Video games returned to double-digit current value growth in 2020, which it had not seen since the start of the review period. COVID-19 led consumers in Hong Kong to spend more time at home to avoid infection.
Video games hardware also saw a dynamic increase due to more time spent at home due to COVID-19 in 2020. The small hand-held consoles category saw a revival of its current value growth in 2019, and this continued in 2020.
Riding on its release towards the end of 2019, Oculus Quest instantly became the top choice in AR/VR headsets, and it maintained this position in 2020. The unique selling point of this product is that it allows users to use the product in a both stand-alone format, as well as leveraging the Oculus Link function, to power the headset for more demanding titles.
After an exceptional year in 2020, video games is expected to see a marginal sales decline in 2021, although most of the gains seen will be retained, which is still a good achievement. However, this slight fall in sales will be driven only by video games software, with hardware set to maintain a double-digit increase, due to rising sales of the recently launched PlayStation 5 in static consoles.
However, a return to solid growth is expected for video games software, and along with continued growth in video games hardware, will ensure a return to dynamism for overall video games in 2022 and for the rest of the forecast period. It is expected that demand will grow as more consumers game to pass the time, continuing a habit established during the pandemic and following the digitalisation of home entertainment, which is evident at global level.
AR/VR headsets is predicted to maintain growth throughout the forecast period. Prices in this category are expected to continue to fall, which will attract more consumers to such products, and will also lead to higher volume than current value growth in the forecast period.
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Understand the latest market trends and future growth opportunities for the Video Games industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Video Games research and analysis database.
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