April 25, 2023 (Investorideas.com Newswire) China's end to government restrictions on video games brought life back into the country's battered industry, which lost 66 million users and over $6.5bn in revenue last year. Although economic headwinds and remaining restrictions on some content might limit the extent of the recovery, the world's gaming capital will still see much bigger revenue growth than other top gaming markets.
According to data presented by CasinosEnLigne.com, as the fastest-growing video games industry in the world, China will see its gaming revenues rise by an average growth rate of 10% in the next four years.
China's Gaming Sector to Gross Over $150B by 2027, 17% more than the US Market
Beijing's restrictions, aimed at fighting against gaming addiction among youth and removing content the government didn't approve, caused a major hit to the once-booming industry. The gaming companies had to delete all violent content and games celebrating wealth or promoting celebrities. At the same time, the government imposed new tighter rules restricting playing times for minors. This sent Chinese gaming revenues tumbling almost 7% last year, the first decline since figures became available in 2003.
Still, as the crackdown eases, China's gaming sector is returning to where it stood before 2022. According to Statista Advertising & Media Market Insights, the video games industry in China is forecast to grow by an average growth rate of 10% between 2022 and 2027, with revenues rising from $93.5bn to $150.3bn. The country's mobile games market will see the biggest growth, with revenues surging from $68.6bn to $108.4bn, or 58% in this period.
As the second-largest globally, the US gaming industry is forecast to see an average growth rate of 8.5% in a five-year period. Last year, the US gaming sector grossed $85.2bn. This figure is expected to touch almost $128bn by 2027.
Statista expects Europe's gaming industry to gross $68.2bn in revenue by 2027, growing by a five-year CAGR of 9.2%. Most of that revenue, or around $13.3bn, will come from the United Kingdom, Europe's gaming capital.
China to Hit 840 Million Gamers by 2027, 55% More than United States and Europe Combined
Besides seeing the most significant revenue growth in the following years, China will remain the country with the biggest gaming population.
After a huge drop in 2022 caused by government restrictions, the number of gamers in the country is expected to recover to 760 million in 2023. By 2027, China will have around 80 million new gamers, with their total number reaching 840 million, 55% more than in the United States and Europe combined.
Statista expects the US market to count around 190 million gamers in 2027, up from 180 million this year. The number of gamers in Europe is forecast to jump from 310 million to 350 million in this period.
The full story and statistics can be found here: https://casinosenligne.com/en/news/china-has-the-fastest-growing-gaming-industry-in-the-world-revenue-to-grow-by-a-cagr-of-10-between-2022-and-2027-and-hit-150b/
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