Global Gaming Console Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Technology (Virtual and Augmented Reality, Motion Jump Technology, Polarized Shutter Technology, Automatic Stereoscopy, Xbox Illumiroom, Others), Component (Hardware and Software), Console (Home, Laptop, Microphone, and Dedicated Consoles), Application (Healthcare, Mobile Devices, and Games), Platform (Sony Play Station, Microsoft Xbox, Nintendo Wii, and others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Updated On: January, 2024
ID: 9985
Pages: 150

Global Gaming Console Market Size (2024 to 2029)

The global gaming console market is projected to grow at a 4.11% annual rate during the forecast period and reach a total market size of USD 59.63 billion by 2029, compared to USD 46.83 billion in 2023.

The games market is uncertain, except for new platforms that increase the demand for them worldwide. 3D modeling and animation software are the major consumers of gaming consoles these days. 3D game consoles distinguish images from dedicated 3D games as well as 2D games in 3D format. The global gaming console market is growing relatively from traditional 2D to 3D games thanks to 3D digital signage technologies, accessories, and advanced software tools and applications.

Current Scenario of the Global Gaming Console Market

Companies like Microsoft and Sony have introduced 3D game consoles, like the Nintendo Switch, to complement existing console options and keep gamers interested. The addition of novel technologies like augmented reality and virtual reality has changed market dynamics.

Companies like Microsoft, Nintendo, and Xbox have expanded their product portfolio by increasing the number of 3D game consoles available. Products like Xbox One X, PlayStation 4, and NES Classic Edition have been released to increase sales of 3D game consoles in the market. Today's eighth-generation consoles use cutting-edge technologies, including Blu-Ray, motion detection technology, virtual reality (VR), HD-quality video, and online functionality.

MARKET TRENDS

Home consoles dominate the market primarily, with multiple players like Sony, Microsoft, and Nintendo. Sony is the market leader, with approximately 70,599 3D game consoles sold in North America alone. Various features like online multiplayer games, cloud support, and offerings associated with home consoles are becoming increasingly popular, which has contributed to the growth of their 3D game consoles in the market.

The launch of a wide range of accessories, such as 4K televisions, has been beneficial for the growth of home consoles, as they offer a better gaming experience than the other options available. The advent of VR and AR technologies enhanced the experience of home gaming consoles, which resulted in increased sales. Product developments, upgrades, and selection options for various home consoles are superior to portable micro-consoles, giving consumers a variety of options to meet consumer needs.

MARKET DRIVERS

The growing number of wealthy people and the budding middle-class population could drive the growth of the global gaming console market during the forecast period.

In addition, the increase in average player spending plays an important role in the dynamism of the market. Besides, the aggressive marketing strategies adopted by the developers and the increase in purchasing power are a complement to boost the market in the outlook period. However, the introduction of advanced 3D smartphones, the increase in vision problems, and other health issues are expected to pose a substantial threat to the market.

MARKET RESTRAINTS

Expanding the level of hardware and content increases the opportunities for video game software development. In addition, manufacturers are implementing various marketing tools to compete with their competitors and increase their leadership in the video game industry. However, high prices create challenges for market growth.

Impact of COVID-19 on the Global Gaming Console Market

The COVID-19 pandemic has also affected the worldwide gaming industry. The video game industry has been affected by the epidemic in several ways, mainly due to concerns about travel to and from China or elsewhere or due to the slowdown in manufacturing processes in China. On the other hand, the increasing work-from-home culture is touted to act as a positive factor for the purchase of these gaming consoles in the foreseen years.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

4.11%

Segments Covered

By Technology, Component, Console, Application, Platform, and Region

 

Various Analyses Covered

Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

  Market Leaders Profiled

Kaneva LLC, Linden Lab Inc., Microsoft Corporation, Apple Inc., Activision Publishing Inc., Avatar Reality Inc., Electronic Arts Inc., Nintendo Co., Oculus VR, Logitech, Sony Computer Entertainment Inc., and Others.

 

SEGMENTAL ANALYSIS

Global Gaming Console Market Analysis By Technology

The global market for technology is segmented into virtual and augmented reality, motion jump technology, polarized shutter technology, automatic stereoscopy, Xbox Illumiroom, etc.

