3D Gaming Console Market size is projected to grow at over 12% CAGR from 2016 to 2023, and is estimated to exceed 60 million units by 2023. Increasing consumer demand regarding sophisticated gaming experience is expected to drive the industry.
Escalating average spending by gamers accompanied by aggressive marketing strategies adopted by industry participants around the world is predicted to drive 3D gaming console market demand over the next seven years.
Rising number of affluent as well as aspiring middle class population may fuel industry growth over the forecast timeframe. These products provide three-dimensional (3D) images from both, conventional 2D games as well as from the dedicated S3D games into multidimensional format. In addition, they also facilitate accurate spatial localization, which is likely to enhance and improvise the gaming experience and offer substantial realism.
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Continuous innovation accompanied by rising customer demand is anticipated to further propel 3D gaming console market growth. These devices possess the capability to support stereoscopic gameplay on peripheral or integrated displays. In addition, they can also create optimal perception of surface materials by generating illusion of depth. Increasing popularity of real time gameplay experience as well as realistic visual effects among young working professionals is expected to propel industry demand.
High 3D gaming console market price trend associated with displays as well as components is expected to challenge the industry demand from 2016 to 2023. However, advent of economical multidimensional display technologies is likely to increase adoption in the home entertainment sector through TV and PC monitors.
Integration of advanced technologies along with introduction of innovative features such as motion sensors, multi-screen displays, and intelligent communication are likely to offer gamers with more interactive and enhanced experience. Increase in R&D spending paired with introduction of new generation TV systems is expected to positively impact industry growth from 2016 to 2023.
Introduction of advanced 3D smartphones is projected to pose a substantial threat to the 3D gaming console market share. Growing eyesight problems and other health concerns may also restrain growth. Surging consumer enthusiasm regarding virtual reality games is predicted to offer potential growth opportunities, over the forecast period.
Asia Pacific 3D gaming console market share is estimated to exhibit substantial growth from 2016 to 2023. Emerging countries such as China, Korea and India are anticipated to be the most attractive regions. Europe is predicted to be the largest regional industry and is likely to continue its dominance over the next seven years. U.S. gaming console market is forecast to witness considerable growth prospects over the timeframe. Escalating adoption of these products across the region is expected to justify growth.
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Major players accumulating significant share include Nintendo, Oculus VR, Microsoft, Kaneva and Linden Lab. Other prominent industry participants include Avatar Reality, Electronic Art, Apple, Sony and Activision Publishing.
Oculus VR, a subsidiary of Facebook, is intensely focusing on developing virtual reality concept to offer a potential avenue for multidimensional gameplay. Growing mergers & acquisition and industry partnership alliances are projected to drive growth over the next seven years. For instance, Sony signed a collaborative agreement with Unity Technologies and YoYo Games in order to extend the PlayStation game developers access to additional game engine tools without paying any auxiliary prices. The company is also predicted to launch Morpheus VR headset by October, 2016.
In 2015, Microsoft announced its new Xbox game station along with HoloLens virtual reality headset so as to effectively penetrate the 3D game stations industry. Furthermore other vendors such as Nintendo & Snail launched their next-generation brands of video game consoles, in order to maintain industry position.
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