Key regions: United Kingdom, Germany, India, United States, South Korea
The Games market in Lithuania has been experiencing significant growth in recent years, driven by the increasing popularity of gaming among the population.
Customer preferences: Lithuanian gamers have shown a strong preference for online multiplayer games, particularly in the genres of first-person shooters and role-playing games. This can be attributed to the rise of esports and the competitive gaming scene, which has gained a strong following in the country. Additionally, mobile gaming has also seen a surge in popularity, with a large portion of the population engaging in casual gaming on their smartphones.
Trends in the market: One of the key trends in the Lithuanian Games market is the shift towards digital distribution. More and more gamers are opting to purchase and download games digitally, rather than buying physical copies. This trend is driven by the convenience and accessibility of digital distribution platforms, as well as the increasing availability of high-speed internet in the country. As a result, traditional brick-and-mortar game stores are facing challenges in adapting to this changing landscape. Another notable trend is the growing interest in virtual reality (VR) gaming. VR technology has become more affordable and accessible in recent years, leading to an increase in demand for VR gaming experiences. This trend is expected to continue as VR technology continues to improve and more games are developed specifically for VR platforms.
Local special circumstances: Lithuania has a vibrant and active gaming community, with numerous gaming events and tournaments taking place throughout the year. This has contributed to the growth of the industry and has helped to foster a sense of community among gamers. Additionally, the government has recognized the potential of the Games market and has been supportive of the industry, providing funding and incentives for game developers and promoting the growth of the sector.
Underlying macroeconomic factors: The strong growth in the Lithuanian Games market can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more people to afford gaming consoles, PCs, and smartphones, as well as the games themselves. Furthermore, the high level of internet penetration in Lithuania has played a significant role in the growth of the Games market. With a well-developed telecommunications infrastructure and widespread access to high-speed internet, Lithuanians are able to easily connect and engage in online gaming experiences. In conclusion, the Games market in Lithuania is experiencing strong growth, driven by customer preferences for online multiplayer and mobile gaming, as well as the trends towards digital distribution and virtual reality gaming. The local gaming community and government support have also contributed to the industry's growth. With a favorable macroeconomic environment and a tech-savvy population, the Games market in Lithuania is expected to continue its upward trajectory in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the Games market, which is divided into Physically Sold Video Games and Digital Video Games. Physically Sold Video Games comprises revenues associated with in-person purchases of video games in retail stores. All monetary figures refer to consumer spending on digital goods or subscriptions in the respective market. This spending factors in discounts, margins, and taxes.Modeling approach / market size:
The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.
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