Gaming Steering Wheels Market Report 2024

The gaming steering wheel market size has grown strongly in recent years. It will grow from $20.57 billion in 2023 to $22.28 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historic period can be attributed to several factors, increasing demand for high-performance gaming steering wheels, rising popularity of simulation games, growing consumer interest in immersive gaming experiences, demand for enhanced safety features, and the burgeoning rise of e-sports and competitive gaming.

The gaming steering wheel market size is expected to see strong growth in the next few years. It will grow to $30.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The forecasted growth can be attributed to several factors, increasing adoption of AR/VR technologies for realistic control experiences, rising popularity of simulation games, growing demand and production of vehicles for gaming applications, expanding accessibility to gaming infrastructure, and the emergence of social impact gaming initiatives. Key trends expected in this period include advancements in direct adaptive steering and steer-by-wire technology, innovations in materials used for gaming peripherals, integration of blockchain technology for enhanced gaming experiences, adoption of wireless and cloud gaming solutions, and greater integration with virtual reality (VR) and augmented reality (AR) environments.

The gaming steering wheel market is set to grow due to the increasing popularity of e-sport competitions. These events involve organized multiplayer video game contests, often streamed live and attracting professional players and teams competing for prizes and recognition. E-sports' expansion is driven by factors such as widespread high-speed internet access, cultural acceptance, and active engagement on social media. Gaming steering wheels play a crucial role in e-sport competitions by offering an immersive and authentic driving experience, enhancing the realism of virtual racing simulations. For example, in May 2024, Esports News UK reported a significant 140% year-on-year increase in revenues from UK gaming events and venues, reaching £10.3 million in 2023 compared to £4.35 million in 2022. This growth underscores the rising influence of e-sport competitions in driving the demand for gaming steering wheels.

Leading companies in the gaming steering wheel market are focusing on developing advanced, professional-grade racing setups to deliver the most realistic experience possible for sim racers. These setups simulate real-world racing conditions, enabling drivers to train effectively and analyze performance data to improve their skills. For instance, LOGITECH, a Switzerland-based gaming technology innovator, introduced the PRO Racing Wheel and PRO Racing Pedals in September 2022. The PRO racing wheel features a high-performance direct drive motor providing 11 Newton meters of force feedback, enhancing responsiveness and realism. Its 300 mm diameter wheel and metal paddle shifters offer precise control, while the PRO racing pedals include a realistic load cell brake pedal for accurate pressure detection and customizable pedal spacing.

In April 2022, Veloce Esports, a UK-based organization in gaming and racing, partnered with Fanatec, a Germany-based manufacturer of sim racing peripherals. This collaboration aims to expand Fanatec's presence in the sim racing and e-sports sectors by leveraging Veloce's platform to introduce high-end sim racing equipment to new audiences, enhancing product visibility and accessibility in the market.

Major companies operating in the gaming steering wheels market are Logitech, Turtle Beach, Mad Catz, Thrustmaster, Endor AG, Asetek Inc., VENOM UK LTD, GTR Simulator, Ascher Racing, NiTHO, SimXperience, Cube Controls S.R.L., SimCraft, Turn Racing, VELOCE LTD., Precision Sim Engineering Ltd., Grid Engineering, Simagic, mozaracing.com, JCL Simulator.

North America was the largest region in the gaming steering wheels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gaming steering wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the gaming steering wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Gaming steering wheels are specialized input devices designed to simulate the experience of driving a vehicle in racing and simulation video games. These devices enhance immersion by replicating real-world steering wheels, enabling players to engage more deeply with the game.

The primary types of gaming steering wheels include gear-driven, belt-driven, direct-drive, and hybrid models. Gear-driven wheels employ force feedback mechanisms to mimic the resistance and handling of actual vehicle steering systems. They come in various configurations, with options for clutch pedals and different weight categories ranging from 0-2 kg, 2.1-4 kg, 4.1-6 kg, 6.1-8 kg, and over 8 kg. These wheels are available through multiple distribution channels, both online and offline, catering to platforms such as personal computers (PCs), PlayStation 3 (PS3), PlayStation 4 (PS4), and Xbox.

The gaming steering wheels market research report is one of a series of new reports that provides gaming steering wheels market statistics, including gaming steering wheels industry global market size, regional shares, competitors with a gaming steering wheels market share, detailed gaming steering wheels market segments, market trends and opportunities, and any further data you may need to thrive in the gaming steering wheels industry. This gaming steering wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gaming steering wheels market consists of sales of friction-based wheels, force feedback wheels, handheld steering wheels, and servo-based wheels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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