Dublin, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The "3D Gaming Consoles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The 3D Gaming Consoles Market is projected to register a robust Compound Annual Growth Rate (CAGR) of 15.15% over the forecast period. The market's growth is fueled by factors such as the rise in average spending by gamers, increasing purchasing power, and aggressive global marketing strategies adopted by developers. Despite disruptions in the supply chain caused by the COVID-19 pandemic, the market witnessed a surge in demand due to lockdowns, leading to increased revenue even in the post-COVID-19 market scenario.
Key Highlights
- Continuous rise in the number of gamers and technological advancements in the gaming sector have driven steady growth in the demand for 3D gaming consoles. The gaming industry's rapid evolution has led to innovative products like the Oculus Quest virtual reality headgear, providing growth opportunities for the market.
- Major players in the industry, such as Microsoft and Sony, have introduced 3D gaming consoles like the Nintendo Switch to keep gamers engaged and have expanded their product portfolios. These consoles incorporate advanced technologies, including blu-ray, motion sensor technology, virtual reality (VR), HD quality video, and online functions, boosting the market's growth.
- Despite the market's promising growth, strong competition from PCs and higher game development costs may restrain its expansion during the forecast period.
3D Gaming Consoles Market Trends
Home Consoles Dominating the Market
Home consoles dominate the 3D Gaming Consoles Market, with major players like Sony, Microsoft, and Nintendo leading the charge. Sony is set to expand its gaming empire, capitalizing on the increased demand for video games and the popularity of the immersive virtual world, the metaverse. Features like online multiplayer gaming, cloud support, and deals associated with home consoles have driven their growth. The release of accessories like 4K TVs further enhances the gaming experience on home consoles.
Asia-Pacific: The Fastest Growing Market
Asia-Pacific is the primary revenue-generating region for the gaming industry, with countries like China, Japan, Australia, and South Korea being key gaming hotspots. The region's easy access to 3D gaming hardware and software, driven by prime vendors like Nintendo, gives it a competitive edge. The demand for 3D gaming consoles is expected to grow significantly in the region, bolstered by increasing penetration of home consoles and PC-based gaming.
Competitor Analysis
The 3D Gaming Consoles Market is consolidated, with major players such as Electronic Art Inc., Microsoft Corporation, Nintendo Co. Ltd, Sony Computer Entertainment, and others having the maximum market share. Companies are partnering to explore the potential of the metaverse and immersive experiences across industries. Unity and Microsoft, for instance, are collaborating to empower 3D artists and game developers worldwide, offering access to real-time 3D simulation tools and digital twins of real-world places and objects.
The 3D Gaming Consoles Market is poised for significant growth, driven by increasing demand, technological innovation, and strong market presence of major players. As the gaming industry evolves, opportunities for growth and development in the market are expected to expand, making it an attractive prospect for businesses and investors alike.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Technology Snapshot
4.4 Assessment of COVID-19 Impact on the Industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Popularity of 3D Devices
5.1.2 Development of Autostereoscopic Technology
5.2 Market Restraints
5.2.1 Strong Competition form PCs
5.2.2 Higher Game Development Costs
6 MARKET SEGMENTATION
6.1 By Component
6.1.1 Hardware
6.1.2 Software
6.2 By Console
6.2.1 Home Consoles
6.2.2 Handheld Consoles
6.2.3 Micro Consoles
6.2.4 Dedicated Consoles
6.3 By Platform
6.3.1 Microsoft Xbox
6.3.2 Sony PlayStation
6.3.3 Nintendo Wii
6.3.4 Other Platforms
6.4 Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Rest of the World
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 A4Tech Co. Ltd.
7.1.2 Activision Publishing Inc.
7.1.3 Electronic Art Inc.
7.1.4 Guillemot Corporation SA (Thrustmaster)
7.1.5 Kaneva LLC
7.1.6 Logitech Inc.
7.1.7 Microsoft Corporation
7.1.8 Nintendo Co. Ltd
7.1.9 Oculus VR
7.1.10 Sony Corporation
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/12vhjw
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Attachments
- 3d Gaming Console Market Games Market Revenue Worldwide In 2022 By Device
- 3d Gaming Console Market 3 D Gaming Consoles Market Growth Rate By Region 2023 2028
