Game console market revenues will exceed $ 35 billion by 2027:
Selbyville, Delaware, November 10, 2021 (GLOBE NEWSWIRE) –
The size of the game console market is expected to register a valuation of $ 35 billion by 2027, according to the most recent study by Global Market Insights Inc. The integration of artificial intelligence (AI) into gaming systems to develop an interactive experience is driving the market.
The flexibility offered when using handheld consoles will fuel the growth of the game console market. These devices are compact and lightweight, allowing the user to carry them anywhere and anytime. Handheld consoles have built-in memory storage, longer battery life, built-in multiplayer option, and high-quality display, creating a better user experience. These portable consoles can be connected to a smart TV and can be played with a standard gamepad.
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The increasing launch of movie / series based game applications such as Spiderman, Iron Man VR and Avengers will support the expansion of the game console market. In addition, the increasing penetration of affordable internet has led to easy access to content, resulting in an increasing number of active viewers. This factor has encouraged several brands to collaborate with film production companies to introduce games based on characters and film / series storylines. This allows consumers to relate to the story and play the character accordingly. Likewise, it also encourages the production house to launch a movie / series based on the game. Through such collaborations, game companies promote their brand and product lines. They are also launching exclusive custom video game consoles to attract more customers from different age groups.
The North American game console market is expected to experience significant growth during the forecast period owing to high disposable income. According to the US Bureau of Economic Analysis (BEA), in the United States, personal disposable income (DPI) has increased from $ 17.398 billion in November 2020 to $ 18123.92 billion in August 2021. The growth of DPI indicates the amount of additional purchasing power of the consumer in the country. Due to the increase in DPI, individuals are spending more on gaming console equipment, VR headsets, wireless chargers, motion control remotes, microphones, and high-end displays. In addition, the growing number of casual, hardcore and newbie players and a growing number of online gaming tournaments further drive regional growth.
Major players operating in the market include Corsair Components Inc., Logitech, Mad Catz Global Limited, Microsoft Corporation, NEC Corporation, Nintendo, NVIDIA Corporation, Panasonic Corporation, Razer Inc., Samsung Electronics Corporation, Sega Corporation, Sony Corporation and Valve Corporation .
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Some of the key findings of the Gaming Consoles Market report are:
- The growing adoption of 3D video games integrated with virtual reality (VR) and augmented reality (AR), offering features such as a sensory management system and enhanced audio and video simulations, will drive the market demand.
- Growing demand for smart gaming consoles and gaming accessories, such as wireless remotes, high-end headsets, miniature racing car setups, curved microphones and monitors, are some of the factors that boost market value.
- The increased acceptance of game consoles in residential applications, especially during the pandemic, has led game console leaders to increase their game console portfolios and add more games to their game libraries.
- The expansion of the esports market is attributed to the increase in the number of active gamers which will propel the demand for the game console product line. In addition, several people participate in gaming tournaments to win the cash prize and build brand recognition in the industry.
Table of contents (ToC) of the report:
Chapter 3 Game Console Market Overview
3.1 Industry segmentation
3.2 Impact of the coronavirus pandemic (COVID-19)
3.2.1 Global outlook
3.2.2 Regional perspectives
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry Ecosystem Analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.4 Technology / software providers
3.3.5 System integrators
3.3.7 Matrix of suppliers
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Pitfalls and challenges of the industry
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services, providing syndicated and personalized research reports as well as advisory services. growing. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.