Global Gaming Console Market is valued at USD 35.96 Billion in 2021 and is expected to reach USD 51.52 Billion by 2028 with a CAGR of 5.27% over the forecast period. Increasing demand for 3D Video games, rising use of smartphones, and growing adoption of gaming consoles are some of the major factors driving the growth of the Global Gaming Console Market.
Game consoles are all essentially computers: they contain a hard drive very much like a computer, and they work utilizing an operating system, similar like a computer. Since they are basically computers, they store data in a similar fashion. Many individuals utilize their gaming system to peruse the Internet and watch films, not only for playing games. This data is put away on the hard drive inside the gaming console. This implies that data can be recovered, including erased data from a gaming console. Gaming consoles require monitors and TVs for the display. These video game consoles are primarily supported by CPUs and operating systems that differ from desktop computers. The consoles are controlled by their respective manufacturers and the software is built according to the capabilities of the machine.
It has various advantages over Pcs, such as no need to upgrade, easy to use, generally inexpensive, simple controls designed for multiple players with consoles, and offers users a more active user experience. There are many different gaming consoles including PlayStation 4 Pro, PlayStation 5, PlayStation 4, Xbox Series X, Xbox Series S, Xbox One S, and others. There are various features offered by the gaming console, the main ones being: it offers human control interface, hybrid data storage, APU horsepower, low power consumption, Blu-ray, low cost, merged entertainment system, and thin console.
The Covid-19 pandemic has shown a positive impact on the growth of the global gaming console market. The Covid-19 has given a boost to the already booming gaming console industry because of increasing popularity of online gaming. Epidemics and lockdown orders around the world have given people more free time to participate in gaming and leisure activities. In addition, the use of gaming accessories is increasing due to social distance commands.
The global gaming console market is segmented on the basis of the type, storage, and region & country level. On the basis of type, the global gaming console market is segmented into home consoles, hybrid consoles, and handheld consoles. By storage, the global gaming console market is segmented into external storage, internal storage, and cloud storage.
Some major key players for the global gaming console market report cover like Gearbox Software, Sony Interactive Entertainment, 2K Games, LucasArts, Tencent Games, Microsoft Studios, EA, Nintendo, Take-Two Interactive, Activision Blizzard, Valve Corporation, Ubisoft, Rockstar, Gameloft, Capcom, Naughty Dog, Square Enix, Mojang, Bethesda Game Studios, Sega, BioWare, Game Freak, Epic Games, Insomniac Games Inc, Bandai Namco Entertainment, Infinity Ward, Midway, Telltale Games and others.
On January 27th, 2022; Valve announced that it’s Steam Deck portable PC gaming console will launch on February 25th. Reservation holders will receive the first email in the order of the order.
On November 10th, 2020; Microsoft launched two models of its Xbox gaming console, seven years after the release of the previous version, to capture the epidemic-driven boom in consumer spending on the game.
One of the major factors driving the growth of the gaming console market is the increasing demand for 3D video games. 3D gaming is gaining popularity among teenagers around the world. 3D gaming console support stereoscopic illustrations game plays on a coordinated high-goal show. Likewise, 3D gaming offers the features like exact 3-D localization, which serves to works on the clients' experience and conveys authenticity to the game play. The rising interest for gaming consoles in light of 3D design is likewise expected to drive the overall market development of gaming console during the forecast period. Furthermore, the continuous progress in developing 3D gaming consoles in various companies like Microsoft and Sony has created huge demand in the market. For instance; as per the news published, on May 12th, 2021; Oracle launched the world’s first Ad measurement technology for 3D In-game environments.
In addition, the rising adoption of smartphones is also boosting the growth of the gaming console market. Smartphone gaming is popular because it fits in with the busy lives experienced by many people in the modern world. When time is scarce, having a smartphone game to play in a break at work, on the bus home, or while away on holiday is ideal. Furthermore, the rising popularity of gaming consoles is another factor fostering the market growth. The adoption of gaming consoles is expected to increase with advances in core wireless connectivity. Evaluation of smart games and applications based on virtual assistant services. As a part of the strategy, key players are investing in the development and launch of premium and high-performance game consoles. For instance; as per the news published, on December 13th, 2020; play station 5 breaks launched a gaming console in the US. In terms of newly launched hardware, the PS5 outperformed the Xbox Series X | S in sales. This launch will help the company strengthen its customer base.
Moreover, the growing disposable income is also augumenting the market growth. For instance; according to the Bureau of Economic Analysis, the state's personal income will grow by 7.4 percent in 2021, up from 6.6 percent in 2020 in the U.S. However, high cost associated with gaming consoles may hamper the growth of the global gaming console market. In spite of that, advancement in core wireless connectivity may offer an opportunity for th further growth of the global gaming console market.
Geographically, Asia Pacific is expected to capture a major share in the global gaming console market within the forecast period due to the increasing number of e-sport gaming tournaments and rising demand for gaming consoles in this region. For example; The increasing number of e-sport gaming tournaments including MK11(PS4), FIFA 20(PS4) open cup, FIFA 20(PS4) 1on 1 major cup, ESL Malaysia championship- call of duty mobile qualifier 2, Tekken 7 (PS4) 1on 1, StarCraft 2 open cup and others. For instance, as per the news published, on 7th June 2021; India Gaming announced the launch of its flagship esports event the Sports Premier League (ESPL) 2021. In addition, rising demand for gaming consoles is also supplementing market growth in this region. The benefits of console gaming have advantages over PCs: they are easy to use, do not require upgrades, make simple multiplayer with friends who own the console, are generally inexpensive, and use wireless controllers that allow you to have a more active experience. For instance, as per the news published on March 30th, 2021; Qualcomm launched a Nintendo Switch-Like Android 1 gaming console in India.
North America is expected to show a significant growth the global gaming console market due to increasing demand for gaming consoles, rising smartphone users, and the growing presence of key players in this region. For instance; as per the news published, on January 27th, 2022; Valve's steam deck portable PC gaming console launched on February 25th. And, rising number of smartphone users is also augmenting the market growth. For instance; as per the news published by internet innovation, in 2020 the number of smartphone users in the U.S. is expected to reach over 270 million.
Middle East and Africa
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 35.96 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 51.52 Billion|
|Tables, Charts & Figures:||175|
|Gaming Consol Companies||Gearbox Software, Sony Interactive Entertainment, 2K Games, LucasArts, Tencent Games, Microsoft Studios, EA, Nintendo, Take-Two Interactive, Activision Blizzard, Valve Corporation, Ubisoft, Rockstar, Gameloft, Capcom, Naughty Dog, Square Enix, Mojang, Bethesda Game Studios, Sega, BioWare, Game Freak, Epic Games, Insomniac Games Inc, Bandai Namco Entertainment, Infinity Ward, Midway, Telltale Games, and others.|
|Segments Covered||By Type, By Storage|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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