Selbyville, Delaware, Nov. 10, 2021 (GLOBE NEWSWIRE) --
The gaming consoles market size is anticipated to record a valuation of USD 35 billion by 2027, according to the most recent study by Global Market Insights Inc. The integration of Artificial Intelligence (AI) with gaming systems to develop an interactive experience is driving the market.
The flexibility offered while operating handheld console devices will fuel the gaming consoles market growth. These devices are compact & lightweight, enabling the user to carry them anywhere and anytime. Handheld consoles have in-built memory storage, longer battery life, built-in multiplayer option & high-quality display, creating a better user experience. These handheld consoles can be attached to a smart television and can be played with a standard controller.
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The increasing launch of movies/series-based gaming applications, such as Spiderman, Iron Man VR & Avengers, will support the gaming consoles market expansion of gaming consoles. Moreover, the increasing penetration of affordable internet has led to easy accessibility to content, resulting in a rising number of active viewers. This factor has encouraged several brands to collaborate with motion picture production companies to introduce games based on movie/series characters & storylines. It allows consumers to relate to the story & play the character accordingly. Similarly, it also encourages the production house to launch a movie/series based on the game. Through such collaborations, gaming companies are promoting their brand & product ranges. They are also launching exclusive customized movie-based gaming consoles to attract more customers of different age groups.
North America gaming consoles market is poised to witness significant growth during the forecast period due to high disposable incomes. As per the U.S. Bureau of Economic Analysis (BEA), in the U.S., Disposable Personal Income (DPI) increased from USD 17,398 billion in November 2020 to USD 18,123.92 billion in August 2021. Growth in DPI indicates the amount of additional spending power of the consumer in the country. Owing to increased 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 & newbie gamers and a growing number of online gaming tournaments are further boosting the regional growth.
Prominent 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 major findings of the Gaming Consoles Market report are:
- The increasing adoption of 3D video games integrated with Virtual Reality (VR) & Augmented Reality (AR), offering features such as sensory management system and enhanced audio & video simulations, will foster the market demand.
- The rising demand for smart gaming consoles & gaming accessories, such as wireless remotes, high-end headsets, miniature set-up of racing cars, microphones & curved monitors, are some of the factors impelling the market value.
- The increased acceptance of gaming consoles in residential applications, especially during the pandemic, has led gaming console leaders to increase their gaming console portfolios and add more games to their gaming libraries.
- The expanding e-sports market is attributed to rising active gamers will propel the demand for gaming console product range. Furthermore, several individuals are participating in gaming tournaments to win the prize money & build brand recognition in the industry.
Table of Contents (ToC) of the report:
Chapter 3 Gaming Consoles Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
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
3.3.3 Manufacturers
3.3.4 Technology/software providers
3.3.5 System integrators
3.3.6 Distributors
3.3.7 Vendor matrix
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
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, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
