Gaming Monitor Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Gaming Monitor Market Overview and Definition
The global gaming monitor market size was valued at USD 1.9 billion in 2021 and is projected to reach USD 16.5 billion by 2032, expanding at a CAGR of 24.5% during the forecast period 2022-2032. A gaming monitor is similar to the computer monitor. These monitors comprises of a high-resolution visual display, electronics, and a power source. Modern gaming monitors with liquid crystal displays (LCD) and light emitting diode (LED) are progressively replacing Plasma and CRT displays. Such gaming monitors are being built specifically for video games. They features a large screen size, a high-definition (HD) display resolution, and a high pixel density. Over the past decade, gaming monitors have been evolved with the introduction of cutting-edge technologies such as curved displays, HDR (High Dynamic Range) image quality, frameless panels, 4K or ultra-HD (UHD) resolution, and QLED (Quantum Light-Emitting Diode) technology.
Covid Impact Analysis
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. For instance, the manufacturing plants all across the world have been shut down; hence, electronics and automobiles sales have plummeted. The closure of leading manufacturing plants in consumer electronics sector has lowered the growth of the global gaming monitor market.
However, the COVID-19 epidemic has resulted into a favourable impact on gaming monitor production as well as sales all over the globe. For instance, the COVID-19 pandemic has boosted the number of users as well as the amount of time they spent on online gaming platforms. Hence, the market is expected to be driven by upsurge in the number of gamers along with the incorporation of innovative features and technologies in gaming monitors.
Furthermore, the pandemic has forced people to stay home to halt spread of COVID-19 virus. Various governments throughout the world have implemented entire or partial lockdowns to curb the virus's spread. As a result of this, the demand for gaming monitors has augmented, as gaming has become one of the most popular hobbies during lockdowns.
Gaming Monitor Market Top Impacting Factors
The global gaming monitor market is expected to develop at a substantial pace of revenue. Growth of the market is mainly driven by the emergence of cloud gaming platforms, rising access to high-speed internet connections such as 4G and 5G networks, and upsurge in sales of smart TVs. In addition to this, the key market players are investing in research to develop as well as launches of technologically advanced gaming monitors. Such continuous innovations and modifications are expected to fuel the global gaming monitors market during the forecast period.
Moreover, shipments of gaming monitors and PCs are on the rise all over the world which is projected to flourish the market. For instance, according to the recent survey, global shipments of gaming PCs as well as displays increased by roughly 26.8% year over year to 55 million units in 2020. Furthermore, upsurge in interest towards gaming along with the demand for high-action gaming monitors for play stations during pandemic times to deal with COVID-induced stress further boosted market expansion. However, certain unfavourable aspects, such as increasing prices of high-performance and HD display gaming monitors may hamper growth of the market during forecast period.
Gaming Monitor Market Regional Analysis
In 2020, the global gaming monitor market is dominated by North America. Growth of the region is mainly attributed to the rise of video gaming culture in the region along with the upsurge in demand for technologically advanced gaming monitors with cutting-edge features particularly among professional and ardent gamers. In addition to this, increased online gaming consumption as well as greater spending on home gaming setups in the region drives growth of the market.
On the other hand, Asia Pacific gaming monitor market is expected to witness highest growth rate. This is attributed to the number of favourable factors such as rising demand for top-of-the-line IPS and VA panel gaming displays, increased sales of gaming computers, and rising millennial interest in e-sport and gaming activities. In addition to this, the Asia Pacific gaming monitor industry is being propelled by surge in consumer disposable incomes across the countries such as India and China along with the flourishing network infrastructure.
Gaming Monitor Market Latest Trends
The market for gaming monitors is fiercely competitive. Hence, the major players are concentrating their efforts on continuously offering advanced gaming monitors. The manufacturers are adopting various strategies to expand their customer base while also diversifying their product offerings. For instance, in July 2020, LG Electronics, a South Korean multinational electronics company has brought the immersive experience to the gaming with the launch of the 4K IPS 1 millisecond Gray-to-Gray (GTG)1 gaming monitor, the latest addition to the critically-acclaimed LG UltraGear lineup. The LG UltraGear 27GN950 is projected to be debuted in the U.S. at LG-authorized dealers and on LG.com.
Gaming Monitor Market Segmentation
The gaming monitor market segmentation is classified on the basis of panel type, screen size, end use and sales channel. The panel type is divided into IPS panel gaming monitors, TN panel gaming monitors and VA panel gaming monitors. Based on screen size it is divided into less than 27 inches, 27-32 inches and more than 32 inches. On the basis of end use it is segregated into consumer and commercial. Based on sales channel it is divided into online and offline sales channel.
Gaming Monitor Market Key Companies
The top players in the gaming monitor market are Lenovo Group Limited, Dell, Samsung Electronics Co. Ltd., LG Electronics Inc., ViewSonic Corporation, ASUSTek Computer Inc., Acer Inc., Razer Inc., BenQ Corporation, Gigabyte Technology, Hewlett-Packard Development Company (HP), AOC Systems Incorporated, and Porsche Design Computing.