According to the latest report by IMARC Group, titled “Gaming Console Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global gaming console market size reached US$ 36.84 Billion in 2021. A gaming console refers to an electronic device that produces a video signal or visual image for displaying a video game. They are powered by CPUs and operating systems while comprising random-access memory (RAM) and controllers. They are mainly controlled by their respective manufacturers with the software outfitted according to the capabilities of the machine. The core advantages provided by these consoles include human control interface, hybrid data storage, APU horsepower, and low pow consumption. They also enable gamers to download videos, listen to music, browse the internet, and watch videos simultaneously while playing games. In addition to this, they are easy to use and create a merged entertainment system that offers a more active experience to the users.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Gaming Console Market Trends:
The market is primarily driven by the increasing demand for 3D video games based on augmented reality (AR) and virtual reality (VR). In line with this, continuous developments of smart applications and games equipped with virtual assistant services are propelling the market. With the emergence of core wireless connectivity, such as Bluetooth 5.0, Wi-Fi, and the internet of things (IoT), and a considerable rise in the adoption of advanced technologies, including haptic vibration and Blu-ray, are also providing a significant boost to the market. Apart from this, the introduction of advanced gaming console accessories, including 3D audio headphones, 4K TVs, and keyboards, is creating lucrative opportunities for the market. Some of the other factors contributing to the market include the growing investments by key players in the development of premium game consoles offering enhanced gaming experience and the introduction of massively multiplayer online game options (MMOGs). On account of the aforementioned factors, the market is anticipated to reach a value of US$ 48.14 Billion by 2027, expanding at a CAGR of 5.0% during 2022-2027.
- On the basis of the type, the market has been divided into home consoles, handheld consoles, hybrid consoles, dedicated consoles and others.
- Based on the applications, the market has been bifurcated into gaming and non-gaming.
- On the basis of the end use, the market has been segmented into residential and commercial.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Advanced Micro Devices Inc., Atari VCS LLC., Bandai Namco Studios Inc., Microsoft Corporation, Nintendo Co. Ltd., NVIDIA Corporation and Sony Group Corporation.
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