Published on : Oct 10, 2016
ALBANY, NY, Oct 10, 2016: The report serves as an essential source of analysis and information regarding the market dynamics, competitive landscape, and market figures pertaining to the U.S. gaming consoles market. The report draws data from several paid databases, presentations, and press releases.
The increasing interest amongst older millennial to explore brands is driving the growth of the U.S. gaming console market. Moreover, the backward compatibility offered by gaming consoles is likely to work in the favor of the market’s growth. However, the growing popularity of smartphones and tablets has brought about a major change in the U.S. gaming market, with a rising number of consumers preferring mobile games to gaming consoles. In addition, the rapidly growing demand for other alternatives such as computer games (PC gaming), game-streaming, steam machines, and set-top boxes are adversely affecting the sales of gaming consoles.
Moreover, the high cost of gaming console hardware is impeding the growth of the U.S. market. According to the authors of the report, these factors can be collectively seen as a major threat jeopardizing the very existence of the market, or as opportunity for manufacturers to innovate and emerge in order address the risk of heavy losses in a broader context.
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Technological advancements and changing lifestyles are likely to open new avenues for the manufacturers in the U.S. gaming consoles market. The majority of players in the market are investing heavily to introduce innovative audio-visual features in games. Moreover, with the introduction of smart TVs and 4K video, and the increasing emphasis on monetizing software and online services needs of console gaming enthusiasts are expected to help the market in picking up significant momentum in the near future.
On the basis of product type, the U.S. gaming consoles market can be segmented into TV gaming consoles and handheld gaming consoles. TV gaming consoles offer gamers a superior gaming experience owing to their compatibility with high-definition multimedia interface (HDMI) and Blu-ray videos and technological advancements in graphics processing unit (GPU) and random access memory (RAM). This segment is expected to gain popularity in the forthcoming years.
Some of the most popular gaming consoles in the market are Sony Playstation (PS) 3, Sony PS4, Sony PSP, Sony PS Vita, Xbox 360, Xbox One, Nintendo Wii U, Nintendo Wii, Nintendo DS, and Nintendo 3DS. The leading players in the U.S. gaming console market, including Sony, Nintendo, Microsoft, and Mad Catz, are competing fiercely on the basis of price, portfolio, and technological innovations. The competition is projected to intensify in the next few years owing to the introduction of new and advanced product extensions.
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