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 gaming console 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.
Multi-utility features offered by the advanced game consoles such as serving as gaming as well as an entertainment console may propel gaming console market demand. However, high-cost associated with such consoles in terms of purchase and disk-cost may hinder market growth. The emergence of smartphones and tablets as substitutes for game consoles is anticipated to significantly hurdle industry growth. Additionally, shifting consumer trends toward alternative platforms including online games and mobile games may also pose a 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 a huge decline in gaming console demand. Furthermore, maintaining a balance between quality and price along with incorporating the 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 a 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 gaming console 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.
The industry is consolidated with top three players accounting for majority market share. Key market participants include Nvidia Corp., Valve Corp., PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, OUYA Inc., Microsoft Corp., and Sony Computers Entertainment Inc. Market players emphasize on innovation and offering maximum product differentiation in order to improve their market share. Industry participants are increasingly offering products with multi-utility features for increased customer experience. For example, Nintendo launched Wii U, which enables users to control the device as a handheld machine and utilize the same to draw sketches, browse internet, and post images on social media websites. The growing trend of manufacturers manufacturing multi-utility consoles is estimated to drive gaming console market growth.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
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