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Mr Khan said:

Eventually they will, much like how laptops are overtaking desktops in the computer sphere. The issue is just about when handheld capabilities will become "good enough" to start replacing consoles. That factor has already kicked in in Japan, since their favored genres can mostly be readily handled by existing handheld technology, whereas the favored Western genres: Sports, FPS, TPS, and Open-world games cannot effectively be mimicked on handhelds quite yet. Once they can, i think we will see handheld gaming grow at the expense of console gaming, much like Japan.

 

The other issue is that gaming is less socially acceptable here, so something people are less inclined to play with in public, but that's slowly changing too.

This post pretty much sums it up.