The global gaming console market is projected to post a 4.11% annual growth rate during the forecast period to reach a total market size of USD 54.05 billion by 2028, compared to USD 44.98 billion in 2022.
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 for 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 games to 3D games thanks to 3D digital signage technologies, accessories, and advanced software tools and applications.
Market growth and trends:
The COVID-19 pandemic has had its effect on the worldwide gaming industry too. 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.
Market Drivers and Restraints:
The growing number of wealthy people, along with 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.
Expanding 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.
Market Size Available
2022 – 2028
2023 - 2028
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
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 and Sony Computer Entertainment Inc and Others.
Global Gaming Console Market Segmentation:
The global gaming console market is separated by technology, components, console, application, and platform.
In terms of technology, the global market is segmented in virtual and augmented reality, motion jump technology, polarized shutter technology, automatic stereoscopy, Xbox Illumiroom, etc.
In terms of components, the market is mainly bifurcated as hardware and software.
Additionally, according to the console, the global market is divided into home, laptop, microphone, and dedicated consoles. Of these, home consoles are predicted to dominate the global gaming console market in future.
According to the application, the market is divided into healthcare, mobile devices, and games.
Also, the platform segment is categorized as Sony Play Station, Microsoft Xbox, Nintendo Wii, and others.
The Asia-Pacific region is expected to post substantial growth in the market share of gaming consoles. 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 market players:
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]