Global Gaming Consoles Market, by Console Type (T.V. Gaming Console, Handheld Gaming Console), by Application (Shooter, Action, Sport Games, and other), Distribution Channel, End Use, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Global Gaming Console Market size is expected to be worth around USD 65.00 Billion by 2032 from USD 39.3 Billion in 2022, growing at a CAGR of 5.30% during the forecast period from 2023 to 2032.

The number of people participating in gaming activities has significantly increased over the past few years. The global industry is expanding rapidly as a result of breakthrough audio-visual technology development. Due to advancements and innovations in a variety of audio-visual technologies, the gaming industry is releasing robust consoles and peripherals. The market will continue to grow due to technological advances.

A better gaming experience is provided by HDTVs with HDMI connectors, built-in Wi-Fi connectivity, and the capacity to handle external hard drives. The market will benefit greatly from a variety of developments and innovations over the forecast period.

Electronic devices that let users play video games are called gaming consoles. They are made up of controllers, a CPU, a power supply unit (PSU), and random-access memory (RAM). Gaming consoles, in comparison to their more traditional counterparts, are affordable, simple to operate, and offer controllers that enable users to engage in an active experience.

They can also be integrated with a built-in display, wireless controllers, voice and gesture control, connectivity, and the capability to stream live content from the Internet. The global demand for gaming consoles is rising as a result of these features.

Driving Factors:

Increasing Investment to Support Market Expansion and Rising Demand for Wireless and Three-Dimensional Gaming Consoles With 4K Resolution Capabilities.

The market is expected to expand due to the rising demand for game consoles that use cutting-edge wireless technologies like Bluetooth 5.0 and Wi-Fi. Game consoles based on wireless technologies are being offered by major players, such as Sony Corporation and others, to enhance user experiences. Additionally, users of these advanced consoles would be able to eliminate the use of wired accessories and enhance the overall gaming experience.

Furthermore, 3D gaming is gaining worldwide traction at an exponential rate. A high-resolution integrated display makes stereoscopic graphics gameplay possible on a 3D gaming console. Additionally, features like precise 3-D localization in 3D gaming help to enhance the user experience and add realism to the gameplay.

During the forecast period, the overall gaming console market is also anticipated to be driven by rising demand for gaming consoles with 3D architecture. In addition, the Gaming Console Market is anticipated to expand due to several factors, such as rising global investment in video games and expanding “massively multiplayer online game options” (MMOGs).

For instance, from 2015 to 2017, the United Kingdom invested USD 2.30 billion in the development of 3D video games, as reported by the UK Interactive Entertainment Association (UKIE). During the forecast period, this advancement in 3D games is anticipated to propel the market’s expansion.

The gaming console market is also expanding as a result of the growing popularity of smartphones. Smartphone gaming is popular because it fits into many people’s busy lives in the modern world. It is ideal to have a smartphone game to play during breaks at work, on the bus home, or while on vacation when time is limited. Another factor driving market expansion is the growing popularity of gaming consoles.

With advancements in core wireless connectivity, it is anticipated that the use of gaming consoles market will rise. Evaluation of virtual assistant-based smart games and applications. Key players are making investments in the creation and launch of premium, high-performance game consoles as part of the strategy.

Restraining Factors

Professionals Who Aren’t Skilled Enough and a Rising Rate of Theft

Gaming console manufacturers often face difficulties designing their consoles due to a shortage of professionals and testers as well as infrastructure. This could pose a significant problem for the market. Unauthorized users can also access premium games at no cost or a low price due to the fragility of the operating system and high piracy rates. The rising rate of game piracy has harmed overall sales of gaming consoles, and related products.

Growth Opportunities

In the 2023-2032 forecast period, market players will have lucrative opportunities due to technological advances and the development of innovative products.

The future growth of the gaming consoles market will be further supported by the innovative marketing strategies used by developers and professionals to promote 3D video games, as well as the increasing investment in the gaming industry and the increase in “MMOGs” (massively multiplayer online gaming options).

Latest Trends

The Development and Widespread Use of Console-Specific Visual Display Resolutions Like 4K and 8K

Standard-definition television (SDTV) and high-definition television (HDTV) are being replaced by advanced ultra-high-definition television (UHDTV) and full-high-definition television (FHDTV) by the majority of market players. Display resolutions of 4K, DCI 4K, and 8K are all considered ultra-high definition. The leading manufacturers of gaming consoles with UHDTV or FHDTV display resolution capabilities dominate this market.

In 2018, the gaming console Project Scorpio was introduced by Microsoft Corporation. It is fully compatible with VR and 4K. The introduction of video game accessories such as keyboards and 3D audio headphones has also contributed to the expansion of the gaming console market.

Users’ gaming experiences are enhanced by these accessories. During the forecast period, the market will also benefit from the adoption of additional technologies like Blu-ray, haptic vibration, and wireless connectivity.

Type Analysis

The market is divided into home consoles and handheld consoles according to type.

