USD 22.9 billion
Gaming Console Market Size, Share, Growth Analysis, By Type(Home Consoles, Handheld Console (Portable, Non-Portable)), By End-use(Residential, Commercial), By Application(Gaming, Non-Gaming), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2017 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
76
Gaming Console Market Insights
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).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Gaming
Fastest Growth
Gaming
Growth Rate
5% CAGR
Global Gaming Console Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Gaming Console Market Segmental Analysis
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.
Global Gaming Console Market By Application , 2021(%)
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Gaming Console Market Regional Insights
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.
Global Gaming Console Market By Geography, 2021 - 2028
- Largest
- Fastest
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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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Gaming Console Market Competitive Landscape
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
- 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
Gaming Console Market Recent Developments
- In May 2022, Sony announced launch of PlayStation Plus in India
- In May 2022, Logitech Launches MX Mechanical, MX Mechanical Mini Keyboards and MX Master 3S Mouse
- In January 2022, Sony Group to announced launch of Mobility Company
- In May 2022, Sony announced launch of PlayStation Plus in India
- In November 2021, Nintendo is planning to launch its next console that will succeed its extremely popular Nintendo Switch. The company is continuously working on its console’s design and concept and this is referred to as “20xx next-gen device”.
- In April 2021, Sony Corporation launched PlayStation 5 console in China. This disc version of PS5 is retailed at USD 602. This is expected to compete with Nintendo Switch which was introduced in China in 2019.
- In February 2021, Valve announced the launch of powerful handheld gaming console Steam Deck. It is a compact PC console that runs on custom SteamOS. This gaming console is anticipated to be powerful than its rival Nintendo Switch.
Gaming Console Key Market Trends
- 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.
- The implementation of different video game console accessories, such as 4K TVs, 3D audio headphones, keyboards, and others, has aided the growth of the gaming console market. These accessories offer users with a better gaming experience. Moreover, the adoption of other technologies, such as haptic vibration, Blu-ray, and wireless connectivity, will contribute to Gaming Console Market revenue during the forecast period.
- Cloud gaming is one of the primary drivers of the commercials segment's growth. Cloud services assist in the storage of massive amounts of gaming data while also enhancing security methods. Moreover, key Gaming Console Market players are integrating cloud services into gaming consoles to provide a "game-as-a-service" model, which provides users with on-demand game content and access.
Gaming Console Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 22.9 billion |
| Market size value in 2031 | USD 33.8 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Gaming Console Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Gaming Console Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Gaming Console Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Gaming Console Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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