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The Global Gaming Console Market share was valued at USD 39,473.19 million in 2020 and showed positive growth during the forecast period. This gaming console market report extensively covers market segmentation by type (TV consoles and handheld consoles), usage (casual gamers and hardcore gamers), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The global gaming console market size is estimated to grow at a CAGR of 6.63% between 2023 and 2027. The market size is forecast to increase by USD 17,071.59 million.
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The increasing use of gaming consoles for non-gaming activities is one of the major gaming console market trends shaping the market growth. The flagship product of Microsoft, Xbox, is among the most-sold consoles in the world. Microsoft has partnered with numerous entertainment apps such as Netflix, Hulu Plus, and HBO Go. However, customers will need to buy a premium subscription to avail of these apps.
The growing prominence of these apps outside the gaming console segment has made the company remove its premium subscription for these apps. Since then, there has been a rapid increase in Netflix viewership via Xbox. In 2020, most of the Xbox-related activities were through streaming on Netflix and Amazon. Non-gaming-related activities through gaming consoles are expected to increase during the forecast period.
Diversifying gaming population is a key driver boosting the market growth. One of the major factors influencing the growth of the global gaming console market is the paradigm shift in the demographics of the audience. The market mainly consists of teenagers, but the number of adults using gaming consoles is currently increasing. The average age of gamers increased from 18 years (in 2008) to 27 years (in 2016) and further to 34 years (in 2021). Another main factor that drives the market is the increase in the number of female gamers. For instance, about 45% of gamers in the US are women.
The increase in the diversity of end-users has increased the target audience of gaming console vendors. Also, the diversifying gaming population has encouraged vendors to change their marketing strategies. The penetration of gaming-specific peripherals is rapidly increasing, which is an indication of the changing lifestyle of gamers. Thus, the increasing population of gamers is expected to propel the growth of the global gaming console market during the forecast period.
The increasing influx of casual gamers is a key challenge hindering the gaming console market. The use of PCs has changed drastically in the last ten years. PC gaming was considered an enthusiast-driven gaming market. This includes the people who spend a lot of time and money on buying PCs and the required games.
However, this phenomenon has significantly changed as PC gaming has become far less technical, which makes it more accessible to casual gamers. Buying a PC became affordable only after 2000. Before 2000, people used to spend a lot of time building their own PC. After 2000, PC gaming became popular as gamers could easily download a file and start playing. PC gaming is considered a direct substitute for console gaming, and with PC gaming becoming more accessible to the gaming population, it is considered a significant threat to the global gaming console market.
The TV consoles segment is estimated to witness significant growth during the forecast period. The TV gaming console segment is the leading segment in the global gaming console market. The technological advances are the best in the industry, with the last generation of Sony and Microsoft gaming console system with 8 GB RAM, which is compatible with Blu-ray video, HDMI, and digital outputs.
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The TV consoles segment was the largest segment and was valued at USD 26,550.84 million in 2017. One of the major challenges the segment is facing is the integration with E-sports. The gamers are earning money on par with other international sportspeople from games such as soccer, cricket, etc. The E-sports market is expected to grow to about USD 2.5 billion by 2025. With the increasing number of gamers considering this as a career option, the integration of TV console games with E-sports will be essential for the growth of the global TV gaming console market. The market is expected to witness high demand during the forecast period.
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APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The Asia-Pacific (APAC) region, particularly China, is a gaming powerhouse, contributing 25% of the global video game industry. China boasts high gaming participation rates, with 97% of 18-24-year-olds, and 90% of those aged 25-35 and 31-35 actively gaming. eSports are gaining ground in developing APAC countries like Taiwan, Malaysia, and Singapore. Major digital game companies, including China's Tencent and GungHo Online Entertainment, shape the gaming landscape. Japan leads in gaming technology innovation, home to influential console vendors like Sony and Nintendo.
China banned gaming consoles in 2000 but lifted the ban in 2014, making China the largest gaming market in APAC since 2015. China has over 700 million internet users, boosting online gaming. In 2022, China, Japan, Australia, and South Korea were key contributors to the global video gaming market, generating over 40% of global revenue. Traditional PC gaming has been supplemented by the popularity of next-gen gaming consoles.
Smartphone shipments are at their highest in the region, fueling the rise of smartphone gaming and diminishing demand for handheld gaming consoles.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Microsoft- The company offers gaming console such as Xbox Series.
Technavio has detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The gaming console market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Gaming Console Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.63% |
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Market growth 2023-2027 |
USD 17,071.59 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.16 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 51% |
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Key countries |
US, China, South Korea, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amkette, Analogue Enterprises Ltd., Atari Inc., Bluestack Systems Inc., Hyperkin Inc., Intellivision Entertainment LLC, Logitech International SA, Mad Catz Global Ltd., Mattel Inc., Microsoft Corp., Nintendo Co. Ltd., NVIDIA Corp., PlayJam Ltd., PLAYMAJI Inc., Razer Inc., Sega Corp., SNK Corp., Sony Group Corp., Tommo Inc., and Valve Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Usage
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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