Market Size of Gaming Steering Wheels Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 25.57 Billion |
Market Size (2029) | USD 38.80 Billion |
CAGR (2024 - 2029) | 8.70 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Gaming Steering Wheels Market Analysis
The Gaming Steering Wheels Market size is estimated at USD 25.57 billion in 2024, and is expected to reach USD 38.80 billion by 2029, growing at a CAGR of 8.70% during the forecast period (2024-2029).
The global surge in augmented and virtual reality adoption, especially in racing games, alongside the expanding gaming culture, propels the growth of the gaming steering wheel market. Additionally, the global ascent of cloud-based gaming presents another significant growth avenue. Yet, the market faces a hurdle in the form of the high cost associated with gaming steering wheels.
- The gaming environment in various regions has changed significantly in recent years. Exposure to digital gaming and, in some cases, increased disposable incomes during the pandemic have further promoted e-sports as an alternative to traditional recreational sports. This further stimulated demand and drove the growth of digital gaming within the various regions, with new players joining the games across conventional age, gender, and socio-economic groups.
- The growth of the gaming steering wheel market is attributed to flourishing demand for desktop games, thriving exports, games featuring animation characteristics, and the synchronized recent release of mobile and desktop versions. Further, the growing demand for entertainment spurred the development of homegrown games in various regions. For instance, Chinese regulators approved more games for release in 2023 than in the previous two years, with over 1,000 titles granted a publishing license during the past year. The annual total is 1,076, more than the 512 approved the last year.
- The rise in VR and AR games worldwide would allow market players to develop new products that comply with these games. By 2025, NewGenApps projects that the global user base for AR and VR games will reach 216 million. An international survey encompassing technology company executives, startup founders, and investors reveals that 59% of respondents anticipate gaming to lead investments in VR technology.
- The digital literacy rates in various regions prove to be of immense help to the growing gaming industry. For instance, the Germany Games Industry Association states that over half of Germans play computer and video games. Between the ages of 6 and 69, 58% of people use a console, PC, or smartphone to immerse themselves in digital worlds. However, the 50- to 59-year-old age bracket is the most active, with over one-fifth of the population playing computer and video games. This group and those in the 60–69 age bracket account for one-third of all German video game players.
- Competition in the gaming steering wheel market intensifies with the rise of alternative gaming controllers like gamepads, joysticks, and motion-based devices. These alternatives cater to gamers seeking varied experiences, appealing to racing and simulation enthusiasts and those exploring diverse gaming genres. In June 2023, the Asus ROG’s first gaming console was launched by the Asus subsidiary ROG. The company claimed its new product had the same performance as a PS5 game console, owing to an integrated AMD Ryzen Z1 Extreme processor.
Gaming Steering Wheels Industry Segmentation
A gaming steering wheel, a USB-connected peripheral game controller, enhances the experience of racing and driving games. Comprising brake pedals, acceleration, and mechanical gears, these wheels offer precise steering and pedal control, mimicking real-life vehicle handling for an immersive gaming experience.
The gaming steering wheels market is segmented by type, distribution channel, and key countries. By type the market is segmeneted into entry Level, advanced racing wheels. By distribution channel is segmented into online, offline. By key countries the market is segmented by United States, China, United Kingdom, Germany, Rest of the World . The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
By Type | |
Entry-Level | |
Advanced Racing Wheels |
By Distribution Channel | |
Online | |
Offline |
By Geography | |
United States | |
China | |
United Kingdom | |
Germany | |
Rest of the World |
Gaming Steering Wheels Market Size Summary
The gaming steering wheels market is poised for significant growth, driven by the increasing popularity of augmented and virtual reality in racing games and the expanding gaming culture globally. The rise of cloud-based gaming further contributes to this growth trajectory. However, the market faces challenges due to the high costs associated with gaming steering wheels. The gaming landscape has evolved, with digital gaming gaining traction and e-sports emerging as a popular alternative to traditional sports, fueled by increased disposable incomes during the pandemic. This shift has broadened the demographic appeal of gaming, attracting new players across various age, gender, and socio-economic groups. The demand for desktop games, animated features, and synchronized mobile and desktop game releases has also bolstered market expansion. The development of homegrown games, particularly in regions like China, where regulatory approvals for game releases have surged, underscores the dynamic nature of the market.
The market is characterized by intense competition, with alternative gaming controllers like gamepads and motion-based devices offering varied experiences to consumers. The demand for personalized and sustainable gaming experiences is reshaping product development and customer engagement strategies. Companies are leveraging advanced analytics to understand consumer preferences better, aiming to capture a larger market share. Prominent players such as Logitech and Fanatec are at the forefront, offering high-end gaming steering wheels with advanced features like direct drive motors and TRUEFORCE technology for enhanced realism. Strategic partnerships and collaborations, such as those between PepsiCo and EA Sports, and McLaren Racing and Logitech G, are further propelling market growth by integrating gaming with broader entertainment and sports experiences. The market's consolidation is evident, with key players investing in acquisitions and product development to maintain their competitive edge.
Gaming Steering Wheels Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Ecosystem Analysis
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Entry-Level
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2.1.2 Advanced Racing Wheels
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2.2 By Distribution Channel
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2.2.1 Online
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2.2.2 Offline
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2.3 By Geography
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2.3.1 United States
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2.3.2 China
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2.3.3 United Kingdom
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2.3.4 Germany
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2.3.5 Rest of the World
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Gaming Steering Wheels Market Size FAQs
How big is the Gaming Steering Wheels Market?
The Gaming Steering Wheels Market size is expected to reach USD 25.57 billion in 2024 and grow at a CAGR of 8.70% to reach USD 38.80 billion by 2029.
What is the current Gaming Steering Wheels Market size?
In 2024, the Gaming Steering Wheels Market size is expected to reach USD 25.57 billion.