Gaming Equipment - Papua New Guinea

In 2024, the Gaming Equipment market in Papua New Guinea is projected to generate revenue of US$2.6m.
This market is expected to experience an annual growth rate of 9.43% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads in revenue generation, with US$9.7bn in 2024.
In terms of per person revenues, in Papua New Guinea is projected to generate US$0.27 in 2024.
Looking ahead to 2029, the volume of the Gaming Equipment market is expected to reach 10.38k pieces.
Additionally, a growth rate of 12.8% is anticipated in 2025.0.
On average, each person in Papua New Guinea is expected to contribute 0.001pieces to the volume of the Gaming Equipment market in 2024.
Gaming equipment sales in Papua New Guinea have witnessed a significant surge, driven by the growing popularity of e-sports among the youth.

Definition:

Gaming equipment refers to the hardware and accessories used for playing video games. This includes devices such as gaming consoles and VR (virtual reality) headsets. Gaming equipment can vary widely in terms of quality, performance, and cost, and is often designed specifically for gaming applications. Gaming equipment can be used for a wide range of games, including single-player and multiplayer games, and can be enjoyed by gamers of all ages and skill levels.

Structure:

The gaming equipment is structured into two main product categories:

Game Consoles: Devices specifically designed for playing video games and typically include features such as advanced graphics processing, connectivity, and controllers.
VR Headsets: Devices used to experience virtual reality, often in conjunction with gaming. They offer a highly immersive gaming experience, allowing players to enter and interact with virtual environments.

Additional Information:

The market comprises revenue, average revenue per capita, volume, average volume per capita and price. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). There is a high degree of competition in the market, with established players such as Sony, Microsoft, and Nintendo, as well as new entrants such as cloud gaming companies.

For more information on the data displayed, use the info button right next to the boxes.

Home consoles, like PlayStation and Xbox.
Hybrid consoles, like the Nintendo Switch, offering both portable and home gaming.
Handheld consoles, such as the Nintendo Switch Lite, Game Boy, Nintendo DS, and PlayStation Portable.
Stand-alone VR headsets, like Oculus Quest, Vive Focus, and PlayStation VR 2.
Tethered/PC VR headsets, including Oculus Rift, HTC Vive, and Valve Index.
Smartphone VR devices, like Samsung Gear VR, Google Cardboard, and Daydream View.

TV and various display screens, including LED, OLED, and QLED.
Video games and digital content, encompassing PC games, console games, and mobile apps.
Commercial VR devices used for various applications like virtual prototyping, medical training, architectural visualization, featuring compatibility with enterprise-level software solutions.
Augmented reality (AR) devices, like Microsoft HoloLens, Magic Leap, and AR-enabled smartphones.
Accessories, such as controllers, headsets, gaming chairs, and console skins.

In 2021, the gaming equipment segment experienced one of the years with most growth due in large part to Covid-19 restrictions. Whilst people were forced to spend their free time at home isolated instead of meeting friends or going out to social events, the demand for gaming equipment exploded. The global gaming equipment market reached US$26 billion in 2021, marking a huge increase of US$8 billion between 2019 and 2021.

The gaming equipment segment has been dominated by three companies for decades thanks to their gaming consoles, namely the PlayStation from Sony, the X-Box from Microsoft and the Nintendo. Equally important in the segment are the key players AMD and Nvidia who play a crucial role in providing Graphic Processing Units (GPUs). Within the fast-paced technological environment there is a new threat to these key players on the market, which is the possibility of virtual reality (VR) and augmented reality (AR) gaming equipment rising in popularity. In this area huge companies from "Big Tech" like Meta, Google and Samsung are all involved in VR and AR activities.

In 2022, we expect the rapid growth of the gaming equipment market to continue, without hinder nesses from the current problems of rising inflation and higher energy prices which plague the global economy today. One area that we foresee contributing to gaming equipment market growth is the possibilities which VR and AR gaming can offer, bridging the gaming world with the real world which for many keen gamers appears to be a creative possibility. Otherwise, the COVID-19 pandemic showed that if in the future such events take place, forcing people to spend more time at home alone, then the demand for gaming equipment will increase.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.