After years of rumours, Nintendo has revealed the Nintendo Switch 2 in a first-look trailer. The popular handheld gaming console will be out later this year.

First making its debut on March 3, 2017, Nintendo Switch has been a pioneering effort in the hybrid console space, that is, it can be played on the move, with its snap-on controllers, and at home, hooked to a TV. The formula remains the same but this time the machine comes with a larger screen and the controllers have been redesigned to attach magnetically to its sides. The controllers can be used like a mouse, or held in the hands like a traditional joypad. There is also motion-control functionality.

The trailer is scant on details but the video showcased a few seconds from what appears to be a new game in the Mario Kart franchise. The video ended with a promise to share more details about the console in April.

Bringing new gaming hardware to the market is never an easy decision. Adoption happens slowly but till then companies have to compensate for losses on manufacturing costs.

Nintendo has had a great run with gaming consoles, with successes like the original 1983 Nintendo Entertainment System. Among its failures are the 1995 Virtual Boy and the 2012 Wii U. According to company sales records, the Switch has sold more than 146 million units since its introduction and that makes it one of the best-selling consoles in history.

The Nintendo Switch 2 will be backwards compatible with all Nintendo Switch games. So if you have bought Switch-compatible games in the last eight years, all of them will continue to work on the new machine.

Going by the looks of the machine, Switch will offer a familiar experience. Switch 2 is arriving as Nintendo becomes a global entertainment company. It has opened theme parks with Universal Studios around the world and produced blockbuster movies including The Super Mario Bros. Movie and the upcoming adaptation of its Legend of Zelda series. The company even produced an alarm clock last year.

The video games industry is going through a period of contraction with protracted game development cycles and increasingly expensive business models. Experts hope the Nintendo console will offer a shot in the arm for the sector.

Nintendo is hosting hands-on experiences in several cities in April:

New York, April 4 to 6

Los Angeles, April 11 to 13

Dallas, April 25 to 27

Toronto, April 25 to 27

Paris, April 4 to 6

London, April 11 to 13

Milan, April 25 to 27

Berlin, April 25 to 27

Madrid, May 9 to 11

Amsterdam, May 9 to 11

Melbourne, May 10 to 11

Tokyo (Makuhari), April 26 to 27

Seoul, May 31 to June 1

Hong Kong and Taipei, TBA