USD 22.9 billion
Report ID: SQMIG45K2017 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 89 | Figures: 76
Global Gaming Console Market size was valued at USD 22.9 billion in 2021 and is poised to grow from USD 24.1 billion in 2022 to USD 33.8 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
Over the coming years, the market for gaming consoles is anticipated to rise rapidly. The expansion could be due to the development of new and cutting-edge audio visual equipment. The demand for these consoles has greatly expanded as a result of technological development and innovation in a number of audiovisual devices. High-end sound systems and visuals are becoming more widely available, giving customers a richer and better experience. Additionally, HDTVs with HDMI connections and built-in wireless connectivity that have the capacity to handle external hard discs are anticipated to provide customers with an enhanced experience.
A device that produces a video signal or visual image to display a video game is a video game console. In contrast to home computers or arcade machines, it is essentially a console machine created primarily for customers to play video games. Today's gaming consoles include the Wii U, PlayStation 4, Xbox One, Steam Machine, RetroN 5, and Leap TV. The most recent development in the gaming console business is the growing availability and acceptance of multi-functional game consoles. The multi-functional consoles' numerous advantages, such as letting users download videos, surf the internet, listen to music, and view videos all at once while playing games, are anticipated to have a positive effect on market growth in the years to come.
Demand for gaming consoles may be boosted by the multipurpose capabilities that modern game consoles offer, such as the ability to function as both a gaming and an entertainment machine. The expensive expense of such consoles, both upfront and in terms of disc costs, could, however, restrain market expansion. It is projected that the rise of smartphones and tablets as alternatives to game consoles will severely impede industry growth.
In addition, increasing consumer preferences toward alternative platforms like internet and mobile gaming may hinder market expansion over the coming few years. The demand for gaming consoles has significantly decreased as a result of the fact that online and mobile games are far more affordable than pricey console discs.
US Gaming Console Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 22.9 billion
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The Global Gaming Console Market is segmented based on end user, application, type and by region. Based end user Gaming Console Market is categorized into Residential and Commercial. By Application Gaming Console Market is segmented Gaming and Non-Gaming. Based on Type Gaming Console Market is categorized in (Home Consoles and Handheld Console (Portable and Non-Portable)). Based on region Gaming Console Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Gaming Console Market Analysis by Type
The Gaming Console Market is divided segmented into two types: home consoles and handheld consoles. Among these, the home consoles segment is expected to have the highest revenue share. In addition, during the forecast period, the home consoles segment is expected to grow at the fastest CAGR. This is primarily due to the increased adoption of cloud technology and the growing number of online gamers in countries such as China, India, the United States, and others.
Gaming Console Market Analysis by End User
The Gaming Console Market is categorized into residential and commercial segments based on end-use. The residential sector is expected to grow at a rapid pace over the next few years. The Gaming Console Market is expanding due to rising demand for gaming accessories such as a gaming mouse, a 3D gaming headset with an integrated mic, game-enabled televisions, and others. With the introduction of smart televisions with advanced display resolutions such as 4K and 8K, the Gaming Console Market for home consoles for the residential segment is expected to grow steadily. Because they provide a more immersive gaming experience than other display types. The use of VR and AR technologies is expected to improve the gaming experience on home consoles.
Gaming Console Market Analysis by Application
The Gaming Console Market is categorized into gaming and non-gaming applications based on application. The non-gaming segment is expected to grow at a significant CAGR, owing to rising demand for consoles integrated with extensive content applications such as YouTube, Netflix, and Amazon Prime Video, among others. Moreover, during the forecast period, the gaming segment is expected to grow at the fastest CAGR. Advances in controller-free gaming console technology are expected to open up new opportunities for manufacturers in this market.
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Asia Pacific is expected to have the highest Gaming Console Market share during the forecast period. The presence of key players such as Sony Corporation, Nintendo Co. Ltd, and others in the region has attributed to the region's growth. Other important factors contributing to this growth include the number of active gamers in countries such as China, South Korea, Japan, India, and others, which is nearly five times that of North America. Furthermore, China is expected to have a significant Gaming Console Market share during the forecast period.
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Gaming Console Market Driver
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Major Gaming Console Market players such as Sony Corporation, Microsoft Corporation, and Nintendo Co., Ltd are constantly innovating in order to provide advanced Gaming Console. Moreover, they are increasing their R&D investment as well as their interest in technological adoption, strategic acquisition, and collaboration in order to design and develop modern humanoid Gaming Console. Furthermore, to sustain their Gaming Console Market position, key companies have implemented organic and inorganic growth strategies such as new robot launches and long-term contracts with airport authorities.
Gaming Console Market Top Players Company Profiles
Gaming Console Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, rising internet connectivity, increased smartphone adoption, and the introduction of high bandwidth network connectivity, such as 5G, have all contributed to increasing global gaming demand. Moreover, according to the GSMA report, as of November 2021, 170 mobile operators had launched commercial 5G services with a 7% population penetration by the end of 2021, opening up new opportunities for mobile vendors to introduce 5G smartphones into the market. Furthermore, according to DataReporal statistics, the number of internet users increased by 7.7% in 2021 compared to the previous year. Besides that, they increased by 4% to 4,950 million in January 2022, compared to 4,758 million in January 2021.
|Market size value in 2021||USD 22.9 billion|
|Market size value in 2030||USD 24.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Gaming Console Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Gaming Console Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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