Global Gaming Steering Wheels Market – Industry Trends and Forecast to 2031

Global Gaming Steering Wheels Market, By Type (Gear-Driven Wheel, Belt-Driven Wheel, Direct Drive Wheel, Hybrid Wheel), Application (PC, PS3, PS4, XBOX), Weight (2.1-4.0 kg, 4.1-6.0 kg, 6.1-8.0 kg, 0-2.0 kg, More Than 8.0 Kg), Clutch Pedal (With Clutch Pedal, Without Clutch Pedal), Distribution Channel (Online, Offline) – Industry Trends and Forecast to 2031.

Gaming Steering Wheels Market Analysis and Size

In the gaming steering wheels market, the application of advanced force feedback technology enhances realism and immersion in driving simulation games. Recent launches include customizable steering wheels with adjustable sensitivity and compatibility with various gaming platforms, offering gamers an enhanced and immersive driving experience.

Data Bridge Market Research analyses that the global gaming steering wheels market, which was USD 22.86 billion in 2023, is expected to reach USD 42.01 billion by 2031, growing at a CAGR of 7.9% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Gaming Steering Wheels Market Scope and Segmentation  

Market Definition

Gaming steering wheels are peripherals designed to simulate the experience of driving in racing or simulation games. They typically feature a wheel, pedals, and sometimes gear shifters, offering players a more immersive and realistic gameplay experience by allowing them to control virtual vehicles with greater precision and authenticity.

Global Gaming Steering Wheels Market Dynamics

Drivers

• Rising Popularity of Simulation Games to Offer Immersive Experience

The rising popularity of simulation games, particularly racing and driving simulators, drives demand for realistic gaming peripherals such as steering wheels. Offering an immersive experience surpassing traditional controllers, gaming steering wheels appeal to gamers seeking heightened realism and immersion, contributing to their increasing adoption and prominence in the gaming market.

• Innovative Product Offerings to Enhance Gaming Experiences

Manufacturers are driving market growth in the gaming steering wheels segment by introducing innovative features and accessories. These include modular steering wheel designs, wireless connectivity, and compatibility with virtual reality (VR) systems. Such advancements enhance gaming experiences, providing users with unique and immersive gameplay interactions, thereby stimulating demand for these innovative products.

Opportunities

• Increasing Adoption of AR/VR for Realistic Control

The increasing adoption of augmented and virtual reality (AR/VR) technologies in racing games presents a significant opportunity for the gaming steering wheels market. Steering wheels enhance the immersive experience of AR/VR racing games, providing users with realistic control and feedback, thus driving demand for high-quality gaming peripherals in this rapidly growing segment.

• Advanced Direct Adaptive Steering and Steer-By-Wire Technology

The integration of advanced direct adaptive steering and steer-by-wire technology presents a significant opportunity for the gaming steering wheels market. These innovations offer enhanced precision, responsiveness, and customization options, providing gamers with a more immersive and realistic driving experience, thereby driving demand for high-performance gaming steering wheels.

Restraints/Challenges

• High Cost of Wheels Limiting the Reach

The steep pricing of gaming steering wheels, spanning from $200 to exceeding $3000 for premium models such as direct drive wheels, constrains accessibility for casual and budget-conscious gamers. This pricing barrier impedes market penetration and adoption rates, curtailing the overall growth prospects of the gaming steering wheels market.

• Space Requirements Deterring Potential Buyers

Space requirements pose a significant challenge for the gaming steering wheels market. Requiring dedicated space and mounting setups, they may not be feasible for gamers with limited space or gaming setups, deterring potential buyers who cannot accommodate the spatial demands of steering wheel setups.

This global gaming steering wheels market,  report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on global gaming steering wheels market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In May 2021, Thrustmaster launched the licensed Ferrari SF1000 Wheel, closely resembling the Ferrari SF1000 steering wheel. This product provided professionals with an authentic experience akin to the original Ferrari SF1000 steering wheel, bolstering the company's racing wheel portfolio
• In September 2020, HORI CO., LTD. launched a range of accessories for the Xbox Series X|S, encompassing controllers, racing wheels, and controller chargers, among others. This product lineup expansion is poised to fortify the company's Xbox platform portfolio, catering to the diverse needs of gamers on the latest Xbox consoles
• In March 2021, MG Motor launched the Cyberster, an electric sports car featuring a futuristic interior with a gaming cockpit and console-style steering wheel. Integrating virtual reality (VR) technology, the gaming cockpit offers a unique experience, aligning with the gaming theme of the cabin and reinforcing MG Motor's innovative approach
• In August 2020, Logitech launched the G923, featuring interoperability between PC and Xbox One. With true force feedback and ultra-realistic racing capabilities, this wheel caters to both PC and Xbox gamers, contributing to Logitech's enhanced racing wheel lineup

Global Gaming Steering Wheels Market Scope

The global gaming steering wheels market, is segmented on the basis of type, application, weight, clutch pedal, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Gear-Driven Wheel
• Belt-Driven Wheel
• Direct Drive Wheel
• Hybrid Wheel

 Application

• PC
• PS3
• PS4
• XBOX

 Weight

• 2.1-4.0 kg
• 4.1-6.0 kg
• 6.1-8.0 kg
• 0-2.0 kg
• More Than 8.0 Kg

Clutch Pedal

• With Clutch Pedal
• Without Clutch Pedal

 Distribution Channel

• Online
• Offline

Global Gaming Steering Wheels Market Regional Analysis/Insights

The global gaming steering wheels market is analysed and market size insights and trends are provided by type, application, weight, clutch pedal and distribution channel as referenced above.

The countries covered in the global gaming steering wheels 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

North America is expected to dominate the global gaming steering wheels market because North America is home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong research and development ecosystem fosters innovation and drives advancements in gaming steering wheels circuits.

Asia-Pacific is expected to be fastest-growing in the global gaming steering wheels market due to the fact that Asia-Pacific region has a large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of gaming steering wheels circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global Gaming Steering Wheels Market Share Analysis

The global gaming steering wheels market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global gaming steering wheels market.

Some of the major players operating in the global gaming steering wheels market are:

• Logitech. (Switzerland)
• Guillemot Corporation S.A.  (France)
•  FANATEC (Germany)
•  Hori (Japan)
• SteelSeries (U.S.)
• Mad Catz Global Limited. (Hong Kong)
•  Razer Inc.  (Singapore)
•  Thrustmaster (Netherlands)
• Next Level Racing (Australia)
•  Guillemot Corporation (France)
•  SimXperience (U.S.)
•  VRX Simulators (U.S.)
•  Playseat (Netherlands)
• GTR Simulator (U.S.)
•  OpenWheeler (U.S.)