New York, March 21, 2023 (GLOBE NEWSWIRE) -- The Global Gaming Consoles Market size reached a value of USD 39.3 billion in 2022. The market will continue to grow due to technological advances. It is forecast to expand at 5.3% CAGR over the 2023-2032 period. By 2032, the market will reach USD 65 billion. All game consoles can be described as computers. They have a storage drive that looks a lot similar to a computer. Because they are computers, they can store data in the same way.
A lot of people use their gaming system to surf the Internet, watch movies, and not only for playing games. These data are saved to the gaming console's storage drive. This means that data, even deleted data, can be recovered. Gaming consoles need TVs and monitor to display the graphics. These consoles require operating systems and CPUs that are different from desktop computers. The consoles can be controlled by the manufacturers, and the software is tailored to their capabilities.
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Key Takeaway:
- By Type, the home consoles will generate the most revenue and they are anticipated to grow at the highest CAGR over the forecast period 2023-2032.
- By End-User, the residential segment is anticipated to grow at a significant CAGR over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 41.7%.
- Asia-Pacific is anticipated to have the highest market share during the forecast period 2023-2032.
Factors affecting the growth of the Gaming Consoles Market
Several factors can affect the growth of the gaming console market. Some of these factors include:
- Innovation by key companies: Companies are inventing new platforms to reach gamers around the world, thus the market is growing rapidly. The growing popularity of social media games has a major impact on market growth. It is widely used as an entertainment product by many.
- Increasing popularity for E-Sports: Factors for market expansion include the expansion of the fan base of e-sports competitions and the increase in the number of professional gamers.
- Inclusion of AR and VR in gaming consoles: The increasing use of immersive technologies such as virtual reality, augmented reality, and mixed reality is fundamental to the gaming industry. Users can improve their experience by making it 20 times more fun and convenient than traditional methods. This instance is supposed to control a game console application
- Increasing disposable income: Rising disposable income, the availability of different options to meet consumer needs, and the desire of gamers to download video and audio, surf the internet, listen to music, and watch videos. Playing games has further contributed to the growth of the market due to the many advantages offered by gaming consoles that enable them.
- Rising demand for wireless technology: Increasing demand for game consoles based on advanced wireless technologies such as Bluetooth and Wi-Fi is expected to boost market growth.
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Top Trends in the Global Gaming Consoles Market
AR integration in gaming has gained significant popularity in recent years. Sony's Eye Toy for PlayStation 2 has used the camera to embed digital worlds over the real-life canvas so that users can interact with them. The Nintendo Wii also allowed users to play tennis from their living rooms with an immersive virtual world through the use of touch-sensitive controllers. These were the moments that caught the attention of millions back then.
Immersive technologies such as mixed reality, virtual, and augmented reality are key components of the gaming industry. The user can make their gaming experience 20 times more enjoyable than with traditional options. This is expected to be the driving force behind the game console app, as VR/AR headsets are expected to be a growth driver as they eventually combine with game consoles.
Multi-functional gaming consoles are one of the main factors driving the market growth. There is also a significant increase in the use of the internet of things in the gaming industry. This allows for real-time interaction with the gaming environment through various devices. Games are becoming more flexible and user-friendly in terms of graphics and categories. This is a positive influence on the market, along with the availability of many high-quality games.
Many gamers now prefer to use gaming consoles because they are easy to set up and maintain. Gaming consoles can be set up and maintained easily, unlike a PC which may need to be upgraded as the game progresses. Gaming consoles also have augmented reality (AR), which allows users to control their gaming experience through action-based controls. These benefits, together with 3D video gaming, are driving global sales for gaming consoles. Other factors such as product innovation, technological advances, and the flourishing electronics industry are also driving the market's growth.
Market Growth
With the spread of smartphones, the gaming console market is also expanding. Smartphone games are popular because they fit into the busy lives of many people today. The gaming console is perfect for playing games between work, on the bus, on the way home, or on trips with limited time. This is another factor that will expand the market as gaming consoles become more popular.
Advances in core wireless connectivity are expected to increase the use of gaming consoles. Major players are investing in the development and launch of premium, high-performance game consoles as part of their strategy.
Regional Analysis
The market was dominated by North America. The market is growing rapidly thanks to the most recent technology. The growing popularity of the region is due to social media trends, gaming competitions that offer million-dollar prizes, and the increasing popularity of the area. North America is expected to experience a remarkable CAGR during the forecast period. This is due to the growing demand for consoles that use technologies such as 3D architecture, cloud services, AR/VR platforms, and motion sensing techniques. Companies in the region are working to develop and launch advanced gaming consoles to meet this growing demand. These consoles can be used for both gaming and other purposes.
Asia-Pacific will have the largest market share over the forecast period. This is due to the growth of key players in the region, like Sony Corporation and Nintendo Co. Ltd. This is because gamers in Japan, South Korea, and China are five times more active than those in North America. China will have a significant market share over the forecast period. E-sport tournaments like FIFA 20 (PS4) Open Cup, and MK11 contribute to China's to its growing market. Key players in the region are focusing on future technologies, such as cloud-based streaming and 5G network, to maintain gamers' trust and decrease piracy.
