Gaming Console Market, By Type (TV gaming consoles, and Handheld gaming consoles), By Gamer (Hard-core Gamer, and Casual gamers), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Market Trends, Analysis, and Forecast till 2029

Gaming console market accounted for USD 34.4 billion in 2019 and is estimated to be USD 56.1 billion by 2029 and is anticipated to register a CAGR of 5.1%.

Increasing availability and recognition of multi-functional gaming console is that the most up-to-date trend emerging within the market. Numerous benefits offered by the multi-functional consoles like enabling gamers to download videos, browse the web, hear music and watch videos concurrently while playing games, are predicted to drive the market growth over the approaching years. Driving factor of the market is enhanced features of next-generation gaming consoles and therefore the popularity of smart phones and tablets have revolutionized the worldwide gaming market with a rising number of consumers preferring such devices over gaming consoles. Low penetration of gaming consoles within the E-sports market is that the challenge of the gaming console market. The market trend is vendors are manufacturing multipurpose gaming consoles.

Impact of Covid-19 pandemic on market

With the outbreak of the COVID-19, various businesses are at the forefront to combat this pandemic. The pandemic has hindered the industrial supply chain and also disrupted the product segment. Government across the countries has imposed strict lockdown to limit the spread of disease. COVID-19 creates a positive impact on gaming console market. According to The Washington Post, the number of subscribers for Microsoft’s Game Pass service passed 10 million in April 2020. Among these subscribers, Microsoft reported a 130 per cent increase in multiplayer engagement across March and April This report will quantify the impact of pandemic on gaming console market.

Emergence of AR/VR Gaming

The increasing application of immersive technologies, such as virtual reality, augmented reality, and mixed reality, is going to be a cornerstone for the gaming industry, where users can enhance their experience by 20 times more enjoyable and convenient than traditional alternatives. This instance is expected to drive the game console application, as VR/AR headsets will be a growth driver, as they will ultimately combine with game consoles.

Increasing accessibility of smartphones and tablets

The increasing accessibility of smart phones and tablets is encouraging the young population to use their devices for gaming more than using gaming consoles such as Xbox and PlayStation. This, in turn, will boost the number of casual gamers in the world. The number of casual gamers will continue to increase during the estimated period because consumers are looking for multi-utility devices such as PCs, smart phones, and tablets over dedicated gaming consoles.

The global gaming console market is segmented based on type, gamer and region.

On the basis of type, the global gaming console market is segmented into TV gaming consoles, and handheld gaming consoles.

Based on gamer, the global gaming console market is segmented into hard-core gamer and casual gamers.

Regional Insights:

On region the global gaming console market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America expected to dominate the market over the forecast period. For instance, The United States had the largest gaming population. The Entertainment Software Association in 2019 estimated that over 164 million adults in the United States were playing video games. The US ranks second to Europe, in terms of the average number of people gaming every week, in the US this figure was at 7.48 hours per week according to the data shared by ZarkCentral.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global gaming console market report based on type, gamer and region.

Global Gaming Console Market, By Type:

• TV gaming consoles
• Handheld gaming consoles

Global Gaming Console Market, By Gamer:

• Hard-core Gamer
• Casual gamers

Global Gaming Console Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating in the global gaming console market includes Nvidia Corp., Valve Corp., PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, OUYA Inc., Microsoft Corp., and Sony Computers Entertainment Inc. The market is especially characterized by collaborations and partnerships between the businesses and acquisitions of smaller players as a part of strategic expansion as well as launching their new product specimen. For instance, In February 2020, Microsoft Corporation has revealed the launch of the next console, the Xbox Series X in late 2020. The console is rumored to feature a custom 7nm Zend 2 processor with Navi RDNA 2 GPU that allows it to support advanced features such as ray tracing, 4k gaming at 60 fps, 8k resolution, and GDDR6 memory with variable refresh rates. The company is targeting 12 teraflops of power into the Xbox Series X, making it twice as powerful as the Xbox One X series.

• Nvidia Corp.
• Valve Corp.
• PlayJam
• BlueStacks
• Nintendo Co. Ltd.
• Mad Catz
• OUYA Inc.
• Microsoft Corp.
• Sony Computers Entertainment Inc.
• Tencent Holdings Limited