Gaming Console Market

Global Gaming Console Market Size, Share, Growth Analysis, By Type(Home Consoles, Handheld Console (Portable), By End-use(Residential, Commercial), By Application(Gaming, Non-Gaming) - Industry Forecast 2024-2031

Report ID: SQMIG45K2017 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 88 | Figures: 76

Global Gaming Console Market Dynamics

Gaming Console Market Driver

  • Rising demand for game consoles based on advanced wireless technologies such as Bluetooth 5.0, Wi-Fi, and others will drive Gaming Console Market growth. To provide an enhanced user experience, key players such as Sony Corporation and others are offering game consoles based on wireless technologies. Furthermore, these advanced consoles would assist users in improving their overall game-play experience and eliminating the need for wired accessories.
  • The popularity of 3D gaming is skyrocketing all over the world. Stereoscopic graphics gameplays on an integrated high-resolution display are supported by 3D gaming consoles. Moreover, 3D gaming offers features such as precise 3-D localization, which improves the user experience and adds realism to the gameplay. Rising demand for gaming consoles based on 3D architecture is also expected to drive gaming console Gaming Console Market growth during the forecast period. 

Gaming Console Market Restraint

  • Due to a lack of professional developers and testers, as well as infrastructure, gaming console manufacturers frequently encounter complications while designing consoles. This could be a significant obstacle in this market. Furthermore, unauthorized users are gaining access to a wide range of premium games for free or at a moderately low cost due to the fragile operating structure and high piracy rates. The increasing rate of online and offline game piracy has an impact on overall sales of gaming consoles and related products.
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FAQs

Global Gaming Console Market size was valued at USD 22.9 billion in 2019 and is poised to grow from USD 24.1 billion in 2023 to USD 33.8 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).

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. 'Sony Corporation', 'Microsoft Corporation ', 'Nintendo Co., Ltd.', 'Logitech Inc.', 'Sega Corporation', 'Atari SA', 'NVIDIA Corporation', 'Mad Catz Interactive Inc.', 'Turtle Beach Corporation', 'Hyperkin Inc.', 'Razer Inc.', 'Ouya Inc.', 'Amazon.com Inc.', 'OnLive Inc.', 'GameStick', 'Alibaba Group Holding Limited', 'ZOTAC International (MCO) Ltd.', 'Valve Corporation', 'Google LLC', 'Xiaomi Corporation'

Rising demand for game consoles based on advanced wireless technologies such as Bluetooth 5.0, Wi-Fi, and others will drive Gaming Console Market growth. To provide an enhanced user experience, key players such as Sony Corporation and others are offering game consoles based on wireless technologies. Furthermore, these advanced consoles would assist users in improving their overall game-play experience and eliminating the need for wired accessories.

The majority of industry players are making the transition from standard-definition television (SDTV) and high-definition television (HDTV) to advanced ultra-high-definition television (UHDTV) and full-high-definition television (FHDTV) (FHDTV). 4K, DCI 4K, and 8K display resolutions are instances of ultra-high-definition resolution. Key Gaming Console Market players are developing gaming consoles with UHDTV and FHDTV display resolution capabilities.

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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