VR gaming refers to the application of computer technology to create a simulated environment for computer games. Virtual reality games are played on specialized game consoles that can power VR gaming accessories such as VR headsets, hand controllers, and more. Demand for VR gaming consoles is increasing as consumers are looking for more sources of entertainment due to increase in their spending capacity and are engaging more in playing virtual reality games.
Virtual reality games have gained immense popularity among the masses, encouraging developers to make products that are more exciting and engaging for consumers. This offers significant opportunities to companies in the global VR gaming console market.
Advanced wireless technologies in VR gaming consoles including Wi-Fi, and Bluetooth give users an enhanced gaming experience and eliminates the use of wired accessories. This factor is expected to increase the demand for VR gaming consoles and help in its market growth.
Factors Restraining the VR Gaming Console Market
Playing VR games for longer period of time can cause health issues such as visual fatigue, and pain in the neck. Also, consumers hesitate to buy VR gaming consoles due to their high cost, which hampers the growth of the VR gaming console market.
Although the application of virtual reality has expanded in recent years, there are many people who do not use VR products mostly because of their complexity. The difficulty or complexity involved in the operation of VR gaming consoles reduces its demand among consumers.
North America to Hold Leading Share of the Global VR Gaming Console Market
In terms of region, the global VR gaming console market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
Country and sub-region level analysis of North America features the U.S., Canada, and Rest of North America. Analysis and forecast of the VR gaming console market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC, South Africa, and Rest of Middle East & Africa. The VR gaming console market in South America is segmented into Brazil and Rest of South America.
North America dominated the global VR gaming console market in 2020, owing to the high purchasing power of consumers and considerable number of gamers in the region. Growth in population has been driving the VR gaming console market in North America, particularly in the US and Canada.
The VR gaming console market in North America is projected to expand at a rapid pace, followed by Asia Pacific, and Europe during the forecast period.
Key Players Operating in the VR Gaming Console Market
The global VR gaming console market is highly competitive, owing to the presence of several global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to consolidate their position in the market. A few key players operating in the global VR gaming console market are:
