Thai gaming market growth vulnerable to economic headwinds
IT product distributor Synnex (Thailand) on Wednesday cautioned that despite an expected growth in the Thai gaming market, the economic situation could dent the purchasing power of gamers.
Synnex CEO Sutida Mongkolsuthree expects the Thai gaming market to grow by 10% year on year in 2024, as people can access video games using desktops, laptops, mobile phones and/or game consoles.
However, she pointed out that the sluggish economy had affected some gamers as hardware needed to be upgraded over time in line with technological advancement.
Gamers would speed up their purchase of new hardware if the economy was good. But some of them would delay their purchase when the economy was bad, she explained.
“With the high number of gamers in Thailand, we expect the gaming industry to be better next year,” she said.
She added that Thailand was still the main market in ASEAN, and most of the video games that dominate the country were popular among gamers worldwide.
To foster the growth of the Thai gaming market, Sutida said Synnex is organising Thailand Game Show 2024 at the Queen Sirikit National Convention Centre in Bangkok from October 18-20.
The event will feature a showcase of games and hardware from developers worldwide, such as Japanese game developer Nintendo and American-Singaporean tech company Razer, she explained.
There will be game competitions for prizes worth over 600,000 baht, namely Tekken 8, Dragon Ball Sparking! Zero, Super Bomberman R2 and Fruit Ninja, she added.
She also vowed to offer products for all groups of gamers whether they were users of desktops, laptops, mobile phones and/or game consoles.
“Games are actually about allowing people to understand, play and take part in activities,” she said, adding that Synnex would hold similar events to further boost awareness among people.
According to global statistics website Statista, the global gaming industry was forecast to reach US$666.69 billion (22.82 trillion baht) in 2029, up 46.43% from 2024.
This growth would be due to technological advancement, which allows game developers to create more immersive and engaging experiences.
Asia’s esports industry is projected to generate US$1.5 billion (51.4 billion baht) in revenue by 2027, up 36% from 2023. Southeast Asia is experiencing rapid growth thanks to its young population, widespread internet connectivity and the rise of talented esport athletes.
The Trade Policy and Strategy Office projects that participants in esports competitions will nearly double from 9.8 million in 2021 to 18.7 million by 2027.
