United States Gaming Console & Accessories Market Analysis, Latest Trends, Demand and Forecast 2022-2031
United States Gaming Console & Accessories Market is expected to reach a CAGR of 3.5% during the forecast period Console owners always look keen to upgrade with the next generation. New consoles may offer a higher frame rate and advanced visuals to attract customers in the coming future. Also, the introduction of new consoles with wireless connectivity will provide a new trend for the gaming console market in the United States.
– Launch of new gaming content with high graphic requirements is driving the market. Console gaming is in the transition to on-demand graphic content, and this transition has already begun. Microsoft announced the launch of Xbox Series X (the successor of its range-topping Xbox One X gaming console). It will pack vastly more powerful hardware, adding a 4K gaming experience at up to a mind-boggling 120 frames per second, support for gameplay with variable refresh rate, compatibility with 8K displays.
– Further social channels are making gaming content easier to access than ever before. Among the weekly users surveyed, 78% of US console gaming buyers use Facebook for gaming-related activities, and 69% use Instagram for gaming-related activities. To help players understand the new consumer journey, Facebook IQ commissioned Accenture to survey 1,000 people in the United States who are aged 18 and above. Combining this data with emerging cultural shifts and an expert interview, this has been uncovered that three important trends affecting console gaming today are social players, community purpose, and gaming inclusivity. The shift towards a more diverse player base is fuelling a desire for brands to better cater to all demographics with the content.
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– Integration of newer technologies Like 3D and AR/VR gaming is driving the market. The gaming console is no longer limited to characters fighting battles, completing missions, and conquering foes in two-dimensional space. Now, there’s virtual reality where technology meshes video games with the real 3D world. Diminishing the lines between fantasy and reality, VR is helping create gaming worlds that are more realistic and immersive for today, technology-obsessed gamers. Oculus in the United States sees its future in cordless, self-contained headsets that operate like gaming consoles. This standalone Quest virtual reality headset has 80 percent media and 20 percent gaming, where the Oculus Quest is emphatically gaming-focused.
– Further, the low supply chain distribution due to coronavirus pandemic could challenge the market growth currently. Nearly 90% of video game consoles imported into the United States in 2019 were manufactured in China. Many United States gaming companies, especially those that rely on Chinese manufacturers to produce their products, continue to have supply chain disruptions. These include Nintendo Co. Ltd., which is currently struggling to meet the demand for its Switch consoles in the United States. Most of the Switch’s components come from some of the factories in Wuhan, China. Also, Facebook Inc. is facing severe shortages of its Oculus virtual reality headsets in the United States.
– Further, cloud gaming service challenges market growth. Though multiple services are currently available, Google’s debut entry into the gaming landscape with the release of Stadia marks the first solely dedicated cloud gaming device, without the need for a console. Buying a new console certainly warrants a financial commitment, but Stadia’s USD 119 price tag gives it an edge against the competition. Also, other players are focusing on providing cloud servicing, which restraints the market.
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