A gaming console is a high-tech gadget that outputs a visual image or video signal to display a video game. A gaming console device is primarily designed for customers for playing video games in contrast to arcade machines or home computers. X box one X, PlayStation 4 pro, Nintendo Switch, and Xbox One S are some of popular gaming consoles available in the market. Gaming console manufacturers are utilizing high technologies, including 4K & HD quality video, VR, motion sensing, Blu-ray, and online functions. The competitive rivalry among three giants: Sony, Microsoft, and Nintendo, has been going on for two decades in the gaming console market, and the game console upgrade cycle is continuing. Game makers are continuing to research updates and next-generation product plans.
The global gaming console market is projected to witness rapid growth during the forecast period. Some of the major factors propelling the market are introduction of advanced and new audio visual devices. Innovation and technological advancements in various audiovisual devices have remarkably increased the demand for gaming consoles. Moreover, growing availability of displays and high-end sound systems provide an improved and rich experience to customers. Furthermore, HD and 3D TV with inherent wireless connectivity and HDMI ports, which has the ability to support external hard disks are anticipated to offer enriched experience to customers, which in turn expected to drive the global gaming console market during the forecast period.
Growing popularity and availability of multi-functional gaming console are factors expected to drive the global gaming console market during the forecast period. Furthermore, various advantages offered by multi-functional consoles, such as enabling gamers to watch videos, listen to music, browse the Internet, and download videos simultaneously, while playing games are projected to favorably impact the market growth during the forecast period.
With rapid development of the global game industry in recent years, the demand for game quality has also increased
High cost of gaming console, increasing price of games, and high disk cost are some of the major factors expected to hamper the global gaming console market during the forecast period
Growing popularity of tablets and smartphones as alternatives for gaming consoles is another restraining factor projected to hamper the growth of the global gaming console market. Furthermore, shifting consumer preference to substitutes, such as mobile games and online games, is also anticipated to restrain market growth during the forecast period.
The global gaming console market can be segmented based on gaming console type, end user, distribution channel, and region
In terms of gaming console type, the global gaming console market can be classified into television gaming console and handheld gaming console
Based on end user, the global gaming console market can be divided into commercial gaming centers and individual
In terms of distribution channel, the global gaming console market has been bifurcated into online and offline
In terms of region, the global market can be divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Germany, France, Italy, and Rest of Europe), Asia Pacific (India, Japan, China, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America)
Key players operating in the global gaming console market include Sony Electronics Inc., Microsoft, Nintendo, SEGA, NVIDIA Corporation, Valve Corporation, PlayJam Ltd, Logitech, HYPERKIN, INC., madcatz, and OUYA Inc.