Global Gaming Console Market Analysis By Component

In terms of components, the market is mainly bifurcated as hardware and software.

Global Gaming Console Market Analysis By Console

Additionally, according to the console, the global market is divided into home, laptop, microphone, and dedicated consoles. Home consoles are predicted to dominate the global gaming console market in the future.

Global Gaming Console Market Analysis By Application

According to the application, the market is divided into healthcare, mobile devices, and games.

Global Gaming Console Market Analysis By Platform

The platform segment is also categorized as Sony Play Station, Microsoft Xbox, and Nintendo Wii.

REGIONAL ANALYSIS

The Asia-Pacific region is expected to post substantial growth in gaming console market share. Asia-Pacific is also estimated to be the fastest growing region due to the growth seen in the emerging economies of China and India. Europe is expected to be the largest regional industry and continue to dominate over the forecast period. The North American market for gaming consoles should see significant growth prospects in time with the increasing adoption and presence of players like Microsoft.

KEY PLAYERS IN THE GLOBAL GAMING CONSOLE MARKET

Some of the major key players in the global gaming console market are Kaneva LLC, Linden Lab Inc., Microsoft Corporation, Apple Inc., Activision Publishing Inc., Avatar Reality Inc., Electronic Arts Inc., Nintendo Co., Oculus VR, Logitech, and Sony Computer Entertainment Inc., among others.

RECENT HAPPENINGS IN THE GLOBAL GAMING CONSOLE MARKET

  • In May 2019, Sony Corporation and Microsoft Corporation partnered with innovations to improve the customer experience on their entertainment platforms and artificial intelligence solutions aimed directly at consumers.

  • In January 2019, Sony Interactive Entertainment (SIE) and Audiokinetic Inc., one of the world's leading providers of cross-platform audio solutions for the gaming and interactive media industries, announced that they have signed a definitive agreement for the acquisition by SIE of audiokinetic. With this acquisition, SIE will leverage Audiokinetic's extensive experience in audio engineering, adding significant value to the PlayStation ecosystem. Audiokinetic, however, will function as an independent firm, offering licenses to its developers in mature and emerging markets.

DETAILED SEGMENTATION OF THE GLOBAL GAMING CONSOLE MARKET INCLUDED IN THIS REPORT

The global gaming console market is separated by technology, components, console, application, platform, and region.

By Technology

  • Virtual and Augmented Reality      

  • Motion Jump Technology 

  • Polarized Shutter Technology         

  • Automatic Stereoscopy     

  • Xbox Illumiroom   

By Component

  • Hardware

  • Software  

By Console

  • Home        

  • Laptop      

  • Microphone           

  • Dedicated Consoles    

By Application

  • Healthcare              

  • Games      

  • Mobile Devices     

By Platform

  • Sony Play Station  

  • Microsoft Xbox     

  • Nintendo Wii        

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

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Frequently Asked Questions

How does the availability of exclusive titles affect the gaming console market on a global scale?

Exclusive titles play a crucial role in driving sales and brand loyalty globally. Console manufacturers strategically invest in securing exclusive titles to attract consumers to their platforms. For instance, Sony's PlayStation often features highly acclaimed exclusive titles like "God of War" and "The Last of Us," which contribute to its market success.

What are the emerging trends shaping the global gaming console market?

Emerging trends in the gaming console market include the integration of streaming services, enhanced virtual reality (VR) experiences, and a focus on cross-platform compatibility to facilitate seamless gaming experiences across devices, catering to the evolving preferences of gamers worldwide.

What role does technological innovation play in driving growth in the gaming console market worldwide?

Technological innovation drives growth in the gaming console market by offering enhanced graphics, processing power, and immersive gaming experiences. Features like faster loading times, higher frame rates, and advanced haptic feedback systems contribute to the appeal of new console generations, attracting consumers globally.

How does the growing trend of cloud gaming services influence the dynamics of the gaming console market globally?

The growing trend of cloud gaming services presents both opportunities and challenges for the gaming console market by offering alternative gaming experiences accessible across various devices. Console manufacturers are adapting by integrating cloud gaming services into their ecosystems, emphasizing the importance of network infrastructure and subscription models in the evolving gaming landscape worldwide.

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