Competitive Landscape
The competitive landscape of the gaming console market has also been examined in this report. Some of the major players include Sony Corporation, Microsoft, Nintendo, Logitech, Valve Corporation, NVIDIA Corporation, Sega, IBM, Tencent, Paperspace, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 39.3 billion |
| Market Size (2032) | USD 65 billion |
| CAGR (from 2023 to 2032) | 5.3% |
| North America Revenue Share | 41.7% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
With the growing demand for wireless gaming consoles such as Bluetooth 5.0 or Wi-Fi, the market will expand. Major players like Sony Corporation are offering wireless game consoles to improve user experiences. These consoles will allow users to eliminate wired accessories, thereby enhancing the gaming experience.
3D gaming is also gaining popularity at a significant rate. An integrated high-resolution display allows for stereoscopic graphics on a 3D gaming console. Features like 3D localization and precise 3-D positioning in 3D gaming enhance the user experience. The market for 3D-based gaming consoles is expected to grow during the forecast period. The Gaming Console Market will also grow due to several factors such as the rising global investment in video games and expanding massively multi-player online game options.
Market Restraints
Gaming console makers often face difficulties designing consoles due to a lack of skilled workers, testers, and infrastructure. This can pose serious problems for the market. Unauthorized users can also access premium games for free or at low prices due to operating system vulnerabilities and high piracy rates. Rising rates of gaming piracy are hurting the overall sales of gaming consoles and related products.
Market Opportunities
Advancing Technology and innovations in the gaming consoles are creating many opportunities in the gaming consoles market. Many Developers and Professionals are using various marketing strategies to promote 3D video games, which is anticipated to boost the growth of the gaming consoles market. Also, the increased funding in the gaming industry is encouraging professional gamers and casual gamers to move toward gaming consoles. This eventually affects consumer electronics widely.
Many companies are offering high-end games like massively multiplayer online gaming options for the gaming consoles to propel the gaming consoles market growth during the forecast period 2023-2032.
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Report Segmentation of the Gaming Consoles Market
Type Insight
The gaming consoles market is classified into home consoles and handheld consoles by type. Home consoles are expected to grow significantly over the forecast period 2023 to 2032. The number of gamers using cloud computing and playing online games has risen by a significant amount in the countries like China, the United States, and India.
The handheld segment is anticipated to grow at a steady CAGR during the forecast period due to less number of users in the market. Many companies like sony corporation are spending more money on research and development to expand the brand’s reach by launching new consoles across the world. Nintendo Co.Ltd launched the Nintendo Switch in 2020, which sold around 15 million to 16 million consoles in two years.
End-Use Insight
The Gaming Console market is classified into residential and commercial segments by the end user. The residential segment is anticipated to grow at a critical CAGR over the forecast period 2023 to 2032. The rise in demand for gaming accessories like mouse, 3D headset, and other accessories are helping to expand the market in different categories across the world.
The arrival of high-end displays and smart TV’s with a high resolutions like 4k, 8K, and 3D are boosting the home consoles segment to grow over the forecast period. These trends of high-end displays for home consoles are due to the offerings of these displays. The high-end displays offer high-resolution graphics for the real-time experience which the normal displays lack. The introduction of virtual reality and mixed reality is anticipated to boost the residential segment in the gaming console market during the forecast period.
The rising trend of cloud gaming is expected to drive the growth of the commercial segment in the gaming console market. The commercial segment is anticipated to grow at a big CAGR during the forecast period of 2023 to 2032. Better security measures and good quality of gaming are helping cloud gaming to rise in the market.
Many users store their gaming data in the cloud which is secured and protected by cloud services. On-demand games are becoming popular due to many major companies offering game-as-a-service by joining cloud services to gaming consoles.
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Market Segmentation
By Type
- Home Consoles
- Handheld Consoles
By Distribution Channel
- Supermarket/Hypermarket
- Online Platforms
- Other Distribution Channels
By End-Use
- Residential
- Commercial
By Geography
- 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
Key Market Players:
- Sony Corporation
- Microsoft
- Nintendo
- Logitech
- Valve Corporation
- NVIDIA Corporation
- Sega
- IBM
- Tencent
- Paperspace
- Other Key Players
Recent Development of the Gaming Consoles Market
- In March 2022, NVIDIA announced their new service Omniverse for developers. It is a tool for developers which makes their work easier by doing functions like sharing and sorting asset libraries, teaming up, and applying artificial intelligence to customize the animation and graphics under the new game development program.
- In May 2022, “Ubisoft+” was announced by Ubisoft for the PlayStation players to get premium benefits on their gaming consoles. Ubisoft+ launches paid subscription plans such as ‘play station extra’ and ‘play station premium, tiers for the users which give access to the advanced features in the Ubisoft games according to the subscription of the user.
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