The Asia Pacific Video Game Market would witness market growth of 12.1% CAGR during the forecast period (2022-2028).
Since the video games are expensive to produce, they need to generate more cash from their intellectual property. T-shirts, miniatures, caps, cups, and other items are already on the market. In addition to an impending television series and a long-rumored movie, the Halo series on Microsoft's Xbox has branched out into novels and comic books.
As people grow nostalgic and see reboots and remakes of beloved movies and shows from previous decades, the same is happening with video games. As well as being extremely popular among older gamers who have firsthand experience with the games, vintage video games from the early days of the industry are in high demand and have become extremely popular with younger gamers.
Many companies have capitalized on this nostalgia by releasing new versions of their systems. Nintendo (NTDOF) has capitalized on this passion for retro video games more than any other firm by developing the Nintendo Old Micro and Nintendo Switch, two devices that allow users to play classic Nintendo games. For companies that were involved at the start of the industry, this has become a reliable revenue source.
The big prize pool created by esports event organizers provides profitable chances for both gamers and organizers. Furthermore, the rising popularity of smartphones and increasing internet penetration in developing countries such as India and China would assist the regional esports market's growth during the projection period.
Furthermore, many businesses are interested in the esports industry and are investing extensively in it, boosting the regional esports market's growth. Furthermore, there is a strong need for sophisticated gaming innovations in this region, which would encourage market participants to create improved gaming technologies to meet client demand. This would help the regional esports market expand in the future years.
A lot of multinational gaming titles have launched in Asia from Hong Kong. Due to the local community of huge gamers who are mobile-savvy and big spenders, Hong Kong is a regional business hub where video gaming and esports companies can sell their products, organize tournaments, build partnerships, raise funds, and manage finances for overseas expansion.
Hong Kong has a big and growing video game industry, with sales expected to reach $1.1 billion by 2024. The popularity of console, PC, and increasingly mobile games is growing (Pwc Global Entertainment & Media Outlook 2020–2024). Hong Kong is an open port that allows unlimited access to foreign-made devices and games. Unlike mainland China, Hong Kong does not require licensing or government approval for game publishing, sales, or distribution.
The China market dominated the Asia Pacific Video Game Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $57,342.3 million by 2028. The Japan market is anticipated to grow at a CAGR of 11.4% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 12.8% during (2022 - 2028).
Based on Type, the market is segmented into Offline and Online. Based on Device, the market is segmented into Mobile, Console, and Computer. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Video Game Market is Projected to reach USD 413 Billion by 2028, at a CAGR of 11.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Electronic Arts, Inc., Nintendo Co., Ltd., Rovio Entertainment Corporation, Microsoft Corporation, Lucid Games Ltd., Tencent Holdings Ltd., Activision Blizzard, Inc., Sony Corporation, Apple, Inc., and The Walt Disney Company.
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