Gaming Steering Wheels - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

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.

Key Highlights

• 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 Market Trends

Advanced Racing Wheels is Expected to Hold Significant Share

• The market is witnessing a surge in the demand for personalized experiences and sustainable practices. This trend fundamentally alters how companies strategize their product development and customer engagement. Modern consumers are increasingly discerning, gravitating towards brands that resonate with their values and prioritize transparency. In response, businesses are pivoting towards customer-centric approaches, utilizing advanced analytics and big data to decode consumer preferences. As a result, enterprises adept at leveraging these insights are poised to seize a larger market share and foster enduring customer loyalty.
• Various companies provide advanced gaming steering wheels. For example, The Logitech G PRO Racing Wheel for PC is the pinnacle of realism and immersion in racing peripherals. Crafted with professional racers in mind and engineered for victory, this wheel offers an unparalleled 11 Nm direct drive motor. This motor, capable of delivering up to 11 Nm of force, boasts remarkable low-latency response times, ensuring the precise control and performance necessary for securing victories. Due to its TRUEFORCE Technology, players can now experience in-game physics with unparalleled accuracy and immediacy, capturing everything from road conditions to motor vibrations, elevating the realism of the racing experience. Additionally, the analog paddles provide a tactile response, which is especially beneficial when configured for a dual-clutch setup.
• Further, the Fanatec GT DD Pro is a sim racing wheel crafted with professional racers in mind. This exceptional gaming steering wheel boasts official licenses from Gran Turismo and PlayStation. The standout feature of the Fanatec GT DD Pro is its top-tier direct drive force feedback system, promising an unparalleled level of dynamism and immersion. Key highlights include a USB connection for swift and dependable performance, a 1.4 kg wheel weight for heightened realism and stability, and a potent FLUXBARRIER feedback technology capable of a peak torque of 8 Nm. The outrunner-type motor ensures smooth and consistent force feedback and eliminates vibrations and noise while offering high acceleration and speed for pinpoint responses. The 28 cm wide-diameter wheel rim has 11 buttons and four front pedals, complemented by two magnetic gear shift pedals at the rear.
• Furthermore, market vendors actively engage in partnerships to elevate the gaming experience, fueling the market's growth. For instance, in November 2023, Immutable, the global web3 gaming platform, announced a new collaboration with Ubisoft, an international video game creator and publisher, to create a new gaming experience that will also unlock the potential of web3. The first step of this partnership will define how both firms will combine their expertise - Ubisoft will leverage its experience developing top-notch, quality games with Immutable'svast ecosystem, technology, and expertise in building the leading web3 gaming platform.
• According to the Game Developers Conference, The gaming landscape is constantly in flux, demanding that developers stay agile to match evolving trends. In a 2024 survey, 51% of game developers reported implementing a digital premium business model in their ongoing projects and 32% free-to-download games; such instances may increase the number of gamers in the market, which would proportionately drive the demand for the studied market.

United States is Expected to Hold a Significant Share of the Market

• The e-sports market in the United States is experiencing a surge in demand, propelling the broader gaming industry, which would proportionately raise the demand for gaming steering wheels. Millennials form the predominant audience and player base for e-sports. Competitive gamers and enthusiasts seeking an edge in racing titles often turn to gaming steering wheels. These wheels, compatible with various platforms from PC to Xbox, PlayStation, and Nintendo - enjoy heightened consumer appeal. Given the diverse gaming systems in use, the convenience of a universal steering wheel becomes a key growth driver.
• In July 2023, PepsiCo and EA Sports, a video game developer, entered into a worldwide partnership for the next several years. Three of PepsiCo's flagship brands, Pepsi, Gatorade, and Lay's, will become founders of the upcoming football-focused EA Sports FC gaming platform. A series of activations, such as in-game rewards and packaging promotions to unite the worlds of football, music, and gaming, have been planned by PepsiCo and EA Sports.
• According to the Entertainment Software Association, in 2023, total U.S. consumer spending on video game content amounted to USD 48 billion, a slight increase from USD 47.5 billion in the preceding year. Further, Almost half of video games released in the United States in 2023 got an E (Everyone) assigned by the Entertainment Software Rating Board (ESRB). Only 13 percent of all physical and console downloadable games released during the period got a Mature (M) rating, meaning they were only considered suitable for gamers aged 17 years and above. Such huge spending on video game content would drive the demand for the market studied.
• The rise in the number of racing games would propel the demand for the market studied in the country. For instance, in July 2024, iRacing and Original Fire Games joined forces to craft a racing game tailored for the casual racing market. The game, called iRacing Arcade, is slated for a 2025 launch on PC and consoles, with iRacing as the publisher. Leveraging the foundation laid by Circuit Superstars, Original Fire Games' existing title, the new game guarantees to elevate the driving experience to new heights.
• The hardware demands of modern games, coupled with the versatility of home consoles for tasks like browsing and running various applications, have fueled their growth. The introduction of complementary accessories, like 4K and 8K TVs, has notably boosted the appeal of home consoles, offering superior gaming experiences. Leading vendors, including Microsoft and Sony, have rolled out their gaming consoles. Additionally, consoles like the Nintendo Switch have entered the market, expanding the choices for gamers. Such rise in the hardware components may propel the market.

Gaming Steering Wheels Industry Overview

The Gaming Steering Wheels market is consolidated, with a few prominent players such as Logitech Europe SA, Guillemot Corporation SA, Endor AG (Fanatec) and others; to increase market share, corporations continually spend on strategic partnerships or acquisitions and product development. The following are some recent market developments

• In May 2024, Corsair is in talks to acquire Endor AG, the parent company of the renowned sim racing brand Fanatec. The potential acquisition promises a much-needed financial boost for Endor AG, grappling with a hefty EUR 70 million (USD 75.78 million) debt. The success of this deal hinges on approval from German regulatory bodies. Fanatec, known for its top-tier offerings, boasts a dedicated fan base and a diverse product lineup, spanning from mid-range to high-end direct drive bases, wheels, pedals, shifters, and cockpits.
• In January 2024, Turtle Beach, known for its gaming peripherals, expands its simulation hardware lineup with the VelocityOne Race, its first wheel and pedal system tailored for racing simulators. This release follows the success of its inaugural gaming simulation hardware, the VelocityOne Flight, introduced in 2021. The VelocityOne Race boasts a direct drive system, offering heightened torque for a more immersive experience than traditional belt-driven models. Compatible with Windows PC, Xbox One, and the latest Xbox Series X / S consoles, users can further personalize their experience through the VelocityOne Race Tuner companion app. This app, available on Xbox, PC, iOS, and Android platforms, allows for tailored control mappings and adjustable force feedback levels.

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