Gaming Console Market 2022 | Present Scenario and Growth Prospects 2030: MRFR

Market Highlights

There is a lot of information about gaming consoles available online, including reviews, comparisons, and news about the latest releases. Some of the top gaming consoles currently available in the market include:

1. PlayStation 5: Sony’s latest gaming console, which offers fast load times, high-quality graphics, and a large library of games.

2. Xbox Series X and Series S: Microsoft’s latest gaming consoles, which also offer fast load times, high-quality graphics, and a large library of games.

3. Nintendo Switch: A hybrid console that can be used as both a home console and portable device, with a large selection of Nintendo-exclusive games.

Gaming Console Market Share was valued at USD 22.9 billion in 2021. The Gaming Console market industry is projected to grow from USD 24.1 billion in 2022 to USD 33.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2022 – 2030). The extra benefits and features that come with the consoles, such as being an entertainment console rather than just a gaming console, are one of the key market driver for the market’s expansion.

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Segmentation:

Based on application, the global gaming console market has been segmented into gaming and non-gaming. The gaming consoles are integrated with multiple features that offers both gaming and non-gaming or entertainment console. The rise of gaming consoles integrated with extensive content applications such as Netflix, YouTube, Amazon Prime Video and others are included in the non-gaming application. The development of controller-free gaming console is anticipated to drive the gaming application for the gaming console market.

Based on end user, the global gaming console market has been segmented into residential and commercial. The residential sector is expected to boost the growth of the market owing to the rising need for gaming accessories, 3D gaming headsets, integrated mic, gaming mouse, game-enabled television and others. The commercial sector is also anticipated to grow owing to the growing demand of cloud gaming services. These services store a huge amount of gaming data along with improved security methods.

By type, the global gaming console market has been divided into home console, handheld console, hybrid console. A home console is a gaming console that is connected to a device such as displays, television and to an external power source. These have advanced graphics abilities but with a limited storage capacity. The handheld console is has a built-in game consoles, screen and speaker. It is a portable, small self-contained video game console that contains console, speaker, screen and controls all in one unit.  A hybrid game console is a combined form of home and handheld console. It has either a docking station or a wired connection that connects the console unit to a fixed power source and television unit.

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Competitive Analysis

The global Gaming Console market is characterized by the presence of several regional and local providers. Some of the key players in the market are Sony Corporation (Japan), Microsoft Corporation (US), Nintendo Co., Ltd. (Japan), Logitech Inc. (Switzerland), Valve Corporation (US), NVIDIA Corporation (US), PlayJam (UK), BlueStacks (US), OUYA Inc. (US), Sega (Japan) and Atari (US).

Gaming Console Market Research Report: Information by Type (Home Console, Handheld Console, Hybrid Console), Application (Gaming, Non-Gaming), End User (Residential, Commercial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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