A video game console is a device that displays a video game by outputting a visual image or video signal. It is essentially a console machine designed primarily for consumers to play video games, as opposed to home computers or arcade machines. Xbox One, Wii U, PlayStation 4, Steam Machine, Leap TV, and Retro N5 are a few examples of video game consoles. Over the past few years, the gaming console market has gone through several hardware changes. It is also expected that HDTVs with HDMI ports and inherent wireless connectivity, which can support external hard disks, will offer enriched customer experience. Console manufacturers are introducing new devices that are compatible with the latest specifications according to the gamers' demand while improving the gameplay experience.
Therefore, owing to the great source of entertainment that the video games provide, the forecasters predict that the global video game console market is anticipated to grow exponentially during the forecast period.
COVID-19 Scenario Analysis:
- This industry faces huge decline due to disruption in trade with China.
- Shutdown of all non-essential goods during COVID-19 also slows down this market.
- Consumer demand is shifting toward the essential food and safety items.
- However, online sales platform is witnessing an increase in the demand for video games console because people sitting back at their homes are seeking for sources for their entertainment.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Innovation and new technologies have significantly surged the demand for video game consoles in several audio-visual types of equipment. The increase in availability of high-end sound systems and displays give customers a rich and enhanced experience. New consoles with wireless connectivity and a growing number of gamers drive the growth of the gaming console market. Along with this, an increase in the availability and popularity of a multi-functional gaming console is the latest trend emerging on the market for gaming consoles. Several advantages offered by the multi-functional consoles, such as allowing gamers to download videos, browse the internet, listen to music and watch videos simultaneously while playing games, are expected to have a positive impact on market growth over the coming years.
However, high-cost purchase and disk-cost associated with such consoles impede the market growth. Along with this, the introduction of new smartphones and tablets with the latest gaming application is expected to significantly hamper the growth of the industry. Also, shift in consumer trends to alternative platforms, including online games and mobile games, may create obstacles in the market growth over the next few years. Increase in piracy rates and unauthorized users gaining free access are few other factors hamper the revenue of the video game consoling market. Online and mobile games are available at a significantly low cost compared to expensive console disks, resulting in a decrease in the demand for a gaming console. Furthermore, the main challenge for manufacturers competing in this market is expected to be maintaining a balance between quality and price, along with incorporating the latest features into the game console.
Asia-Pacific and North America are holding majority of market share in terms of revenue in the global video game console market because of the increase in number of gamers in these areas. To cater to the requirement of customers, companies are focusing on developing advanced gaming console.
Key Benefits of the Report:
- This study presents the analytical depiction of the videogame console Industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the videogame console market share.
- The current market is quantitatively analyzed to highlight the global videogame console growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed videogame console market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Videogame Console Market Research Report:
- What are the leading market players active in the videogame console market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Videogame Console Market Report Highlights
| Aspects | Details |
 By Type |
|
 By Products |
|
 By Distribution Channels |
|
 By Region |
|
 Key Market Players | Nintendo Co. Ltd., Nvidia Corp., BlueStacks, PlayJam, Sony, OUYA Inc, Microsoft, Mad Catz, Valve Corp. |
Loading Table Of Content...