It is anticipated that the home console segment will generate the most revenue. Additionally, the home consoles industry is anticipated to expand at the highest CAGR over the forecast period. This is mostly because more and more people are using cloud computing and playing games online in countries like China, India, the United States, and others.

Due to the small number of players in this Gaming Console Market, the handheld market is also anticipated to grow at a steady CAGR over the forecast period. Key players like Nintendo Co., Ltd. and others are focusing on expanding their brand’s reach by releasing cutting-edge consoles all over the world.

For instance, Nintendo Co., Ltd. introduced the “Nintendo Switch” in 2020. In 2020 and 2021, the company sold approximately 15 million and 17 million consoles, respectively.

End-User Analysis

The market can be divided into residential and commercial segments. It is expected that residential will grow at a significant CAGR over the next period. This market is expanding due to the increasing demand for accessories such as a gaming mouse and a 3D gaming headset that has an integrated microphone. With the advent of smart TVs with high-definition display resolutions such as 4K and 8K, the market for home consoles is expected to grow. Because they offer a richer gaming experience than other types of displays. The adoption of VR/augmented reality technologies is expected to enhance the gaming experience on home consoles.

The forecast period also predicts that the commercial sector will grow at a steady CAGR. Cloud gaming is one of the main factors driving the growth of the commercials sector. Cloud gaming is now possible thanks to improved security measures. Large amounts of gaming data can be stored and protected via cloud services. Major players are also incorporating cloud services into their gaming console market to provide a “game as-a-service” option that allows users to access and play on-demand games.

Key Market Segments:

Based on Type

• V. Gaming Console
• Handheld Gaming Console
• PC Gaming Console
• Other Types

Based on Application

• Shooter
• Action
• Sport Games
• Role-Playing
• Adventure
• Racing
• Fighting
• Strategy

Based on the Distribution Channel

• Hypermarket
• Supermarket
• Specialty Stores
• Online Platform
• Offline Stores
• Other Channels

Based on End-User

• Residential
• Commercial

COVID-19 Impact Analysis

The COVID-19 pandemic has severely impacted nearly every industry in the world. Additionally, global supply chains have been disrupted by lockdown restrictions, which have created opportunities for the gaming industry and contributed to the expansion of the console gaming market.

Due to the sudden spread of the coronavirus disease (COVID-19), businesses are seeing an increase in the number of users and time spent playing online games. Additionally, several gaming companies are making their online games available for free download.

In addition, there are strong indications that the current pandemic has raised the demand for digital solutions and technology. However, the COVID-19 technology impact may be extremely beneficial in the medium to long term.

Regional Analysis

North America dominated the market. With the latest technology, the market is constantly growing. It is important to consider the growing popularity of the region as a result of social media trends and gaming competitions that offer millions in prizes.

Asia-Pacific will be the region with the highest gaming console market share during the forecast period. It is due to the expansion of the region’s key players, such as Sony Corporation and Nintendo Co. Ltd. This growth is also because gamers are almost five times more active in countries such as China, South Korea, and Japan than in North America. China will hold a large market share during the forecast period.

E-sport tournaments such as FIFA 20 (PS4) Open Cup and MK11(PS4) Open Cups, FIFA 20, FIFA 20 (PS4) 1on1 Major Cups, Tekken 7, ESL Malaysia Championship – Call of Duty, Mobile Qualifier 2, StarCraft 2 Open Cups, and others contribute to the country’s growing market. To maintain gamers’ trust, and reduce piracy, key players in the region have been focusing on upcoming technologies such as cloud-based streaming, 5G network, and Blockchain.

Key Regions and Countries:

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share & Key Players Analysis:

Sony Corporation designs manufactures and sells electronic products, including electronic instruments, games consoles, and other software. The company sells electronic products to professionals as well as industrial markets. The company’s major operating segments include semiconductors, game and network services, home entertainment and sound, images, music, and financial services.

The company earned around 27% of its revenue from its network and game services segment, according to the Sony Corporation’s 2018 annual report. The game and network services segment of the company includes products such as PlayStation4 and PlayStation3 (PS3) and related software like Play Station Vita and PS Vita (PS Vita).

Top Key Players in the Gaming Consoles Market:

Listed below are some of the most prominent gaming console industry players.

• Sony Corporation (Japan)
• Microsoft (U.S.)
• Nintendo (Japan)
• Logitech (Switzerland)
• Valve Corporation (U.S.)
• NVIDIA Corporation (U.S.)
• Sega (Japan)
• IBM (U.S.)
• Tencent (China)
• Paperspace (U.S.)
• Other Key Players

Recent Developments:

• August 2022: NetEase acquires leading French game developer and publisher Quantic Dream. Quantic Dream will continue to operate independently, concentrating on the production and distribution of video games across all platforms while utilizing NetEase’s significant game development capabilities.
• Logitech G announced a partnership with Tencent Games in August 2022 to launch a cloud gaming device that combines the hardware skills of Logitech G and the software services offered by Tencent Games. The new device supports multiple cloud gaming services, so gamers will be able to play AAA games anywhere they go.

Report Scope: