Korean top video game player Lee Sang-hyeok, better known as Faker, poses with Samsung Electronics Odyssey gaming monitor series (Courtesy of Samsung Electronics)
South Korea’s electronics household names Samsung Electronics Co. and LG Electronics Inc. are gearing up for a fierce battle in the gaming monitor market poised for a big leap over the next decade on the growing popularity of esports across the globe.
Gaming monitors are armed with more premium specifications and features such as higher refresh rates and faster response time for a smoother gaming experience than office monitors.
They maximize the visual quality of the graphics card and central processing unit (CPU) output when games are played on the system, and they are priced higher than regular monitors.
Despite more expensive price tags, demand for gaming monitors is on a rise and is expected to continue to grow driven by the booming global video games and esports industry.
ESPORTS FRENZY
Esports, short for electronic sports, is a form of competition using video games, mainly multiplayer video games, such as PlayerUnknown’s Battlegrounds (PUBG), League of Legends, StarCraft and Overwatch, competed by professional players in a team or individually.
It has grown into a multibillion-dollar industry and global affair, with competitions taking place around the world.
(Graphics by Dongbeom Yun)
Last year, it was added as an official sports competition at the Asian Games in Hangzhou, China, and the International Olympic Committee (IOC) will host the first-ever Olympic Esports Games next year.
South Korea is considered the cradle of esports but Saudi Arabia is now at the forefront of promoting it by organizing an annual international esports tournament series, the Esports World Cup.
The world’s two most populous countries, India and China, are also behind the expansion of the esports industry, with a population under 30 making up about 60% of their total population, each, posing a big growth potential.
Fortune Business Insights forecast the global esports market will grow to $9.3 billion in 2032 from $1.7 billion in 2023.
TWICE BIGGER GAMING MONITOR MARKET
Propelled by the esports boom, the gaming monitor market is also set to grow rapidly.
According to Future Market Insights, the global gaming monitor market is expected to nearly double to $18.4 billion in 2033 from $9.8 billion in 2023.
Because gaming monitors are priced up to twice as much as regular monitors, meaning higher profitability, monitor sellers are making big bets on them to lead the market.
LG Ultragear gaming monitor (Courtesy of LG Electronics)
Currently, two Korean players Samsung Electronics and LG Electronics are leading the premium-spec gaming monitor market, while Taiwan’s Asus and US Dell dominate mid and entry-range market.
Samsung and LG commanded 20.6% and 14.1%, respectively, in global total gaming monitor sales in the first quarter of this year, according to global intelligence firm IDC.
SAMSUNG AND LG ON THE FRONTLINE
Earlier this year, Samsung and LG launched organic light-emitting diode (OLED) gaming monitors to up the ante in the market.
Samsung sold more than 20,000 units of its latest gaming monitor models, the Odyssey OLED series, in a month after their launch last month.
LG’s Ultragear, released in April, was named the official gaming monitor brand of the Esports World Up (EWC) 2024, which will take place in Riyadh, Saudi Arabia from July 3 to Aug. 25.
Following suit of the leading players, Asus and Philips have also rolled out OLED gaming monitors.
Race to win the gaming monitor market is expected to intensify further among monitor makers ahead of the world’s first Olympic Esports Games next year, industry observers said.
By Chae-Yeon Kim
why29@hankyung.com
Sookyung Seo edited this article.
