28 December 2018
– The Global Game
Consoles Market is expected to observe a high growth over the
forecast period owing to the introduction of advanced audio-visual devices.
Gaming consoles have been very popular among the youth as a source of
entertainment. Over the years, they have seen rapid development in terms of
graphics and sound quality.Technological development and revolution in most of
the audio-visual devices have considerably increased the demand for these
consoles. Easy availability of modern sound systems coupled with high graphic
displays provides a rich and lively experience to the users. Further, HDMI
ports, HDTV, and wireless connectivity is also expected to offer better-quality
experience to the users.
A gaming console is a device that sends a video signal or
visual image to display a video game. A console machine is primarily designed
for users for the purpose of playing video games. Some of the gaming consoles
present in the market are PlayStation 4, Wii U, Steam Machine, Leap TV, Xbox
One, and Retro 5. Increasing availability and attractiveness of multi-function
gaming console is the most current trend evolving in the Game Consoles Market.
Some of the added features offered by these multi-functional consoles include
video downloading and internet browsing. They also have a provision to work as
a music player and a video player.
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Gaming gadgets are very popular among the youth. Carrying
these devices have been associated with increasing the status symbol. Trends
have shown these products are majorly purchased as a gift. Also, some
educational institutes have been using these devices for imparting knowledge
with the help of educational games. The increase in disposable income and
better standard of living in urban areas has significantly contributed to the
overall Game Consoles Market growth.
Gaming is a popular activity undertaken by many people
during their leisure time. Medical studies have proved that gaming improves
reflexes, coordination and helps in releasing stress. Much psychotherapy makes
use of video games to treat the patients suffering from mental illness. These
factors are expected to drive the overall demand in near future. The emergence
of substitutes is expected to pull down the market in near future. Use of
smartphones and computers for gaming purpose has increased considerably
offering a threat to the overall industry. Moreover, fluctuating consumer
behaviour towards alternative medium which includes online games offers a stiff
challenge to market growth.
Key players in the Game Consoles Market include Nintendo Co.
Ltd, Sony, Nvidia Corp, Valve Corp, PlayJam, Mad Catz, Blue Stacks, OUYA,
Microsoft, and Sony. Manufacturers concentrate on innovation and tend to offer
extreme product differentiation in order to improve their market share.
Products having multi-utility features have been more in demand which helps the
user in cutting down usage of multiple gadgets. Nintendo introduced Wii U,
which provides the customer access to devices as a handheld machine. The same
instrument can be used to browse the internet, draw sketches, and post images
on social media websites.
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Market Segment:
On the basis of the
end users/applications, this report focuses on the status and outlook for major
applications/end users, consumption (sales), market share and growth rate for
each application, including
•
Household Use
•
Commercial Use
Key Regions
·
North America
·
Europe
·
Asia Pacific
·
Middle East and Africa
·
South America
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