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The latest report by IMARC, titled “ Gaming Console Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023 -2028
” the global gaming console market size reached US$ 38.5 Billion in 2022.
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 randomaccess 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.
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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$ 50.2 Billion by 2028, expanding at a CAGR of 4.9% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
Market Summary:
Breakup by Type:
• Home Consoles
• Handheld Consoles
• Hybrid Consoles
• Dedicated Consoles
• Others
Breakup by Applications:
• Gaming
• Non-Gaming
Breakup by End Use:
• Residential
• Commercial
Breakup by Region:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
• Advanced Micro Devices Inc.
• Atari VCS LLC.
• Bandai Namco Studios Inc.
• Microsoft Corporation
• Nintendo Co. Ltd.
• NVIDIA Corporation
• Sony Group Corporation.
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