Impact of COVID-19 on the Gaming Accessories Market
The COVID-19 pandemic has had a major impact on the global economy as the pandemic has forced the halting of production and other operations in the manufacturing sector. However, the gaming accessories market is growing at a significant rate as the number of smartphone and PC users is significantly increasing due to the lockdown restrictions, which has led to strong demand for gaming accessories. However, the outbreak of COVID-19 in the Q1 of 2020 and the lockdowns imposed thereafter have also posed several challenges for gaming accessories manufacturers and suppliers. Alienware, Logitech International SA, Razer Inc., Anker, and other major manufacturers and suppliers of gaming accessories are facing a lot of disruptions in their supply chains. Additionally, the COVID-19 pandemic has impacted the momentum of production as the manufacturing of these accessories was put on hold to curb the spread of the virus. As a result, there was a fall in the global supply of gaming accessories. Several countries have also halted the export and import of products, which has further put pressure on the manufacturers.
Irrespective of the COVID-19 Outbreak, MRFR predicts that the overall demand for gaming accessories will continue to surge in the upcoming months of 2020. The COVID-19 pandemic has moderately impacted the gaming accessories market across all regions. Furthermore, with many people across the globe, spending much of their time being at home and unable to work, gaming is becoming an increasingly popular activity, leading to a rise in the demand for gaming accessories, which in turn has helped in boosting revenues for many gaming accessories companies in the market. However, the supply of video game console has been delayed due to the closure of manufacturing facilities. Also, many trade shows and events across the gaming industry, such as PAX East, E3 2020, and Overwatch League, have been either canceled or postponed, impacting the gaming accessories market.
Worldwide Value of the Gaming Consoles Market
Source: MRFR Analysis