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Power, hardware, and being at home are the main reasons. Also perception also affects how people view handhelds. However, I think we shouldn't sell handhelds short. For what they're worth, they provided great gaming experiences. As for those who said they're mostly used for spinoffs and such, say that to Kid Icarus Uprising, the Fire Emblem games like Fates, Blazing Sword, and Awakening, Animal Crossing New Leaf, A Link Between Worlds, Mario Kart 7, and of course, possibly the greatest example Pokemon.

Sometimes, franchises like Pokemon are experienced in ways they couldn't be done on home consoles and provide a unique novelty that allowed them to be what they are today. Pokemon personifies the essence of handheld gaming, the ability to play on the go through your adventures catching Pokemon and beating trainers, meeting friends along the way sharing the same passion, and using link cables or online to trade or battle. Besides being great games, the main line games are selling well because they provide that personified handheld experience. Sure some could say that a home console Pokemon main line game could be even greater, but it almost defeats the novelty of what Pokemon originally began as and still is to this day. You saw a few trailers of Pokemon showing kids and grown ups alike going out and meeting people through these games. It's no duh on why they are able to remain consistent sellers and become the second best selling not franchise of all time.

So in the end, handhelds are not on home console level in terms of power and such. But they can provide unique features that can't be replicated on home consoles. Games like Pokemon wouldn't be what they are today if they did not get their start on a handheld. Of course, that's not as common as we would like, but with a little sense of imagination, creativity, and commitment, devs can create unique handheld experiences.