Game Consoles Market To Be Dominated By Key Players - Nintendo Co. Ltd, Sony, Nvidia Corp, Valve Corp, PlayJam, Mad Catz, Blue Stacks, OUYA,

Global game consoles market is expected to observe a high growth over the forecast period owing to the introduction of advanced audio-visual devices. Gaming consoles have been very popular among the youth as a source of entertainment. Over the years, they have seen rapid development in terms of graphics and sound quality. Technological development and revolution in most of the audio-visual devices have considerably increased the demand for these consoles. Easy availability of modern sound systems coupled with high graphic displays provides a rich and lively experience to the users. Further, HDMI ports, HDTV, and wireless connectivity is also expected to offer better-quality experience to the users.

A gaming console is a device that sends a video signal or visual image to display a video game. A console machine is primarily designed for users for the purpose of playing video games. Some of the gaming consoles present in the market are PlayStation 4, Wii U, Steam Machine, Leap TV, Xbox One, and Retro 5. Increasing availability and attractiveness of multi-function gaming console is the most current trend evolving in the Game Consoles Market. Some of the added features offered by these multi-functional consoles include video downloading and internet browsing. They also have a provision to work as a music player and a video player.

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Multi-functional features delivered by these new devices are expected to drive the market over the forecast period. This kind of devices can replace other entertainment gadgets on account of their multiple uses. Moreover, 3D technology provides bright prospects for industry growth. 3D gaming gives a completely new experience with an enhanced video display.

Gaming gadgets are very popular among the youth. Carrying these devices has been associated with increasing the status symbol. Trends have shown these products are majorly purchased as a gift. Also, some educational institutes have been using these devices for imparting knowledge with the help of educational games. The increase in disposable income and better standard of living in urban areas has significantly contributed to the overall Game Consoles Market growth.

Gaming is a popular activity undertaken by many people during their leisure time. Medical studies have proved that gaming improves reflexes, coordination and helps in releasing stress. Much psychotherapy makes use of video games to treat the patients suffering from mental illness. These factors are expected to drive the overall demand in near future. The emergence of substitutes is expected to pull down the market in near future. Use of smartphones and computers for gaming purpose has increased considerably offering a threat to the overall industry. Moreover, fluctuating consumer behavior towards alternative medium which includes online games offers a stiff challenge to market growth.

High costs associated with these devices are another major challenge faced by the industry. Mobile and online games are available at comparatively lower cost. This factor is expected to hamper the gaming console demand in near future. The market has faced challenges on account of counterfeit products selling in the grey market which is affecting the reputation of big players. Wireless technology provides great opportunities to the overall market growth. Multi-player gaming has allowed human competition and therefore propelling the interest. Segmentation of these products includes home video consoles, handheld game consoles, micro consoles, and dedicated consoles.

Asia Pacific Game Consoles Market is expected to contribute considerably and hold mainstream market share in terms of revenue and production in the global market. Regional demand is followed by North America on account of popular games related to wrestling, baseball, basketball and ice hockey. Latin America Game Consoles Market is also expected to observe a high growth over the forecast period mainly on account of westernisation. Europe Game Consoles Market is anticipated to exhibit a steady growth in future mainly on account of multi-use devices.

Key players in the Game Consoles Market include Nintendo Co. Ltd, Sony, Nvidia Corp, Valve Corp, PlayJam, Mad Catz, Blue Stacks, OUYA, Microsoft, and Sony. Manufacturers concentrate on innovation and tend to offer extreme product differentiation in order to improve their market share. Products having multi-utility features have been more in demand which helps the user in cutting down usage of multiple gadgets. Nintendo introduced Wii U, which provides the customer access to devices as a handheld machine. The same instrument can be used to browse the internet, draw sketches, and post images on social media websites.

Creating awareness is the key for triggering sales purchase and therefore, the advertisement is a major component of their expenditures. The advertisement is done through sponsorship, competitions, freebie offering. Manufacturers host a variety of competitions to create awareness among the enthusiasts. Manufacturers depend on the supply of gaming software providers such as Electronic Arts, Rockstar, and Ubisoft to keep the enthusiasm going. It becomes necessary to have strong relations with these major developer’s order to produce the devices compatible with the software.

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