Gaming Console Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Gaming Console Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Gaming Consoles Market

The gaming consoles market size was valued at USD 34.27 billion in 2019, and the market is now projected to grow from USD 51.15 billion in 2027, exhibiting a CAGR of 5.3% during the forecast period of 2023-2030.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the gaming consoles market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic. Production facilities throughout the nations have been hindered by the abrupt lockdown. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this.

Growing investment to support gaming consoles market growth and growing demand for wireless and 3D gaming consoles with 4K resolution capabilities during forecast period. The market is anticipated to expand due to the growing demand for game consoles that use cutting-edge wireless technologies like Bluetooth 5.0, Wi-Fi, and others. To give their customers a better experience, major companies like Sony Corporation and others are selling gaming consoles with wireless technology. Additionally, by removing the need for wired accessories, these cutting-edge consoles would assist gamers in improving their overall gaming experience. Furthermore, 3D gaming is becoming exponentially more and more popular worldwide. Stereoscopic graphics games on an integrated high-resolution display is supported by 3D gaming consoles. Additionally, 3D gaming offers features like accurate 3-D localization, which enhances user experience and adds realism to gameplay. During the projected period, the growing demand for gaming consoles with 3D architecture is also anticipated to propel the gaming console market's overall expansion.

The development and uptake of console visual display resolutions like 4K and 8K will propel gaming consoles market growth during forecast period. Developing game consoles with UHDTV and FHDTV display resolution capabilities is one of the major companies in this sector. Additionally, the introduction of several video game console attachments, such keyboards, 3D headphones, and 4K TVs, has helped the gaming console business expand. These add-ons give players a better gaming experience. Additionally, throughout the projected period, the market revenue will be influenced by the adoption of additional technologies like as wireless connectivity, Blu-ray, and haptic vibration.

Comprehensive Analysis of Gaming Consoles Market

The gaming consoles market and information & communication technology industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types, by end use and by application. The Type segmentations include Home Consoles and Handheld (Portable and Non-Portable), By End-use segmentations include Residential and Commercial), By Applications segmentations include Gaming and Non-Gaming.

The Asia Pacific region lead the gaming consoles market by benefitting a market size of USD 17.43 billion in 2019 due to Growing investment to support market growth and growing demand for wireless and 3D gaming consoles with 4K resolution capabilities and development and uptake of console visual display resolutions like 4K and 8K.

The top players in the market play a crucial role in the information & communication technology industry assuring industrial prospectus growth and setting market standards. These players include, Nintendo Co. Ltd., (Japan), Sony Corporation (Sony Computers Entertainment Inc.) (Japan), Microsoft Corporation (United States) these market players provide a level-playing competitive landscape.

In January 2019, Audiokinetic, Inc., a supplier of audio solutions for the media and gaming sectors, was purchased by Sony Interactive Entertainment (SIE). SIE was able to acquire Audiokinetic's technical business unit for audio engineering thanks to this transaction. The PlayStation audio ecosystem gained significant value from this transaction.

Segmentation Table

SEGMENTATION DETAILS

Study Period 2015 - 2027

Base Year 2019

Forecast Period 2020 - 2027

Historical Period 2015 - 2018

Unit Value (USD billion)

SegmentationBy Type

Home Console

Handheld Console

Portable

Non-Portable

By End-use

Residential

Commercial

By Application

Gaming

Non-Gaming

By Region

North America

Europe

Asia Pacific

Middle East and Africa

Latin America


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