Market Overview
The Global Gaming Steering Wheel Market is expected to reach a CAGR of 8.0% during the forecast period (2024-2031).
A gaming steering wheel is a peripheral game controller connected through a USB for racing or driving games. Its typical components include brake pedals, acceleration, and mechanical gears. Gaming wheels allow users to precisely adjust the steering angle and pedal control required to handle a virtual bike or vehicle properly, providing gamers with a realistic gaming experience. The gaming wheels are devised for game consoles, arcade games, personal computers (PC), PlayStation (PS), and simulators such as driving or racing simulators for casual and professional drivers.
Market Scope
| Metrics | Details |
| Market CAGR | 8.0% |
| Segments Covered | By Type, By Operation, By Clutch Pedal, By Distribution Channel, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Source: DataM Intelligence Analysis (2023)
Market Dynamics
The increasing usage of augmented and virtual reality for racing games and the developing gaming culture globally is the primary drivers driving the growth of the gaming steering wheels market. Another growing element in the gaming industry is the rise of cloud-based gaming globally. However, the high cost of a gaming steering wheel acts as a restraining factor for the market.
The increasing usage of augmented and virtual reality for racing games
The inclusion of cutting-edge technology, such as Virtual Reality (VR) and Augmented reality (AR) in gaming simulators to provide realistic gaming experiences is expected to create new possibilities for market players. Companies have started collaborating and producing portable gaming sets as the younger generation goes for advanced games that give real-life experiences. For instance, in June 2021, Bentley and Fanatec, a key player in game consoles and PCs, partnered to develop a unique steering wheel that can be utilized for real and virtual motor racing. The steering wheel was designed for the Bentley Continental GT3 Pikes Peak challenge car.
Moreover, in March 2021, MG Motor launched an electric sports car, Cyberster, a high-performance vehicle. The vehicle boasts a futuristic interior with a gaming cockpit and console-style steering wheel. It is the world's first electric sports car to create a gaming cockpit that combines virtual reality (VR). Further, the new steering wheel design is in line with the gaming theme in the cabin.
The high cost of a gaming steering wheel acts as a restraining factor for the market.
A gaming steering wheel is expensive as it is usually made of high-quality materials and advanced technology. The price of wheels varies based on the advancement and type of revolution. A typical steering wheel costs around US$ 200-300, going to above US$ 3000 for a direct drive. Moreover, game simulator manufacturers often rely on third-party component suppliers for sensors and microcontrollers and third-party distributors and vendors to distribute and sell their products globally. Any interruption or shortage in component supply, inability to procure components from alternate sources at affordable prices, disruptions in distributor and seller operations, and disagreements with distributors and sellers over business terms could all threaten the market's growth.
COVID-19 Impact on Market
Some sectors have gained growth and demand due to the COVID-19 epidemic. The video game business is one of these industries. Gaming provides an entertaining distraction for people at home yearning for social engagement, significantly while the practice of social distancing reduces consumer and business activity to a minimum. Furthermore, the data revealed a tremendous increase in playing time and purchases once the lockdowns began. For instance, according to Newzoo, gaming analytics, and market insight company, the global video game market is forecast to be worth US$ 159,000 million in 2020. Asia-Pacific is the most lucrative market in terms of revenue, accounting for about half of the total value of the games business.
Market Segment Analysis
Based on type, the global gaming steering wheel market is segmented into gear-driven wheels, belt-driven wheels, direct-drive wheels, and hybrid wheels.
Belt-driven wheels use a system of pulleys and belts to boost the power of their internal motors and provide smoother force feedback. The wheels are geared toward beginners and intermediate racers, although more experienced racers can also use them. Belt-driven wheels are the next step up from gear-driven wheels, ranging in price from US$ 200-500 and up to US$ 1,000 for high-end models. Moreover, belt-driven wheels have more modern technology than gear-driven wheels and the belts and pulleys typically equal more moving parts. As a result, the price increases on its own. In addition, these wheels often contain fans to keep everything cool.
Source: DataM Intelligence Analysis (2023)
Market Geographical Analysis
North America dominates the game simulators industry with a significant market share. CXC Simulations, D-BOX TECHNOLOGIES INC., and Razer Inc. are among the major market participants in the region. The addition of racing platforms to various theatres around the region to support motorsports and e-sports is expected to boost demand for the gaming steering wheel market. For instance, in April 2018, VRX teamed with NAGRA to establish the SIM racing program in cinemas utilizing the cinema platform.
Moreover, the growing number of e-sport competitions in the region is expected to boost demand for gaming steering wheels. For instance, in June 2019, VRX placed racing simulators at ESPORTS CENTRAL, an e-sports hub in Canada. Therefore, the increasing popularity of online games and custom-made gaming simulators is anticipated to develop the market.
Source: DataM Intelligence Analysis (2023)
Companies and Competitive Landscape
The global gaming steering wheel market is highly competitive due to several local and global brands. Major players in the market include Logitech Global SA, Endor AG, Thrustmaster, KW automotive GmbH, HORI CO. LTD., Ricmotech LLC, NUMSKULL, Flashfire Accessories Inc., Precision Sim Engineering Ltd, Leo Bodnar Electronics Ltd, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global gaming steering wheel market; these include acquisitions, mergers, product launches, contributions, and collaborations.
Logitech Global SA
Overview: Logitech Global SA is a Switzerland-based multi-brand company designing music, gaming, video, and computing products. The company serves its products through the following brands: Logitech, Logitech G, ASTRO Gaming, Jaybird, Ultimate Ears, Blue Microphones and Streamlabs. The company is headquartered in Lausanne, Switzerland.
Product Portfolio: Logitech Global SA offers G29 and G920 racing game wheels engineered for the perfect driving experience. G29 is for PC, PS3, PS4, and PS5; and G920 is for Xbox Series X|S, Xbox One, and PC.
Key Development:
- In August 2020, Logitech G, a brand of Logitech Global SA, launched the Logitech G923 Racing Wheel and Pedals, a high-performance racing wheel for the sim racing experience. It features TRUE FORCE, a high-definition force feedback system that dials into a game’s physics and audio engine to produce an ultra-realistic experience.
Why Purchase the Report?
- To visualize the global gaming steering wheel market segmentation by type, operation, clutch pedal, distribution channel, and region and understand key commercial assets and players.
- Identify commercial opportunities in the global gaming steering wheel market by analyzing trends and co-development.
- Excel data sheet with numerous data points of gaming steering wheel market-level with four segments.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available as excel consisting of key products of all the major market players
The global gaming steering wheel market report would provide approximately 69 tables, 62 figures, and almost 180 pages.
Target Audience 2024
- Gaming Companies
- Gaming Equipment Manufacturers
- OEM Companies
- Software Companies
- Distributors
