Razer, the leading global lifestyle brand for gamers, intends to acquire console accessories brand Controller Gear. The acquisition of Controller Gear, which specializes in creating licensed peripherals and merchandise for popular console brands including Xbox, PlayStation and Nintendo, will strengthen Razer's position in the fast-growing premium console market as the entire gaming market is forecast to cross its first US $200 billion year in 2023.

The console gaming market is forecast to grow 21.0% year-on-year in 2020 to US $51.2 billion according to Newzoo, more than double the growth projection made before the COVID-19 pandemic. This considerable growth is a result of three factors: strong demand for the latest gen consoles, pandemic fueled demand for all consoles across generations, as well as the highly accessible, plug-and-play nature of console gaming being easy to pick up. In recognition of the high growth potential of the console gaming market, Razer has continually innovated in this category to introduce premium console peripherals, including the popular Razer Wolverine controller and Razer Kaira headset lineups. The acquisition is a testament to Razer's commitment to delivering high performance peripherals to all console gamers around the world.