The global gaming console market is expected to witness high growth over the forecast period. The growth may be attributed to introduction of new and advanced audio visual devices. Technological advancements and innovation in several audiovisual devices have significantly increased demand for these consoles. Increasing availability of high-end sound systems and displays provide a rich and improved experience to customers. In addition, HDTVs with HDMI ports and inherent wireless connectivity, which has the ability to support external hard disks is also expected to offer enriched experience to customers.
A video game console is a device that outputs a video signal or visual image to display a video game. It is basically a console machine primarily designed for consumers for playing video games in contrast to home computers or arcade machines. Wii U, PlayStation 4, Xbox One, Steam Machine, RetroN 5 and Leap TV are some examples of game consoles present today. Growing availability and popularity of multi-functional gaming console is the most recent trend emerging in the market. Several benefits offered by the multi-functional consoles such as enabling gamers to download videos, browse the internet, listen to music and watch videos simultaneously while playing games, is expected to favorably impact market growth over the coming years.
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Multi-utility features offered by the advanced game consoles such as serving as a gaming as well as an entertainment console, may propel market demand. However, high-cost associated with such consoles in terms of purchase and disk-cost, may hinder market growth. Emergence of smartphones and tablets as substitutes for game consoles is anticipated to significantly hurdle industry growth. Additionally, shifting consumer trend towards alternative platforms including online games and mobile games may also pose challenge to market growth over the next few years. Moreover, the online and mobile games are available at considerably low-cost as compared to expensive console disks, resulting in huge decline in gaming console demand. Furthermore, maintaining a balance between quality and price along with incorporating latest features in the game console is expected to be the major challenge for manufacturers competing in this market. High penetration and shifting consumer investment from hardware to software may also hurdle industry growth over the next few years. Furthermore, reduction of blockbuster owing to their high cost of production is also anticipated to pose severe challenge to the industry.
Evolving consumer practice resulting in transition of Free2Play (F2P) is expected to significantly hamper demand for these devices over the coming years. Innovation such as controller free gaming console is expected to offer new avenues for manufacturers competing in this market. Asia Pacific is estimated to contribute significantly and hold majority market share in terms of revenue and shipments in the global market followed by North America. This may be attributed to increasing number of gamers in the region. Latin America is expected to exhibit high growth over the forecast period. Europe is also anticipated to exhibit moderate growth and account for significant market share.
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