Increasing Demand for Cloud-Based Gaming Across the Globe, Could Act as a Driving Factor for the Growth of the Market

Microsoft first designed gaming steering wheels in the year 1997. It is also known as the force feedback wheel or gaming wheel designed to improve gamers' gaming experience. These gaming wheels are designed to give a real-time experience to gamers playing racing games on a virtual platform. The gaming wheel can feel real-time experience such as vibration, torque, friction, and running engine, as the gaming wheel reproduces the same notion.       

Access Full Report @ https://www.databridgemarketresearch.com/reports/global-gaming-steering-wheels-market

The Global Gaming Steering Wheels Market is expected to reach USD 2,473.85 million by 2028 from USD 1,362.17 million in 2020, growing with a CAGR of 8.0% in the forecast period of 2021 to 2028. The possible growth of the market has been highly boosted due to the growing adoption of augmented and virtual reality for racing games and the increasing demand for cloud-based gaming across the globe. The high cost of gaming wheels can be a major restraint factor for the global gaming steering wheels market.          

Growing gaming culture across the world will drive the market's growth rate

The digital gaming culture is growing in every region of globe owing to various factors such as the growing interest of youth towards video gaming due to real-life experience offered by highly advanced games, growing sporting culture in real-life scenarios such as racing games which game developer incorporates in a virtual world. The COVID-19 pandemic restricted everyone from going out, increasing the importance of recreational activities among the people. There is a huge shift in culture towards video gaming. Therefore, it could act as driving force that could boost the growth of the global gaming steering wheels market.  

Report Scope and Market Segmentation

Segment Analysis:

The global gaming steering wheels market is segmented into three notable segments based on the weight, clutch pedal, and distribution channel.

• On the basis of weight, the global gaming steering wheels market is segmented into 0-2.0 KG, 2.1-4.0 KG, 4.1-6.0 KG, 6.1-8.0 KG, more than 8.0 KG. In 2021, 2.1-4.0 KG segment is expected to dominate the market with 31.71% market share due to the growing game streaming culture across the globe and the development of multi-feature wheels, making it bulky.
• On the basis of clutch pedal, the global gaming steering wheels market is segmented into with clutch pedal, and without clutch pedal. In 2021, the clutch pedal segment is expected to dominate the market with 51.55% market share due to the growing adoption of augmented and virtual reality for racing games and the design of a device similar to vehicles.

The with clutch pedal segment will dominate the clutch pedal segment of the gaming steering wheels market

The with clutch pedal segment will emerge as the dominating segment under clutch pedal. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the semiconductors and electronics industry all around the globe will further bolster the growth of this segment.

• On the basis of distribution channel, the global gaming steering wheels market is segmented into offline, and online. In 2021, the online segment is expected to dominate the market with 53.45% market share; the growth is attributed to factors such as increasing demand for cloud-based gaming across the globe.

The online segment will dominate the distribution channel segment of the gaming steering wheels market

The online segment will emerge as the dominating segment under distribution channel segment. This is because of the growing number of technological advancements in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: Logitech (Switzerland), Endor AG (Germany), Thrustmaster (France), HORI CO. LTD. (U.S.), NUMSKULL (U.K.), and Flashfire Accessories Inc. (Canada).

Market Development

• In June 2021, Thrustmaster (A Brand of Guillemot Corporation S.A.) launched T-GT II. The product was designed to support PS3, PS4, PS5 and PC. This product will help the company improve its gaming racing wheel portfolio and provide innovative products for professional and casual gamers
• In May 2021, Thrustmaster (A Brand of Guillemot Corporation S.A.) launched a licensed Ferrari SF1000 Wheel. The key feature of this product was its striking similarity with the Ferrari SF1000 steering wheel. This product helped the professionals to get the feel of the original Ferrari SF1000 steering wheel. This product helped the company to strengthen its racing wheel portfolio
• In September 2020, HORI CO., LTD. announced the launching of Xbox Series X|S accessories. Accessories include controllers, racing wheels, and controller chargers for Xbox Series X|S. This product launch will help the company to strengthen its Xbox platform portfolio

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in gaming steering wheels market during the forecast period 2021 - 2028

With a substantial market share, North America controls the game simulator business. The main market players in the area include CXC Simulations, D-BOX TECHNOLOGIES INC., and Razer Inc. Demand for gaming steering wheels is anticipated to increase as more theatres in the area install racing platforms to support motorsports and e-sports.

Asia-Pacific is estimated to be the fastest-growing region in gaming steering wheels market the forecast period 2021 - 2028

The market for gaming steering wheels is anticipated to increase in Asia-Pacific as a result of the region's increasing number of e-sport contests. The market is expected to grow as online games and specially-created gaming simulations gain in popularity.

COVID-19 Impact

The COVID-19 outbreak has increased demand and growth in some industries. One of these industries is the video gaming industry. While social distance restricts consumer and business activity to a minimum, gaming considerably provides an amusing diversion for people at home who long for social contact. The statistics also showed a sharp rise in playing time and sales after the lockdowns started. For instance, the global video game business is anticipated to be worth US$ 159,000 million in 2020, according to Newzoo, a company that provides gaming analytics and market data. With roughly half of the global value of the games industry's sales, Asia-Pacific is the most valuable market in terms of revenue.  

For more detailed information about the gaming steering wheels on market report, click here – https://www.databridgemarketresearch.com/reports/global-gaming-steering-wheels-market