According to IMARC Group’s latest report, titled Gaming Console Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” Offers a comprehensive analysis of the industry, which comprises insights gaming console market.
Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The global gaming console market reached a value of US$ 36.84 Billion in 2021. Gaming consoles are electronic devices used by individuals to play video games. They are equipped with a central processing unit (CPU), power supply unit (PSU), random-access memory (RAM), user control interface, and an operating system. They are affordable, easy to install and use, and provide an immersive gaming experience compared to their conventional counterparts. Nowadays, manufacturers are launching gaming consoles integrated with a built-in display, gesture recognition, voice control, wireless controllers, and internet connectivity to support live streaming.
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Market Trends
The widespread adoption of multi-functional gaming consoles, along with the escalating demand for three-dimensional (3D) video games based on virtual reality (VR) and augmented reality (AR) features, represents one of the key factors stimulating the market growth. Moreover, a considerable rise in the utilization of the internet of things (IoT) in the gaming industry is contributing to the market growth. Furthermore, leading players are increasingly investing in developing and launching technologically advanced and high-performance gaming consoles, which is projected to drive the market. Looking forward, IMARC Group expects the market to reach a value of US$ 48.14 Billion by 2027, exhibiting a CAGR of 5.0% during 2022-2027.
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The report has segmented on the basis of phase, type, application, end use and geography
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 Geography:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Advanced Micro Devices Inc., Atari VCS LLC., Bandai Namco Studios Inc., Microsoft Corporation, Nintendo Co. Ltd., NVIDIA Corporation and Sony Group Corporation.
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