01 April 2021
Visiongain has published a new report on 3D Gaming Console Market Report to 2031: Forecasts By Console Type (Home Consoles, Handheld Consoles, Micro Consoles, Dedicated Consoles), By Platform (Sony PlayStation, Microsoft Xbox, Nintendo Wii, Others). PLUS, Profiles of 3D Gaming Console Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
The global 3D gaming console market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
The booming gaming industry and the advent of 3D gaming are the factors driving the growth of the 3D gaming console market. The market seeks growth opportunities from Rising popularity of video gaming competitions and the proliferation of TVs with advanced display technologies. However, the high cost of gaming hardware, competition from smartphones and PCs, and rapid changes in technology and consumer demand are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on 3D Gaming Console Market
The COVID-19 outbreak has affected the businesses and livelihood of the people at an unprecedented rate. The outbreak is expected to have a significant impact on the market. The nationwide lockdown initiatives taken by the governments had put almost all the businesses on hold. The lockdown increased the demand for online gaming due to the availability of leisure time, thereby increasing the demand for gaming consoles drastically. The sales of Japan-based Nintendo Switch console has doubled in March 2020. Moreover, Sony PS5 also witnessed a spike; the company ordered 50% more PS5 units in the year 2020 that it had initially planned. Thus, COVID-19 has a significant impact on the 3D gaming console market.
Booming Gaming Industry
The video gaming industry is growing at a significant pace with new products and technology. Hand-held gaming consoles were the first gaming platforms which became a craze across the globe. The gaming industry is booming since then with improved content being and advanced features offered. Integration of 3D animation, intelligent sensors, adoption of cloud platform and AR technology has helped to increase the engagement levels. Thus, advancements in the console technology, AR/VR integrated gaming solutions, and cloud gaming is expected to drive the growth of 3D gaming consoles market.
The advent of 3D Gaming
The gaming industry has witnessed a significant transformation over the years. The 3D gaming which originally began in 1947 has also undergone various technological advancements all these years. Animation technologies such as rendering, motion graphics, modelling, and VFX are used to provide an enhanced gaming experience. The console games such as WipEout HD, Killzone, and Motorstorm Apocalypse have witnessed a huge demand owing to the graphical features and the overall gaming experience offered. Thus, the advent of 3D gaming is driving the need for the 3D gaming market.
Rising Popularity of Video Gaming Competitions
The e-sport industry is witnessing increasing popularity with increasing proliferation of the Internet and developing network infrastructure across the globe. The industry is generating millions of dollars of income for the gamers and sponsors via online streaming, prize pools in tournaments, and sponsorship from big giants. These video gaming professionals require 3D gaming consoles with advanced features to compete in the global arena. Thus, the rising popularity of video gaming competitions is expected to create growth prospects for the 3D gaming console market.
The proliferation of TVs with Advanced Display Technologies
Display technology plays a vital role in conveying or displaying information. Since the commercialization of the very first Cathode Ray Tube (CRT), the display technology has undergone significant innovations. The proliferation of smart TVs demands advanced display technologies with enhanced picture quality, size, and minimum power consumption. The intelligent TVs with 4K/8K HDR display technology offer high-quality, high dynamic range content for the gaming services. The enhanced gaming experience provided by the advanced display technology to the users increases the demand for 3D gaming consoles. Thus, the proliferation of TVs with advanced display technologies is expected to create growth opportunities for the 3D gaming console market.
The 3D gaming console market is highly competitive. The key market players are highly focused on developing 3D console and gaming platforms with advanced features. The key market players are emphasizing on collaborations and joint ventures to build innovative features to the gaming platforms and consoles and obtain a competitive position in the market. Some of the companies profiled in the report include Sony Corporation, Microsoft Corporation, Nintendo Co. Ltd, Guillemot Corporation SA, Logitech, A4Tech Co. Ltd, Avatar Reality Inc., Oculus, and Electronic Arts.
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