Gaming Hardware - South Korea

South Korea

Highlights

In South Korea, revenue in the Gaming Hardware market market is projected to reach US$3.99bn in 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 9.76%, leading to a projected market volume of US$6.36bn by 2029.
By 2029, the number of users in the Gaming Hardware market market in South Korea is expected to amount to 3.3m users.
User penetration in South Korea will be 5.5% in 2024 and is expected to increase to 6.5% by 2029.
The average revenue per user (ARPU) in South Korea is expected to amount to US$1.41k.
In global comparison, the majority of revenue will be generated China, with a projected figure of US$33.31bn in 2024.
In South Korea, the gaming hardware market is thriving, driven by a surge in eSports popularity and increasing consumer demand for high-performance equipment.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Gaming Hardware market in South Korea has experienced significant growth in recent years, driven by the country's strong gaming culture and technological advancements. With a population that is highly engaged in gaming, South Korea is known for its competitive gaming scene and has produced some of the world's top professional gamers. Customer preferences in the Gaming Hardware market in South Korea are heavily influenced by the country's gaming culture. South Korean gamers have a strong preference for high-performance gaming hardware that can deliver smooth gameplay and immersive experiences. They value cutting-edge technology, such as high-resolution displays, fast processors, and advanced graphics cards. Additionally, South Korean gamers often prioritize gaming peripherals that enhance their gaming experience, such as gaming mice, keyboards, and headsets. Trends in the market show a growing demand for gaming laptops and gaming consoles in South Korea. Gaming laptops are popular among South Korean gamers due to their portability and the ability to play high-quality games on the go. Gaming consoles, on the other hand, are favored for their ease of use and access to exclusive game titles. The rise of mobile gaming has also contributed to the growth of the Gaming Hardware market in South Korea, with an increasing number of gamers using smartphones and tablets for gaming. Local special circumstances in South Korea play a significant role in the development of the Gaming Hardware market. The country has a well-established infrastructure for online gaming, with fast and reliable internet connections available nationwide. This has created a conducive environment for online multiplayer gaming and esports, fueling the demand for gaming hardware. Additionally, South Korea has a strong gaming community and a supportive ecosystem that includes gaming cafes, esports teams, and gaming events, further driving the market growth. Underlying macroeconomic factors also contribute to the development of the Gaming Hardware market in South Korea. The country has a high disposable income level and a tech-savvy population, which allows consumers to invest in high-end gaming hardware. Furthermore, South Korea's robust technology industry and innovation-driven economy have led to the development of cutting-edge gaming hardware by local manufacturers, attracting both domestic and international consumers. In conclusion, the Gaming Hardware market in South Korea is experiencing growth due to the country's gaming culture, customer preferences for high-performance hardware, and technological advancements. The demand for gaming laptops, consoles, and mobile gaming devices is on the rise, driven by the country's well-established online gaming infrastructure, strong gaming community, and supportive ecosystem. With a high disposable income level and a tech-savvy population, South Korea presents a lucrative market for gaming hardware manufacturers.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Gaming Hardware market, which includes various types of gaming devices such as consoles, gaming PCs and laptops, and peripherals. This market covers both online and offline sales of gaming hardware. All monetary figures refer to consumer spending on these hardware products and accessories. This spending considers any discounts, margins, and taxes.

Modeling approach / Market size:

The market size is determined through a comprehensive approach. We utilize data from annual financial reports of leading companies, industry associations, third-party studies and reports, primary research surveys (e.g., Consumer Insights), and performance metrics (e.g., user adoption rates, price points, usage patterns) to analyze the markets. To estimate the segment size for each country, we consider relevant key market indicators and data from country-specific industry associations. This includes macroeconomic indicators, historical trends, current market dynamics, and reported performance metrics of key industry players. Factors like average prices and purchase frequencies are considered.

Forecasts:

We apply diverse forecasting techniques tailored to the behavior of the specific market. For instance, methods like trend smoothing and adoption curve analysis are well-suited for forecasting trends in gaming hardware, considering the evolving nature of technology adoption. The main drivers influencing forecasts include economic indicators such as GDP per capita, consumer spending per capita, and technological advancements like 5G coverage.

Additional notes:

The data is modeled using current exchange rates. The market is updated biannually to reflect any changes in market dynamics. The impact of external factors, such as the COVID-19 pandemic, is considered at the country-specific level. The text incorporates current exchange rates in its modeling. Additionally, any impacts from events like the Russia-Ukraine war or significant industry developments are considered on a country-specific basis. The market information is refreshed twice a year. In some instances, updates are made on an ad hoc basis, such as when new pertinent data is released or substantial shifts within the market impact projected trends. Consumer Insights data is reweighted to ensure representativeness.