Gaming Console Market - Forecasts from 2022 to 2027

The global gaming console market was valued at US$33.633 billion in 2020 and is estimated to reach a size of US$73.143 billion in 2027 at a compound annual growth rate of 10.20%.



The growth in the market is attributed to the growing popularity of 3D video gaming, which is based on virtual reality (VR) or Augmented Reality (AR), and e-sports tournaments worldwide.

The gaming console is a video game that supports stereoscopic games played on an integrated display. These stereoscopic images improve the gameplay experience by providing a dash of realism to them. It creates the illusion of depth and height and provides accurate structural location. This gives a better feeling of surface materials in the gaming process. The experience turns more prominent after the 3D effect. Due to these properties, the trend for console gaming raised. Arrangements of different tournaments encouraged many to adopt this trend. The demand for home console gaming has risen in many developed and developing countries. Different types of PS5 with advanced features also paved the way for market growth in recent years.

Owing to the increasing preference for in-home gaming and the up-gradation of the gaming consoles by the key market players, the home consoles are expected to dominate the market. The popularity of home consoles is rising due to the features such as cloud support, online multiplayer gaming, and many deals associated with this sector are some of the other factors to boost the home gaming console market. Market key players also regularly upgrade their services in the gaming experience; this led to growing their sales. The leasing market players are Sony, Nintendo, and Microsoft. In 2019, Sony sold around 70,599 gaming consoles just in North America.

Additionally, the availability of various accessories with advanced features, such as 4K TVs, is boosting the gaming experience at home. The gaming experience is also enriched by the advent of virtual and augmented reality. There is a rise in product developments, upgrading, and selection of home consoles as compared to handheld gaming, which allows consumers to experience varied options to fit their requirements. At the same time, several budding sportspeople consider e-sports as a career option also aid in the console gaming market. Likewise, due to the availability of high-speed internet, the console gaming market is expected to grow during the forecast period. 

Advanced technology boosting the console gaming market

The global console gaming market is also attributed to the advancement in technology. Many gaming industries regularly work to bring new features or ungraded gaming products to provide consumers with a better gaming experience. The gaming console has also raised its demand globally due to the innovations such as advanced audio-visual systems, 3D effects, wireless systems, and many more. This new console gaming fits the consumer's requirements better than the previous ones. These games avail the consumers to browse the internet, download videos and audios, listen to music, and watch videos or any content simultaneously while playing the games. Due to these features, the demand for these console gaming is rising from the fast-flowing generation. Similarly, an increase in disposable income among the population also raises the demand for console gaming.

Latest developments

• In December 2021, Sony Group Corp. announced to plan for a new subscription service. This service will allow the PS owner to pay a monthly fee to access the modern and classic games.
• In September 2021, Hyperkin announced the launch of the new version of the Xbox controller. This version is made with Cortana Edition Duke Xbox. It will be available in the deep purple color of Cortana in Halo.

Restrains in the console gaming market

Several complications are faced by the manufacturers of console gaming while console designing, such as the lack of professional testers and developers along with the infrastructure. Furthermore, the high piracy rate, fragile operating structure, and unauthorized users gaining access to many premium games illegally, either free or at low cost, are other factors to resist the growth of the console gaming market. Moreover, with the rise in mobile gaming applications, many consumers are directed away from the console gaming system.

Asia-Pacific to grow at a faster pace

The gaming industry is generated by around 40% of the countries like Japan, China, and South Korea. These are also known as gaming hot spots. With the increase in advancements in the companies such as Nintendo, which is based in the same region, the console gaming market is estimated to grow faster in the future.

COVID-19 analysis

The lockdown due to COVID-19 has affected the supply chain of the console gaming industry. However, due to the same, the demand for home console gaming increased. Therefore the console gaming market is expected to rise during the forecast period.

Segmentation

By Console

• Home Console
• Handheld Consoles
• Hybrid Console

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
• Middle East and Africa
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Thailand
• Taiwan
• Indonesia
• Others