Global Gaming Console Market 2016-2020
Market outlook of the global gaming consoles market
Technavio’s research analyst predicts the global gaming console market to decline at a CAGR of around 13% during the forecast period. The gaming console market is facing a numerous challenges, noteworthy among them being a shift from console gaming towards PC gaming, online gaming, mobile gaming and other alternative gaming platforms. This mainly due to the easy availability of video games along with high penetration of PCs globally. The popularity of smartphones and tablets has revolutionized the global gaming market with an increasing number of consumers preferring such devices over gaming consoles.
Another major deterrent to market growth is the high cost of gaming console hardware and peripherals when compared to other gaming platforms. The gaming console market is heavily influenced by the launch of next generation gaming consoles. With the next generation of gaming consoles likely to be launched around 2019-2020, the market is expected to witness growth henceforth.
Segmentation of global gaming console market by type
- TV gaming consoles
- Handheld gaming consoles
TV gaming consoles are currently the dominant segment accounting for approximately 82% of the global gaming console market (as of 2015) while handheld gaming consoles account for the remaining share of the market. TV gaming consoles offer gamers a superior gaming experience owing to the technological advancements in RAM and GPU, which have been incorporated in the consoles offered by prominent vendors. Besides, the compatibility of TV gaming consoles with Blu-ray video, HDMI and digital output enhances their overall experience.
Geographical segmentation and analysis of global gaming console market
EMEA was the leading region in the gaming console market during 2015. One of the major reasons for EMEA being the leading region is due to the high presence of hard-core TV console gamers. Besides, the high average age of the gamers in the region (which translates into higher purchasing power) and the technologically advanced audience are the main reasons for the high penetration of the market in this region. The report anticipates this region to witness a decline in market shares at a CAGR of around 14% during the forecast period.
Competitive landscape and key vendors
The global gaming console market has the presence of a few global vendors. Technological innovations play a significant role in driving the market growth. Vendors in this market compete on the basis of product differentiation, portfolio, and pricing. The competition in this market is predicted to intensify during the over the next four years due to an increase in product extensions.
The leading vendors in the market are -
- Mad Catz
Other prominent vendors in the market include NVIDIA, OUYA, and Tommo.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global gaming consoles market?
- What are the key market trends impacting the growth of the global gaming consoles market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global gaming consoles market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA?
- What are the key outcomes of the five forces analysis of the global gaming consoles market?
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