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

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.