According to a new market research report published by Credence Research “Global Home Console Market (Product (PC Gaming Console, TV Gaming Console, Handheld Console, Others); Age Group (50 Years Old)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the home console market is set to grow with a CAGR of 4.2% during the forecast period.
The global home console market is driven by the growing adoption of the advanced hardware console design and features. Over the past decade, the gaming console has changed significantly. The console has evolved from the wired remote controls for the video games to the multi-purpose wireless console that comes with multiple features and compatible with multiple devices. The manufacturers are also constantly working on enhancing the design and features of the console so that they are compatible with the latest specifications and cop up with the gamers requirement. This is acting as a primary factor augmenting the demand for the home console market.
However, there are certain factors that are hindering the growth of the home console market. The growing demand of the cloud gaming solutions along with the game streaming services is acting as a major inhibitor in the home console market. The cloud gaming and game streaming services eliminates the initial capital cost and offers pay as you use model. Its cost effective nature is primary factor hindering the growth of the home console market.
The home console market is bifurcated based on the age group into 50 Years Old. The age group 19-23 accounted for more than 30% share in the home console market. It is estimated that more than 35% of the gaming population relies in the age group 19-23. The increasing disposable income of the population across the developing countries is also augmenting the demand for the home console market.
The North America accounts for more than 25% share in the home console market. The growth of the market is credited to the large number of gaming population in the region. The high disposable income of the population in the region is also one of the primary factors driving the demand for the home console market. Europe also contributes significantly towards the growth of the market.
Key vendors in the home console market are Amstrad/Sky, Apple/Bandai, Atari, Coleco, INTV Corporation, Logitech, Mad Catz, Magnavox, Microsoft Corporation, NEC Home Electronics, Nintendo Co Ltd, OUYA, Sega and Sony Computers Entertainment Inc.
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