Rockville, April 25, 2023 (GLOBE NEWSWIRE) -- A 10-year projection from 2023 to 2033 is provided in Fact.MR's recent study on the portable video game consoles market. Other details include significant market-shaping aspects including drivers, constraints, and opportunities. The market is segmented into product type, modality, application, end user, and region to make the information for clear understanding of key trends.
Fact.MR – A Market Research and Competitive Intelligence Provider: Fact.MR, a market research and competitive intelligence provider, reveals that the global portable video game consoles market is set to garner US$ 27 billion by 2033, expanding at a 6% CAGR from 2023 to 2033.
Portable video game consoles are compact, self-contained video game consoles. They combine the speakers, display, console, and controls into a single unit, can be carried and played anywhere, and are extensively used by kids and adults.
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Increasing popularity of video games among young people is the primary driver for industry expansion. Portable gaming consoles offer advantages such as portability, which allows users to play games wherever they are; they can be played without an internet connection but also can connect to the internet. Portable gaming consoles are lighter and smaller than home video game consoles.
The rise in advanced technologies in the portable gaming sector, such as wireless and 3D gaming consoles, as well as the widespread use of improved graphics-based video games, are projected to drive market expansion during the forecast period. Cloud gaming is gaining popularity globally. Cloud gaming is a new technology that allows users to stream high-end games across handheld consoles, removing the need for an occasional hardware upgrade.
North America is dominating the global portable video game consoles market. The United States is a big contributor to market growth. The country's high acceptance of portable gaming consoles is boosting market expansion. The Nintendo Switch Lite is the best-selling portable video game console in the United States.
Key Takeaways from Market Study
- The global portable video game consoles market amounted to US$ 15 billion in 2023.
- The market is forecasted to touch a value of US$ 27 billion by 2033.
- Worldwide demand for portable video game consoles is predicted to develop at a CAGR of 6% during the forecast period (2023 to 2033)
- North America is set to lead the global portable video game consoles market over the next ten years.
“One of the most significant benefits of portable video game consoles is their portability. These devices can be used everywhere, whether traveling vast distances, waiting in line, or simply relaxing at home. They are also lightweight and portable, making them ideal for gamers who are constantly on the move. Furthermore, with larger screens, richer visuals, and more control choices, portable video game consoles provide a more immersive gaming experience than tablets and smartphones,” says a Fact.MR analyst.
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Competitive Landscape
The global marketplace is fiercely competitive. There are various companies that provide portable gaming consoles, each with their own set of benefits and drawbacks. To strengthen and broaden their global presence, top businesses in the portable video game consoles market are using strategies such as collaborations, investments, and technical advancements.
- In August 2022, Logitech G and Tencent Games partnered to bring to market a cloud gaming handheld that blends Logitech G's hardware capabilities with Tencent Games' software offerings. The new device will support a variety of cloud gaming services, allowing gamers to play AAA games without connecting to their console or PC.
- In July 2021, Valve introduced the Steam Deck handheld video game gadget. This new device competes directly with Nintendo's Switch line. The Valve Steam Deck is equipped with an AMD processor, a 7-inch touchscreen display, and a number of buttons. SteamOS 3.0, which is based on Linux, is used by the Steam Deck. Valve, on the other hand, claims that the Steam Deck can run a range of Linux distributions in addition to Windows 11.
- In June 2022, AYANEO released the AYANEO NEXT 2, a handheld game console with an AMD Radeon 6000 GPU or Intel ARC. This is also the first gaming console to use Intel's ARC Alchemist GPU.
Leading market players:
- Microsoft Corporation
- Atari SA
- Nintendo Co., Ltd
- Sega Games Co., Ltd
- Sony Corporation
- Valve Corp
- Nvidia Corporation
- Mattel Inc
- NEC Corporation
- Vtech
- Bit Corporation
- Mad Catz Interactive, Inc
- Razer Inc
Winning Strategy
Leading market players are focusing on launching advanced products with better features to expand their market presence and gain market share.
- Turtle Beach Corporation, a major gaming accessory maker, released the Turtle Beach® AtomTM Controller in October 2022 as its newest mobile gaming controller and the most recent addition to its growing and highly regarded controller portfolio, which also includes REACT-R Controller Recon Controller and the Recon Cloud Hybrid Controller. The Atom Controller is a portable mobile gaming controller with an exceptional design that fits in a pocket and breaks into two distinct modules when it's time to play.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global portable video game consoles market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (single function gaming consoles, multifunction gaming consoles), product (PlayStation 5, Xbox, Razer Switchblade, PlayStation Vita, Nintendo Switch Lite), and platform (iOS, Android, Windows, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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Key Segments of Industry Research
- By Type :
- Single Function Gaming Consoles
- Multifunction Gaming Consoles
- By Product :
- PlayStation 5
- Xbox
- Razer Switchblade
- PlayStation Vita
- Nintendo Switch Lite
- By Platform :
- iOS
- Android
- Windows
- Others
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
Key Questions Covered in the Report
- What is the projected valuation of portable video game consoles in 2023?
- At what rate will the global portable video game consoles market grow until 2033?
- Which are the factors hampering the growth of the portable video game consoles Industry?
- Which region is expected to lead in the global portable video game consoles market by 2033?
- Which are the factors driving the portable video game consoles market during the forecast period?
- What is the expected market value of the portable video game consoles market during the forecast period?
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