Global Gaming Consoles Market – Industry Trends and Forecast to 2029

Global Gaming Consoles Market, By Component (Hardware, Software), Console Type (T.V. Gaming Console, Handheld Gaming Console, PC Gaming Console, Hybrid Consoles, Dedicated Consoles, Digital Consoles, Online/Microtransaction Consoles), Platform (PlayStation, Xbox, Wii, Others), Technology (Virtual and Augmented Reality, Motion Jump Technology, Polarized Shutter Technology, Automatic Stereoscopy, Xbox Illumiroom, Others), Age Group (0-22 Years, 23-32 Years, Above 33 Years), Gamer (Hard-Core Gamer, Casual Gamer), Application (Shooter, Action, Sport Games, Role-Playing, Adventure, Racing, Fighting, Strategy), Device (TV, Computer/PC, System Consoles), Distribution Channel (Online Distribution Channel, Offline Distribution Channel), End Use (Household Usage, Commercial Usage) – Industry Trends and Forecast to 2029.

Global Gaming Consoles Market Analysis and Size

Over the last few years, there has been immense growth in the participation in gaming activities. Due to the development of breakthrough audio-visual technology, the global industry is rapidly expanding. The gaming business is releasing sturdy gaming consoles and peripherals as a result of technology developments and innovation in various audio-visual technologies. HDTVs with HDMI connectors and built-in Wi-Fi connectivity, as well as the ability to handle external hard drives, provide a better gaming experience. The various developments and innovations during forecasted period will largely help market to gain immense growth and expansion.

• Global Gaming Consoles Market was valued at USD 55.85 billion in 2021 and is expected to reach USD 115.42 billion by 2029, registering a CAGR of 9.5% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behavior.

Global Gaming Consoles Market Definition

Gaming consoles are electronic computer devices/machines that output video to a display system so that one or more people can play the games that are available on these machines. The word is commonly used to describe the computers' primary function, despite the fact that they are now much more than just game consoles, but rather entertainment consoles. These machines are much smaller than their traditional equivalents, such as arcade games, and give a far better playing experience for the gamers.

Report Scope and Market Segmentation

Gaming consoles Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

• High Demand of Gaming Consoles

One of the primary elements fueling the market's growth is the additional perks and features connected with the consoles, such as being an entertainment console rather than just a gaming console. The various advantages provided by multi-functional consoles, such as the ability for gamers to simultaneously download videos, surf the internet, listen to music, and view videos while playing games is projected to create outstanding demand for the gaming consoles services during the forecasted period.

The increase in spending by gamers will further propel the growth rate of gaming consoles market. Additionally, the increasing consumer preference for home consoles over handheld gaming consoles along with the rapid urbanization will also drive market value growth over forecasted timeframe. Furthermore, the increase in adoption of Bluetooth, Wi-Fi and others across different sectors also boosts the overall market’s growth.

Opportunities

• Advancements and Innovation

Furthermore, the technological advancements and developments of innovative product offerings coupled with the advancement in wireless connectivity extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the innovative marketing strategies adopted by professionals and developers to promote the 3D video games along with the growing investment in gaming industry and increasing “MMOGs (massively multiplayer online gaming options)” will further expand the future growth of the gaming consoles market.

Restraints/Challenges Global Gaming Consoles Market

• High Costs

However, high levels of cost associated with the devices available in the market along with the high cost of individual gaming titles required to operate these consoles is anticipated to hamper the overall growth. This factor will create hindrances for the growth of the gaming consoles market.

• Dearth of Professionals

Development of gaming consoles necessitates highly qualified developers and testers, as well as infrastructure. The lack of technological skills within the workforce has resulted in a labour shortage for gaming consoles. The global market's lack of skilled and experienced people is the primary stumbling block to its expansion. Therefore, this factor is anticipated to challenge the gaming consoles market growth rate.

This gaming consoles market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the gaming consoles market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Gaming consoles Market

The recent outbreak of coronavirus had a huge impact on the gaming consoles market. Many governments around the world have implemented lockdown restrictions and travel restrictions as a result of the pandemic, disrupting the supply chain for goods and resources as well as market demand. The pandemic has produced problems with the consoles' manufacturing process. Because China is the primary source of electronics and other hardware components, travel and transportation concerns to and from China and other parts of the region have mostly impacted the manufacturing process. Many video game producers and operators have attempted to keep their operations stable. In comparison to other businesses, the work-from-home concept has generated a record for online games during the pandemic, resulting in a more robust solution for the gaming console market.

