Increasing penetration of virtual reality (VR) in the gaming sector is estimated to pick up pace in the forthcoming years. This prominence is likely to have a positive effect on the global virtual reality gaming accessories market. The market is foreseen to develop at a double-digit CAGR with more people adopting the technology. It has a 3D environment such that the players can communicate with the virtual world and their opponents as well giving a more lively experience to the users at any location.
The emergence of VR has spiked the already booming gaming sector providing an exclusive 3D environment to the players through VR devices and sensors. This has also elevated the demand regarding VR hardware providing a lucrative ground for accessories and consoles as well that would be compatible with the VR devices being used. Moreover, the rising usage of smartphones for improved VR experience to play games is also gaining popularity across the world.
The key players are grabbing the opportunities created with the increased usage of smartphones, thus providing the phones compatible with virtual reality devices. This is foreseen to fuel the global virtual reality gaming accessories market in the coming times. Moreover, the rising demand for mobile-based headsets is also gaining traction due to their seamless experience and absence of cables attached to the console and computers.
However, the global virtual reality gaming accessories market is estimated to be held back due to certain factors. The demand is hindered by the increasing initial investment cost and increased prices of virtual reality gaming accessories like sensor base gloves and VR headsets. Not to forget, many people suffer from mental and physical issues owing to excessive addiction to gaming and VR technology, affecting the market growth negatively.
The global virtual reality gaming accessories market is majorly classified into product type, application, and region. On the basis of product type, the global market is divided into VR Controller, Headset, VR Treadmill, VR PC Backpack, Gaming Suit, and others. In terms of application, the market is sectioned as smartphones, PC, and gaming consoles.
Geographically, the global virtual reality gaming accessories market is expected to be led by North America in the forthcoming years. This is credited to the increased buying capacity of the buyers and the rising number of people interested in gaming across the region. Moreover, the rising regional population is also fueling the market growth, especially contributed by Canada and the US. The region is expected to be further trailed by Europe and Asia Pacific in the forecast period.
Some of the leading players in the global virtual reality gaming accessories market are Xiaomi, ZEISS Group, Sony Corporation, Virtuix Omni, Samsung, Oculus, Microsoft Corporation, HP Development Company, Nintendo, HTC Corporation, and others. Recently, a gradually establishing firm, Bionik announced a new range of accessories for its virtual reality headset, Oculus Quest 2.