Video gaming is one of the fastest-growing sectors in the industry. Video gaming comprises different modes of gaming, including console gaming, PC gaming, and mobile gaming. The market value of video gaming reached $176 billion in 2021. The video gaming market grew by 13% in 2021, as the entry of many new companies led to an increase in demand for games.
The video gaming industry was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. It includes the creation, promotion, and monetization of video games.
The video gaming industry has been adopting new strategies to address the growing demand of customers and make their experience more user-friendly. One such strategy by the video gaming industry is the migration from console gaming to mobile gaming thereby making games accessible across a wide spectrum of digital platforms. Many companies in the gaming industry are bringing digitization and user-friendly engagement to their gaming platforms to enhance the user’s gaming experience.
China is the market leader in the video gaming industry with a value of $43 billion in 2021, accounting for 25% of the global market size. Though China contributes just 1% in Console gaming, it is the market leader in both Mobile gaming and PC gaming with market shares of 32% and 30% respectively.
The video gaming market in China grew by 5% in 2021 as the demand for video gaming grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns. The highest growth was seen in the console gaming segment as China saw an increase of 7% in market value from the previous year.
China has been the biggest market for video gaming for many years and is still growing at a steady pace. With the country being the market leader in PC and mobile gaming, and the console gaming segment growing at a good pace, China has cemented its position at the top.
The major companies that have a strong presence in the video gaming market in China include Nintendo, Tencent, FunPlus Game, NetEase, and Yostar.
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