The demand for game consoles is likely to grow by leaps and bounds in the future alongside rising proclivity for recreation. Moreover, the growing demand can also be attributed to influx of advanced and new game consoles offering audio-visual experiences, which is a key aspect attracting investments. Developers are offering game consoles with additional features and modalities for gaming enthusiasts, who seek beyond conventional features and seek for new ones.
Persistent innovations and developments in multiple products is likely to bolster adoption of game consoles in the future. Rising availability of game consoles offering rich audio quality with multi-dimensional video features is gaining high traction among customers for enhanced experiences. Moreover, game consoles having wireless interface and supporting external hard disks is also gaining traction among customers.
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Game Consoles Market- Notable Highlights
Leading industry players featured in the game consoles market report include Sony Corporation, Nintendo, Hyperkin, Inc., NVIDIA Corporation, and Microsoft Corporation.
- Nintendo Co. is planning to release a brand new version of its switch videogame console in 2019. Nintendo is coordinating with its game developers as well as suppliers vis-à-vis plans of miniaturizing the console and cutting down on multiple features to reduce prices. This is a part of the company’s strategy to become cost-competitive and tap into new customer segments.
- In 2018, Microsoft launched a two year Xbox subscription plan that allows the gamers to pay for a console as well as two online streaming services with just one monthly fee, rather than purchasing hardware upfront. This was part of the company’s strategy to boost customer retention and repeat sales.
Demand for Game Consoles with Multi-Utility Features Gains Momentum
Surging popularity of multifunctional game consoles remains one of the pervasive trends in the game consoles market. Multifarious benefits associated with multifunctional game consoles, including video download feature, internet access, playing music while playing games, is likely to create favorable circumstances for adoption of multifunctional game consoles in the forthcoming years.
Multifunctional game consoles are witnessing excessive demand on account of rising preference for gaming enriched with entertainment, which has become increasingly popular among gamers.
Easy Access and Availability of Online Games to Inhibit Demand
High prices associated with game consoles in terms of purchasing cost and cost of disks might arrest long-term adoption of the same. With increasing permeation of smart phones & tables and overarching trend of online gaming, sales of game consoles might witness considerable hurdles. In addition, customer preferences in terms of convenience and affordability favors online gaming, which is a key factor likely to deter growth of game consoles market.
Another key challenge for game console developers is to maintain the right balance in terms of both price and quality, which can result in considerable losses for the manufactures vis-à-vis profitability. Drastic customer shift from hardware to software might pose major challenges for the developers of game consoles in the upcoming years.
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Graphics- A Key Factor Influencing Customer Purchase Decisions
The quality of graphics in case of game consoles continues to be a key aspect responsible for influencing purchase decisions of customers in the game console market. Graphics has remained a chief focus of customers in order to have one-of-a-kind experience while playing using game consoles. Avid gamers will continue to show marked preferences for game consoles offering the best graphics, encouraging manufacturers to invest in rich graphics.
Graphics are long famed for the deep-rooted influences they have on customers’ mindset and potential customers seek the best possible graphics quality from the game consoles they purchase, above all other factors of consideration. This, in turn, is encouraging market players to invest in high-end graphics for retaining long-term customer retention and repeat sales.
Game Consoles Market Segmentation
- Home Console
- Handheld Game Console
By Age Group
- 0-22 Years
- 23-32 Years
- Above 33 Years
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