Press release
Strong Growth Ahead: Gaming Steering Wheels Market Size To Grow At Arecord 8.4% Cagr By 2029
Gaming Steering Wheels
How Big Is the Gaming Steering Wheels Market Size Expected to Be by 2034?
The gaming steering wheels market has grown strongly in recent years. It will increase from $22.28 billion in 2024 to $24.23 billion in 2025, at a CAGR of 8.7%. The growth can be attributed to factors such as the rising demand for high-performance steering wheels, the popularity of simulation games, the rise of esports, and consumer interest in safety solutions.
The gaming steering wheels market is expected to grow to $33.44 billion by 2029 at a CAGR of 8.4%. Growth drivers include AR/VR adoption, the rise of simulation games, and integration with advanced technologies like direct adaptive steering and blockchain.
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What Are the Emerging Segments Within the Gaming Steering Wheels Market?
The gaming steering wheels market covered in this report is segmented -
1) By Type: Gear-Driven Wheel, Belt-Driven Wheel, Direct Drive Wheel, Hybrid Wheel
2) By Clutch Pedal: With Clutch Pedal, Without Clutch Pedal
3) By Weight: 0-2.0 kilogram (kg), 2.1- 4.0 kilogram (kg), 4.1- 6.0 kilogram (kg), 6.1-8.0 kilogram (kg), More Than 8.0 kilogram (kg)
4) By Distribution Channel: Online, Offline
5) By Application: Personal Computer (PC), PlayStation 3 (PS3), PlayStation 4 (PS4), XBOX
Subsegments:
1) By Gear-Driven Wheel: Entry-Level Gear-Driven Wheels, Force Feedback Gear-Driven Wheels, Vibration Feedback Gear-Driven Wheels
2) By Belt-Driven Wheel: Single Belt-Driven Wheels, Dual Belt-Driven Wheels, High Torque Belt-Driven Wheels
3) By Direct Drive Wheel: Entry-Level Direct Drive Wheels, Mid-Range Direct Drive Wheels, High-End Direct Drive Wheels
4) By Hybrid Wheel: Gear And Belt Hybrid Wheels, Belt And Direct Drive Hybrid Wheels, Multi-Mechanism Hybrid Wheels
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What Long-Term Drivers Are Shaping Gaming Steering Wheels Market Trends?
The rise in e-sport competitions is expected to boost the growth of the gaming steering wheel market. E-sports are competitive video game contests, often with live audiences and online streaming. The increasing popularity of e-sport competitions is driving the demand for gaming steering wheels, which provide an authentic and immersive driving experience. For example, in May 2024, Esports News UK reported that revenues from UK gaming events and venues grew by 140%, reaching £10.3 million ($11.05 million) in 2023, compared to £4.35 million ($4.66 million) in 2022. Therefore, the rise in e-sport competitions is driving the gaming steering wheel market's growth.
Who Are the Top Competitors in Key Gaming Steering Wheels Market Segments?
Major companies operating in the gaming steering wheels market are 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
What Trends Are Expected to Dominate the Gaming Steering Wheels Market in the Next 5 Years?
Leading entities in the gaming steering wheel market are concentrating on the creation of advanced professional-grade racing systems to deliver an incredibly realistic and immersive racing experience. A top-tier professional-grade racing setup is an exquisite, true-to-life simulation system that emulates the real-world racing experience, enabling racers to prepare for competitions and evaluate data to upskill. For example, in September 2022, LOGITECH, a Swiss innovator in the realm of gaming technology, debuted its PRO Racing Wheel and PRO Racing Pedals designed specifically for professional simulation racers. The PRO racing wheel is equipped with a high-performance direct drive motor delivering 11 Newton meters of force feedback. The wheel's diameter stretches to 300 mm (11.81 inches), which is a notch above its predecessor, the G923 model. It comes furnished with large, user-friendly metal paddle shifters that may also serve as analog gas or brake controls. Additionally, the PRO racing pedals come with an authentic load cell brake pedal that registers pressure and includes an option for the user to adjust the pedal spacing horizontally to match their comfort level.
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Which Regions Are Becoming Hubs for Gaming Steering Wheels Market Innovation?
North America was the largest region in the gaming steering wheels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gaming steering wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Gaming Steering Wheels Market?
2. What is the CAGR expected in the Gaming Steering Wheels Market?
3. What Are the Key Innovations Transforming the Gaming Steering Wheels Industry?
4. Which Region Is Leading the Gaming Steering Wheels Market?
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