China's gaming market is poised for a robust recovery this year, as projected by Niko Partners in their revised China Games Market 2023 Half-Year Update Report. The industry is not only expected to overcome last year's downturn but also to register significant growth.
According to the latest forecasts, China's gaming revenue is on track to reach 47.7 billion USD in 2023, marking a substantial 5.2% increase year-over-year. This growth comes after a slight 2.5% dip in 2022, signaling a strong rebound for the sector. Niko Partners attributes this positive trend to several key factors: a steadier stream of gaming approvals by Chinese regulators, the successful launch of new games, increased spending on existing games, and the accessibility of PC and console games awaiting approvals.
China's Gaming Market Set for Impressive Growth, Predicts Niko Partners
Looking ahead, the growth trajectory for China's gaming market appears promising, with revenues projected to surpass 56.7 billion USD by 2027. This upward trend reflects the dynamic nature of the market and its significant role in the global gaming landscape.
The number of gamers in China is also expected to rise, albeit at a more gradual pace. In 2023, the gaming population is forecasted to grow by 1.63%, reaching just over 710 million. This number is anticipated to further increase to 735 million by 2027, with a compound annual growth rate of 1%.
Niko's CEO and president, Lisa Hanson, expressed optimism about the market's recovery. She noted, "China's recovering video game market is good news amid the underwhelming post-COVID economy." Hanson added, "The rebound brings more optimism to the 2024 outlook. As we see more game launches and approvals, the esports boom, as well as Chinese game companies' continued expansion, China will continue to play a vital role in the global games industry."
This resurgence in China's gaming market signals a positive outlook for the industry, indicating its resilience and adaptability in the face of global economic challenges.
Source: Games Industry.biz