The Global Gaming Console Market was valued at USD 37.1 Bn in 2020 and is expected to reach USD 53.6 Bn by 2027, with a growing CAGR of 5.4% during the forecast period.
A gaming console is a highly specialized computer device which is used to offer one or more users to play computer games. A gaming console is an exceptionally particular piece of equipment that has quickly developed since its origin incorporating the most recent advancements in processor technology, memory, graphics, and sound among others to give the gamer an enhanced gaming experience. The increasing popularity of 3D gaming drives the growth of the gaming console market during the forecast period. The 3D gaming console supports stereoscopic graphics gameplays on an integrated high-resolution display. Moreover, 3D gaming offer features such as precise 3-D localization, which helps to improve users' experience and deliver realism to the gameplay. Furthermore, the increasing demand for gaming consoles based on 3D architecture is expected to accelerate the growth of the gaming console market.
In addition to this, the expanding demand for game consoles dependent on cutting-edge wireless technology, including Bluetooth 5.0, Wi-Fi, and others is expected to boost the global gaming console market. The prominent players such as Sony Corporation and others are contributing game consoles based on wireless technology to convey an advanced encounter to their users. Likewise, these advanced consoles would assist users to enhance the overall gameplay experience and eliminate the use of wired accessories.
By End User
The key players operating in the gaming console market are:
Based on modality, the home console segment captures the largest revenue share due to the increasing number of online gamers
The home consoles segment capture the largest revenue share and is expected to grow at the highest CAGR during the forecast period. The growth in the segment is mainly attributed to the increasing adoption of cloud technologies and rising numbers of online gamers in the countries such as China, India, the U.S., and others. For instance, according to secondary sources, the number of online gamers in China accounted for 518 million in 2020, which is showing a penetration rate of 52.4% compared to the previous years.
The handheld segment is expected to grow at a constant CAGR during the forecast period owing to the finite players operating in the market. The prominent players such as Nintendo Co., Ltd., and others are focusing on enhancing their brand penetration by launching their innovative products across the globe. For instance, in July 2021, Valve Corporation launched steam deck powerful handheld gaming consoles to take on Nintendo switch. These newer handheld gaming consoles included the features like 512 GB storage, a 7-inch display with anti-glare etching glass, and a custom AMD APU. This handheld gaming console has Bluetooth support for any device such as PC, Apple Air pods and others.
Based on the end user, the residential segment accounted for the largest revenue share in 2020 owing to the adoption of AR and VR technologies
The residential segment dominated the gaming console market and held the largest revenue share in 2020 owing to the COVID-19 pandemic. Due to the pandemic, the individuals spend their maximum time at their home, which in turn, increased the demand for gaming accessories, gaming mouse, 3D gaming headsets with integrated mic, game-enabled televisions, and others. Moreover, the increasing adoption of AR and VR technologies will further accelerate the growth of the residential segment in the gaming console market during the forecast period.
Besides, the commercial segment is expected to hold the highest CAGR during the forecast period. Cloud gaming is one of the major factors that influence the growth of the market. The cloud services stored the huge amounts of gaming data and secure them with upgraded security technologies.
Based on regions, the Asia-Pacific region dominated the gaming console market during the forecast period owing to the presence of prominent players
The Asia-Pacific dominated and is expected to hold the largest revenue share during the forecast period. The growth in the region is mainly attributed to the presence of prominent players such as Sony Corporation, Nintendo Co. Ltd, and others in the region. Moreover, the number of active gamers present in the countries including China, South Korea, Japan, India, and others are almost five times as compared to North America. Also, China is expected to capture the largest market share during the forecast period. The growth in the country is mainly attributed to the increasing number of e-sport gaming tournaments like FIFA 20 (PS4) Open Cup, FIFA 20 (PS4) 1on1 Major Cup, Tekken 7 (PS4) 1on1 Open Cup, ESL Malaysia Championship- Call of Duty Mobile Qualifier 2, StarCraft 2 Open Cup and others. Furthermore, the key gaming console market player in the region is mainly targeted on seizing possibilities to combine console gaming with diverse upcoming technologies, such as cloud-based streaming, 5G network, and adoption of blockchain to sustain game enthusiasts trust and decrease piracy issues.
The report also provides an in-depth analysis of gaming console market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the Gaming Console Market Analysis:
The COVID-19 pandemic contrarily affected different ventures except for the gaming consoles industry. The business creates high-income on the annual basis and more than 700 million gamers who play computer games favour gaming consoles over different channels. During COVID-19, there was a significant expansion in the number of gamers recorded as compared to previous years, demand for consoles keep on leftover consistent at present. Market players are exploiting the rising demand for gaming consoles as shoppers across the globe are investing more energy at home. The pandemic, nonetheless, isn't the only driving element for consistent market development. Digital distribution of games has permitted gaming console producers to acquire a bigger number of benefits than from selling physicals duplicates. A more detailed analysis specific to gaming console industry will be provided in the report.
The report also provides an in-depth analysis of key trends in the gaming console market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis