Global Gaming Console Market Size, Share, Growth Analysis, By Type(Home Consoles, H), By End-use(Residential, Commercial), By Application(Gaming, Non-Gaming) - Industry Forecast 2023-2030

Global Gaming Console Market size was valued at USD 22.9 billion in 2021 and is poised to grow from USD 24.1 billion in 2022 to USD 33.8 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).

The gaming console market is predicted to grow quickly in the upcoming years. The creation of brand-new, cutting-edge audio visual technology may be to blame for the expansion. Due to advancements in technology and innovation in a variety of audiovisual devices, demand for these consoles has significantly increased. Customers can now have a richer and better experience thanks to the increasing availability of high-end sound and visual equipment. Additionally, it is projected that users would have a better experience with HDTVs that feature built-in WiFi connectivity, HDMI connectors, and the ability to handle external hard discs.

A video game console is a device that generates a video signal or visual image for a video game to be displayed on. It's basically a console device made with customers' desire to play video games in mind, as opposed to home PCs or arcade machines. There are several gaming consoles available today, including the Wii U, PlayStation 4, Xbox One, Steam Machine, RetroN 5, and Leap TV. The most recent change in the gaming console industry is the expansion of multi-purpose game consoles in terms of availability and acceptance. In the years to come, market growth is predicted to be positively impacted by the multi-functional consoles' many benefits, such as enabling users to download videos, browse the internet, listen to music, and watch videos all at once while playing games.

The multifunctional features that contemporary game consoles offer, such as the capacity to serve as both a gaming and an entertainment device, may increase demand for gaming consoles. The high cost of such consoles, both upfront and in terms of disc expenses, could, however, limit market growth. It is predicted that the emergence of smartphones and tablets as gaming console alternatives will significantly restrict industry growth.

In the next years, market progress may also be hampered by consumers' shifting preferences towards other platforms like internet and mobile gaming. Due to the fact that internet and mobile games are substantially less expensive than expensive console discs, the demand for gaming consoles has significantly fallen.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Gaming Console Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The Global Gaming Console Market is segmented based on end user, application, type and by region. Based end user Gaming Console Market is categorized into Residential and Commercial. By Application Gaming Console Market is segmented Gaming and Non-Gaming. Based on Type Gaming Console Market is categorized in (Home Consoles and Handheld Console (Portable and Non-Portable)). Based on region Gaming Console Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

Growth in the gaming console market will be fueled by increasing consumer demand for game consoles built on cutting-edge wireless technologies like Bluetooth 5.0 and Wi-Fi. A number of major companies, including Sony Corporation, are offering game consoles built on wireless technology to improve the user experience. These cutting-edge consoles would also let players play games more effectively overall by doing away with the need for tethered attachments.

Gaming in 3D is becoming increasingly popular on a global scale. Gaming with stereoscopic graphics is supported on 3D gaming consoles with an integrated high-resolution display. The user experience is enhanced and the gameplay is made more realistic with 3D gaming features including accurate 3-D localisation. Increasing consumer demand for gaming consoles with 3D architecture is also anticipated to fuel the expansion of the gaming console market over the forecast period.

Restraint

When building game consoles, manufacturers frequently run into problems due to a lack of infrastructure, experienced developers, and testers. This can be a substantial challenge in this sector. Additionally, because of the weak operating system and large levels of piracy, unauthorised users can acquire a variety of premium games for free or at a relatively low cost. Game piracy, both online and offline, is becoming more prevalent, which affects the overall sales of gaming consoles and related goods.

Market Trends

The vast majority of industry participants are switching from high-definition television (FHDTV) and advanced ultra-high-definition television (UHDTV) to standard high-definition television (SDTV). Ultra-high-definition resolutions include those found in 4K, DCI 4K, and 8K displays. A number of major game console manufacturers are working on consoles that can show resolutions as high as UHDTV and FHDTV.

The adoption of various video game console add-ons, including 4K TVs, 3D audio headphones, keyboards, and others, has supported the market expansion for gaming consoles. Users can enjoy better gaming with the help of these gadgets. Additionally, during the projection period, the adoption of other technologies, such as wireless connectivity, haptic vibration, and Blu-ray, will boost the revenue of the gaming console market.

One of the main factors boosting the advertisements segment's rise is cloud gaming. Massive amounts of gaming data may be stored via cloud services, while security measures are also improved. Important players in the gaming console industry are also incorporating cloud services into gaming consoles to offer a "game-as-a-service" model that gives users access to and material for games on demand.