Recent Development

• In April 2021, Sony introduced its PlayStation 5 console in China. The PS5's disc version will cost 3,899 yuan ($602), while the digital-only version will cost 3,099 yuan. Sony's console will be available in China on May 15, with pre-orders starting on April 29.
• In July 2021, Valve has released the Steam Deck, a new mobile gaming platform that will compete with the Nintendo Switch. Steam Deck is a small PC game system that runs on its own SteamOS. Although it has a comparable form factor to previous game consoles, it is more powerful than its competitor, the Nintendo Switch.

Global Gaming Consoles Market Scope

The gaming consoles market is segmented on the basis of component, console type, platform, technology, age group, gamer, application, device, distribution channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software

On the basis of component, the gaming consoles market has been segmented into hardware and software.

Console Type

• T.V. Gaming Console
• Handheld Gaming Console
• PC Gaming Console
• Hybrid Consoles
• Dedicated Consoles
• Digital Consoles
• Online/Microtransaction Consoles

The gaming consoles market has also been segmented on the basis of console type into T.V. gaming console, handheld gaming console, PC gaming console, hybrid consoles, dedicated consoles, digital consoles and online/microtransaction consoles.

Platform

• PlayStation
• Xbox
• Wii
• Others

On the basis of platform, the gaming consoles market is segmented into playstation, xbox, wii and others.

Technology

• Virtual and Augmented Reality
• Motion Jump Technology
• Polarized Shutter Technology
• Automatic Stereoscopy
• Xbox Illumiroom
• Others

On the basis of technology, the gaming consoles market is segmented into virtual and augmented reality, motion jump technology, polarized shutter technology, automatic stereoscopy, xbox illumiroom and others.

Age Group

• 0-22 Years
• 23-32 Years
• Above 33 Years

On the basis of age group, the gaming consoles market is segmented into 0-22 years, 23-32 years and above 33 years.

Gamer

• Hard-Core Gamer
• Casual Gamer

On the basis of gamer, the gaming consoles market is segmented into hard-core gamer and casual gamer.

Application

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

On the basis of application, the gaming consoles market is segmented into shooter, action, sport games, role-playing, adventure, racing, fighting and strategy.

Device

• TV
• Computer/PC
• System Consoles

On the basis of device, the gaming consoles market is segmented into tv, computer/pc and system consoles.

Distribution Channel

• Online Distribution Channel
• Offline Distribution Channel

On the basis of distribution channel, the gaming consoles market is segmented into online distribution channel and offline distribution channel.

End Use

• Household Usage
• Commercial Usage

On the basis of end use, the gaming consoles market is segmented into household usage and commercial usage.

Gaming Consoles Market Regional Analysis/Insights

The gaming consoles market is analyzed and market size insights and trends are provided by country, component, console type, platform, technology, age group, gamer, application, device, distribution channel and application as referenced above.

The countries covered in the gaming consoles market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the gaming consoles market because of the surging demand for gaming consoles based on advanced technologies such as AR/VR platform, Bluetooth, cloud services, 3D technology and others within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the easy availability of 3D gaming hardware and software in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Gaming Consoles Market Share Analysis

The gaming consoles market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to gaming consoles market.

Some of the major players operating in the gaming consoles market are

• Sony Corporation (Japan)
• Microsoft (U.S.)
• Nintendo (Japan)
• Logitech (Switzerland)
• Valve Corporation (U.S.)
• NVIDIA Corporation (U.S.)
• PlayJam (UK)
• BlueStacks (U.S.)
• Sega (Japan)
• Atari Inc., (U.S.)
• Bandai Namco Studios Inc. (Japan)
• Bay Tek Entertainment Inc. (U.S.)
• Capcom Co. Ltd. (Japan)
• CXC Simulations (U.S.)
• D-BOX Technologies Inc (Canada)
• Advanced Micro Devices (U.S.)
• IBM (U.S.)
• Tencent (China)
• Paperspace (U.S.)
• Activision (U.S.)
• Ubitus K.K (Taiwan)
• Playkey (U.S.)
• LP Technologies LLC (Russia)
• Hatch Ltd., (Finland)
• Blacknut (France)