adoption of AR/VR for realistic control, the rising popularity of simulation games, the growing demand and production of vehicles, increasing access to gaming infrastructure, and the rise of social impact gaming initiatives. Major trends in the forecast period include advancement in direct adaptive steering and steer-by-wire technology, advancements in materials, integration of blockchain technology, adoption of wireless and cloud gaming, and integration with virtual reality (VR) and augmented reality (AR).
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Market Drivers and Trends:
A growing number of e-sport competitions is expected to propel the growth of the gaming steering wheel market going forward. E-sport competitions refer to organized, multiplayer video game contests, often held in front of live audiences and streamed online, where professional players or teams compete for prizes and recognition. The growth in e-sports is attributed to popularity, availability of high-speed internet, cultural acceptance, and social media engagement. Esports competitions utilize game steering wheels to provide an immersive, authentic representation of driving skills. E-sport competitions attract sponsorships from hardware manufacturers, who promote their products to a dedicated audience of gamers and enthusiasts. For instance, in May 2024, according to a report published by Esports News UK, a UK-based online publication that provides daily updates about UK esports, revenues from UK games events and venues surged by 140% year-on-year, reaching £10.3 ($11.05) million in 2023, compared to £4.35 ($4.66) million in 2022. Therefore, the growing number of e-sport competitions is expected to propel the growth of the gaming steering wheel market.
Major companies operating in the gaming steering wheel market are focused on developing advanced professional-grade racing setups to deliver the most realistic and immersive racing experience possible. A professional-grade racing setup is a high-end, realistic simulation system that closely mimics the experience of real-world racing, allowing drivers to prepare for races and analyze data to enhance their skills. For instance, in September 2022, LOGITECH, a Switzerland-based innovator of gaming technologies, launched the PRO Racing Wheel and PRO Racing Pedals for professional sim racers. The pro racing wheel has a high-performance direct drive motor that provides 11 Newton meters of force feedback. The wheel has a diameter of 300 mm (11.81 inches), which is greater than the preceding G923 model. It comes with huge, comfortable metal paddle shifters that may also double as analog gas or brake controls. PRO racing pedals feature a realistic load cell brake pedal that can detect pressure and allows the user to alter the pedal spacing horizontally to meet their preferences.
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Major Key Players of the Market:
Logitech, Turtle Beach, Mad Catz, Thrustmaster, Endor AG, Asetek Inc., VENOM UK LTD, GTR Simulator, Ascher Racing, NiTHO, SimXperience, Cube Controls S.R.L., SimCraft, Turn Racing, VELOCE LTD., Precision Sim Engineering Ltd., Grid Engineering, Simagic, mozaracing.com, JCL Simulator
Gaming Steering Wheels Market 2024 Key Insights:
• The gaming steering wheel market size is expected to see strong growth in the next few years. It will grow to $30.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising E-Sport Competitions Driving Gaming Steering Wheel Market Growth
• Innovation In Professional-Grade Racing Setups Enhances Realism And Immersion In Sim Racing Experiences
• North America was the largest region in the gaming steering wheels market in 2023
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