Gaming Console Market Size was valued at USD 22.9 billion in 2021. The Gaming Console market industry is projected to grow from USD 24.1 billion in 2022 to USD 33.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2022 - 2030). The extra benefits and features that come with the consoles, such as being an entertainment console rather than just a gaming console, are one of the key market driver for the market's expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Consoles' development and adoption of visual display resolutions like 4K and 8K to propel market growth
The vast majority of businesses operating in the market are switching from high-definition television (HDTV) and standard-definition television (SDTV) to advanced UHDTV and full-HDTV (FHDTV). Display resolutions in the ultra-high definition range include 4K, DCI 4K, and 8K. Leading companies in this market are creating gaming consoles with support for UHDTV and FHDTV display resolution. For instance, the Microsoft Corporation introduced the "Project Scorpio" gaming system in 2018. This game system utilizes full 4K and virtual reality. The introduction of different gaming console peripherals, like 4K TVs, 3D audio headphones, keyboards, and others, has also helped the market for gaming consoles develop. Users who use these accessories enjoy better gaming experiences. Additionally, the use of other technologies, including as wireless connectivity, Blu-ray, and haptic vibration, will boost market revenue during the forecast period. Thus, this factor is driving the market CAGR.
The market is anticipated to develop in response to the increasing demand for gaming consoles built on cutting-edge wireless technologies like Bluetooth 5.0 and Wi-Fi. A number of major companies, like Sony Corporation and others, are providing wirelessly enabled game consoles to their users in an effort to improve the user experience. These cutting-edge consoles will also enable gamers to improve their overall gaming experience and do away with the need for tethered attachments. Furthermore, 3D gaming is becoming exponentially more popular all around the world. On an integrated high-resolution monitor, 3D gaming consoles support stereoscopic graphics gameplays. Exact 3-D localization, another aspect of 3D gaming that helps to enhance user experience and add realism to games, is another example of how it benefits from this technology. During the projected period, the growing demand for gaming consoles with 3D architecture is also anticipated to fuel the market's expansion. Additionally, a number of factors, including the expansion of "massively multiplayer online game choices" (MMOGs) and increased investment in video games, are anticipated to propel the growth of the gaming console market. For instance, the UK Interactive Entertainment Association (Ukie) reports that from 2015 to 2017, USD 2.30 billion was invested in the production of 3D video games in the U.K. Thus, it is anticipated that this aspect will accelerate Gaming Console market revenue globally.
The Gaming Console market segmentation has been segmented by type into Home Console, Handheld Console and Hybrid Console. The home console segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is primarily because cloud technology is being adopted more widely and there are more people playing online games in nations like China, India, the U.S., and others.
The Gaming Console market segmentation has been segmented by application mode into Gaming and Non-Gaming. The non-gaming segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to the growing demand for gaming consoles equipped with a variety of video applications, such as YouTube, Netflix, and Amazon Prime Video. Additionally, during the projected period, the gaming segment is anticipated to grow at the greatest CAGR. The development of the controller-free gaming console is predicted to open up new business potential for manufacturers.
Figure 2: Gaming Console Market by application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Gaming Console market data has been segmented by end user into Residential and Commercial. The resdential segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The market is expanding as a result of the increased demand for gaming peripherals including gaming mice, 3D gaming headsets with built-in microphones, game-enabled televisions, and others. The market for home consoles for the residential segment is anticipated to develop strongly with the introduction of smart televisions with cutting-edge display resolutions like 4K and 8K.
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Gaming Console market accounted for USD 9.8 billion in 2021 and is expected to exhibit a 43.20% CAGR during the study period attributable to the rising technology progress and the expanding quantity of active players. The high demand for cutting-edge gaming technology and the presence of important video game creators in the region are projected to help it maintain its supremacy over the projection period as well.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: GAMING CONSOLE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific Gaming Console market accounts for the fastest growing market share because internet gaming is becoming more prevalent and consumers in emerging nations like China and India have more money to spend. A growing number of e-commerce sites that offer pre-owned or refurbished consoles may potentially boost the prospects for this local market's growth. Further, the China Gaming Console market held the largest market share, and the India Gaming Console market was the fastest-growing market in the region.
