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The global gaming console market size is estimated to grow at a CAGR of 6.63% between 2022 and 2027. The size of the market is forecast to increase by USD 17,071.59 million.
One of the critical and important factors driving the growth of the gaming console market is the enriched audio and visual experience for gaming. Due to high disposable incomes gamers are willing to invest in high-end displays and TV sets. Features such as HD displays, along with HDMI and wireless network compatibility have positively impacted the market growth over the forecast period. Moreover, home theatre sound systems provide gamers with a real-life-like gaming experience which is again a major factor driving the growth of the market. Challenges such as the increased popularity of PC gaming or the impacts of privacy may hinder market growth. But factors such as technological advancement, and an increase in the popularity of gaming consoles among teenagers, adults, and females is helping the market expand at a fast pace. China, Japan, Australia, and South Korea are the key regions contributing to the market growth.
This 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.
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The enhanced technological features and product innovations are notably driving the market growth, although factors such as the increasing influx of casual gamers may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Gaming Console Market Driver
The enhanced technological features and product innovations are notably driving the market growth. The global market has gone through numerous technological developments in order to cater to the increasing needs of consumers over the years. The last generation of gaming consoles from prominent vendors like Sony and Microsoft were PS4 and Xbox One, respectively, and they are considered the ninth-generation gaming consoles.
Over time, gaming consoles have been undergoing significant technological advances. Modern-day gaming consoles offer various features such as a CPU, RAM, motion sensors, and advanced connectivity options. The goal is to provide gamers with the ultimate gaming experience. Gaming enthusiasts will always crave an enhanced gaming experience. This will force game developers to come up with innovative technologies, which will fuel the growth of the global market during the forecast period.
Significant Gaming Console Market Trend
The emergence of gamification is an emerging trend in the market. Gamification is the use of game design strategies to enable fun-based, optimized user engagement. It encourages consumers to engage in the desired behaviour by taking advantage of the psychological susceptibility of humans to engage in gaming.
Currently, the technique is popular on PCs and might move to the gaming console platform. Some of the tools used in gamification projects are badges, leaderboards, activity feeds, real-time feedback, trophy cases, avatars, and mini-games. The main objective of these tools is to drive business or motivate employees. Microsoft is already working on integrating its consoles with gamification. Therefore, such factors are expected to positively impact the growth of the global market during the forecast period.
Major Gaming Console Market Challenge
The increasing influx of casual gamers is a major challenge impeding the market growth. 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 market. Hence, these factors will hinder the global market growth during the forecast period.
Key Gaming Console Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Gaming Console Market Customer Landscape
Vendors 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.
Atari Inc. - The company offers a wide range of video games and playing equipment like gaming consoles. The key offerings of the company include a gaming console.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the TV consoles segment will be significant during the forecast period. Home consoles or TV consoles are interactive computers that produce a video display signal. The video display signal can be used, with a display device, to play video games.
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The TV consoles segment was valued at USD 26,550.84 million in 2017 and continued to grow until 2021. The TV gaming console segment is the leading segment in the global market. The technological advances are the best in the industry, with the last generation of Sony and Microsoft consoles with 8 GB RAM, which is compatible with Blu-ray video, HDMI, and digital outputs. 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 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.
APAC is considered to be the hub of professional gamers. China is known to be the gaming capital of the world, as it makes up around 25% of the global video game industry. The increasing penetration of E-sports in developing countries, such as Taiwan, Malaysia, and Singapore, will also contribute to the growth of E-sports in APAC. Some of the major digital game companies operating in this region are China-based Tencent and GungHo Online Entertainment. In addition, most of the innovations in gaming technologies are adopted in Japan as many of the prominent vendors in the market, such as Sony and Nintendo, are based in this country.
In 2022, countries such as China, Japan, Australia, and South Korea were the major contributors to the global video gaming market, with these countries generating more than 40% of the revenue for the video gaming industry across the globe. Traditionally, PC games were mostly used as gaming platforms in APAC. Recently, the advent of the latest generations of video gaming consoles has fueled the demand for gaming consoles among consumers in the region. Hence, the demand for gaming consoles in the region will be high during the forecast period.
In 2020, the COVID-19 pandemic led to a sharp rise in the demand for gaming consoles, as the imposed lockdowns and restrictions gave people an incentive to venture into casual gaming to pass the time or as a means to relieve stress. Gaming companies also capitalized on the fact that people are confined to their homes because of the lockdown and restrictions in movement and are turning toward gaming. They provided many offers and incentives to attract more customers. Furthermore, in 2021, with vaccination programs across the region, the supply chain returned to normalcy, increasing the demand for gaming consoles by double digits. Hence, the market in APAC has become more prominent and is expected to witness high growth during the forecast period.
The 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 |
156 |
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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 Vendors, Market Positioning of Vendors, 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, and Market condition analysis for the 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. |
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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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