About Home Video Game Consoles
The global home video game consoles market is expected to grow at a significant pace during the forecast period, according to the AMA study. Rising number of gamers across the world and inccreasing demand for AR & VR gaming consoles are expected to be some of the major factors aiding into the growth for the market. Moreover, the market is expected to witness a high growth FY 2020 which is further expected to sid into the growth of the market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 21.5% |
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 which has led to increased investments by individuals for gaming systems which is expected to be one of the major drivers for the vendors of this market leading to huge demand for video gaming hardware systems across the world. Analyst at AMA Research estimates that United States, Japan Players will contribute the maximum growth to Global Home Video Game Consoles market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Atari (United States), Coleco (United States), Nintendo (Japan), Magnavox/Philips (United States), Mattel (United States), Sega (Japan), Sony Corporation (Japan) and Microsoft (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Home Video Game Consoles market by Type (TV Gaming Consoles and Hand Gaming Consoles) and Region.
On the basis of geography, the market of Home Video Game Consoles has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. User Control Interface will boost the Home Video Game Consoles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Generation, the sub-segment i.e. First will boost the Home Video Game Consoles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Online will boost the Home Video Game Consoles market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Virtual Reality in Video Game Consoles
Market Growth Drivers:
Increasing Number of Gamers Across the World and Increasing Demand for Online Gaming Systems
Challenges:
High Cost of Solutions
Restraints:
Availability of Open Source Platforms
Opportunities:
Demand for Real-Time Personalization can Create Huge Opportunities for the Market Vendors During the Forecast Period and Development in the AR VR Gaming Consoles
Market Leaders and their expansionary development strategies
In April 2023, Warner Bros. Discovery and Viacom18 have announced a new multi-year agreement, making JioCinema India's new streaming home of HBO, Max Original and Warner Bros. content starting next month. The partnership, which includes exclusive content rights across digital and linear, represents a significant step forward for both entities as they seek to deliver unrivalled world-class content to audiences.
In November 2023, Amazon Prime Video has announced FanCode, its first dedicated sports streaming channel. This channel will allow Indian users to watch domestic and global sports live. The company claims that it has partnered with marquee sports leagues and organisations and will bring over 15 different sports including cricket, football, rugby, kabaddi, basketball, horse racing to sports
Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Corporate Sector Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Online Multiplayer Video Games
Analyst View
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will affect the video game consoles market in 2020. The demand for video game consoles across the world has been witnessing a significant rise in number of gamers across the world due to lockdown of different regions in order to avoid the spread of COVID-19. The users staying at home are majorly taking interests in order to try new things for entertainment & thereby driving the demand for video game consoles globally.
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.