Europe Gaming Console market is expected to grow at a substantial CAGR from 2022 to 2030 due to increased consumer investment in the UK, France, Germany, and other countries. In Europe, rising consumer spending in nations like the U.K., Germany, France, Spain, Italy, and others is a major factor in the market's expansion. Moreover, UK Gaming Console market held the largest market share, and the Germany Gaming Console market was the fastest-growing market in this region
Major market players are spending a lot on R&D to increase their product lines, which will help the Gaming Console industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the Gaming Console industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, Gaming Console industry has provided medicine with some of the most significant benefits. The Gaming Console market major player such as Sony Corporation (Japan), Microsoft Corporation (US), Nintendo Co. Ltd. (Japan), Logitech Inc. (Switzerland), Valve Corporation (US), NVIDIA Corporation (US) and PlayJam (UK).
A worldwide American technology firm with headquarters in Santa Clara, California, Nvidia Corporation was founded in Delaware. It is a software and fabless firm that creates system on a chip (SoC) units for the mobile computing and automotive markets, graphics processing units (GPUs), application programming interfaces (APIs) for data science and high-performance computing, and more. In March 2022, Developers can now use Omniverse thanks to NVIDIA. Developers will find it simpler to share graphics, organise asset libraries, collaborate, and use AI to generate character face expressions using this robust and team-based game creation platform.
The international video game and digital entertainment firm Sony Interactive Entertainment, originally known as Sony Computer Entertainment, is a subsidiary of the Sony Group. In January 2019, Audiokinetic, Inc., a developer of audio solutions for the gaming and media sectors, was purchased by Sony Interactive Entertainment (SIE). SIE was able to acquire the technical business unit for audio engineering from Audiokinetic thanks to this transaction. The PlayStation audio ecology was significantly improved by this acquisition.
Sony Corporation (Japan)
NVIDIA Corporation (US)
Nintendo Co. Ltd. (Japan)
Logitech Inc. (Switzerland)
Valve Corporation (US)
PlayJam (UK)
August 2022: Leading French game developer and publisher quantic dream was acquired by NetEase in order for them to operate independently, concentrate on developing and releasing their video games across all platforms, and take advantage of NetEase's impressive game creation skills.
August 2022: Tencent Games and Logitech G have joined up to develop a cloud gaming handheld that combines Tencent Games' software services with Logitech G's hardware know-how. Gamers will be able to play AAA games away from their console or PC thanks to the new device's compatibility for a variety of cloud gaming services.
Gaming Console Market Segmentation
Home Console
Handheld Console
Hybrid Console
Gaming
Non-Gaming
Residential
Commercial
North America
Europe
Asia-Pacific
Rest of the World
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 22.9 Billion |
| Market Size 2022 | USD 24.1 Billion |
| Market Size 2030 | USD 33.8 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sony Corporation (Japan), Microsoft Corporation (US), Nintendo Co. Ltd. (Japan), Logitech Inc. (Switzerland), Valve Corporation (US), NVIDIA Corporation (US) and PlayJam (UK) |
| Key Market Opportunities | Advancement in core wireless connectivity |
| Key Market Dynamics | Rising demand of 3D video games Increasing number of e-sport tournaments |
Frequently Asked Questions (FAQ) :
The market size was expected to be USD 22.9 billion in 2021.
The market is expected to register a CAGR of ~5.00% over the next ten years.
North America held the largest market share in the market.
Sony Corporation (Japan), Microsoft Corporation (US), Nintendo Co. Ltd. (Japan), Logitech Inc. (Switzerland), Valve Corporation (US), NVIDIA Corporation (US) and PlayJam (UK) are the key players in the market.
The home console category led the segment in the market.
The residential category had the largest market share in the market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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