Market Trends of Gaming Console Industry
Integration Of Newer Technologies Like 3D and AR/VR Gaming is Expected to Drive Market Growth
- AR integration in gaming gained significant traction in recent years. Vendors such as Sony, with its PlayStation 2's Eye Toy, have employed the camera to embed the digital world over the real-life canvas that users could interact with. As indicated in the graph, the sales of sony gaming consoles have also increased. Also, Nintendo's Wii allowed users to play tennis in their living room with an immersive experience of the virtual world using the console' touch-sensitive controllers. These instances captured the attention of millions of gamers back then.
- The increasing application of immersive technologies, such as virtual, augmented, and mixed reality, is a cornerstone of the gaming industry. Users can enhance their experience by 20 times more enjoyable and convenient than traditional alternatives. This instance is expected to drive the game console application, as VR/AR headsets will be a growth driver, as they will ultimately combine with game consoles.
- To capture the growing trend in AR/VR, companies like Oculus and HTC have positioned their product offerings according to the AR/VR market demand. Oculus offers two Vr consoles, while HTC also offers two VR-based consoles. The need for AR/VR consoles needs to be improved by the quality and quantity of the titles available on their platforms.
- With the increasing number of VR gaming titles backed by strong franchises and also the anticipation of the launch of AAA VR titles, including Iron Man VR, Half-Life: Alyx, and No Man's Sky VR, among others that readily support VR offering such as HTC Vive, Oculus Rift is expected to drive the application of gaming console from now on. For instance, in October 2022, Sony Pictures Virtual Reality revealed a new VR game named Ghostbusters: Rise Of The Ghost Lord, which will be arriving on Meta Quest 2 and PlayStation VR2 In 2023.
Understand The Key Trends Shaping This Market
Download Sample
United States Driving the Demand in North America Region
- The United States had the largest gaming population. The Entertainment Software Association in 2022 estimated that 66% of Americans and over 215.5 million active video game players across all ages in the US. The US ranks second to Europe regarding the average number of people gaming weekly. In the US, this figure is at 13 hours per week, according to the data shared by the Entertainment Software Association.
- The report further mentioned that 52 % of the people in the US use dedicated gaming consoles to play games. But the gaming consoles ranked second in their account regarding the number of gamers using dedicated consoles. Mobile phones and smartphones ranked higher than consoles.
- Further, 57% of the player used smartphones, 46% consoles, and 42% personal computers in 2021 for playing video games. Also, 29% spent 1 to 3 hours per week, 77% spent more than 3 hours a week, and 51% spent more than 7 hours playing video games in the country in 2021.
- The report entertainment software association mentioned that 50% of the gamers in the United States made their purchase decision based on graphics quality. The gaming consoles benefitted from their ability to support 4K content. Given that gaming consoles provide an advanced graphical output unmatched by other alternative platforms, the user requirements are likely to support the gaming console market.
- The increasing prevalence of cloud infrastructure across the region provides abundant computing, storage, and communication resources in a reliable, cost-effective, and low-maintenance process. With the cloud gaming emergence, several platforms are allowing users to stream their favorite video games with minimal onboard hardware resources. Various gaming applications will employ these cloud computing resources, as gaming services stand to be one of the fastest-growing sectors for the cloud computing segment. This factor, therefore, challenges the console market growth in the region.
Get Analysis on Important Geographic Markets
Download Sample
