Gaming Console Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Game Console Industry is Segmented by Geography (North America (United States, Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (India, China, Japan, and the Rest of Asia-Pacific), and Rest of the World). The Market Sizes and Forecasts are in Terms of Value (USD Million) for all the Above Segments.

Gaming Console Market Size

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Gaming Console Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 57.20 Billion
Market Size (2029) USD 80.98 Billion
CAGR (2024 - 2029) 7.20 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Gaming Console Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Gaming Console Market Analysis

The Gaming Console Market size is estimated at USD 57.20 billion in 2024, and is expected to reach USD 80.98 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

The Gaming Console Market size is estimated at USD 57.20 billion in 2024, and is expected to reach USD 80.98 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).

Vendors, including Sony and Microsoft, have dominated the gaming console industry for a considerable time and continue to align their strategies to leverage the hardcore gamers' willingness to pay a premium on high-performance consoles. With their pricing and marketing, both companies will seek to regain their dominance in the game console market with new generation products to be released in the coming years.

  • Gaming consoles have witnessed various hardware changes over the past couple of decades. The overall Lifecycle of the consoles changed over the years. The earlier generation gaming consoles used far longer lifespans than current generation consoles. Manufacturers have made various iterations to the existing platforms. For instance, Sony's PlayStation 4 platform includes three consoles: PlayStation 4, PlayStation 4 Pro, and PlayStation slim; Microsoft upgraded the Xbox lineup with Xbox one S.
  • Besides, the amount of time consumers spend on gaming is increasing, with the global average being 7.11 hours per week. The gamers in Europe spent the most time gaming, with almost 7.98 hours per week, according to the data shared by ZarkCentral. Also, the number of games and the variety diversified over the years.
  • Moreover, owing to the launches of new-generation console products from prominent players, such as Sony and Microsoft, there is a massive increase in sales in recent years. In addition, the game titles on these platforms are not backward compatible, so gamers are forced to upgrade their consoles.
  • Currently, the hardware requirement of various games and the multipurpose use of home consoles for purposes such as browsing, provision of various other applications, etc., have further enabled growth. In addition, the release of supportive multiple provision accessories, such as 4 K TVs, is effective and driving the demand for home consoles, as they provide a better gaming experience than other options available.
  • Further, according to a study conducted by Verizon, gaming usage increased by 115% in the United States compared to the pre-pandemic period. The online gaming platforms and live streaming services also witnessed a record number of users throughout March and April. An increase in gaming traffic was seen during peak hours by 75% over the last year.
  • However, companies like Valve and Google have been trying to change the console market's dynamics. These cloud-based services have eliminated specific consoles' requirements for a superior gaming experience. Valve is a significant player in the cloud-based gaming segment, and NetEase Games also launched its 50 games worldwide in 2021. Thus, making it less likely for the gamer to depend on a console to play.

Gaming Console Market Trends

Integration Of Newer Technologies Like 3D and AR/VR Gaming is Expected to Drive Market Growth

  • AR integration in gaming gained significant traction in recent years. Vendors such as Sony, with its PlayStation 2's Eye Toy, have employed the camera to embed the digital world over the real-life canvas that users could interact with. As indicated in the graph, the sales of sony gaming consoles have also increased. Also, Nintendo's Wii allowed users to play tennis in their living room with an immersive experience of the virtual world using the console' touch-sensitive controllers. These instances captured the attention of millions of gamers back then.
  • The increasing application of immersive technologies, such as virtual, augmented, and mixed reality, is a cornerstone of the gaming industry. 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.
  • To capture the growing trend in AR/VR, companies like Oculus and HTC have positioned their product offerings according to the AR/VR market demand. Oculus offers two Vr consoles, while HTC also offers two VR-based consoles. The need for AR/VR consoles needs to be improved by the quality and quantity of the titles available on their platforms.
  • With the increasing number of VR gaming titles backed by strong franchises and also the anticipation of the launch of AAA VR titles, including Iron Man VR, Half-Life: Alyx, and No Man's Sky VR, among others that readily support VR offering such as HTC Vive, Oculus Rift is expected to drive the application of gaming console from now on. For instance, in October 2022, Sony Pictures Virtual Reality revealed a new VR game named Ghostbusters: Rise Of The Ghost Lord, which will be arriving on Meta Quest 2 and PlayStation VR2 In 2023.
Sony PlayStation Game Console Unit Sales, In Millions, Global, Q1-Q3 2021

United States Driving the Demand in North America Region

  • The United States had the largest gaming population. The Entertainment Software Association in 2022 estimated that 66% of Americans and over 215.5 million active video game players across all ages in the US. The US ranks second to Europe regarding the average number of people gaming weekly. In the US, this figure is at 13 hours per week, according to the data shared by the Entertainment Software Association.
  • The report further mentioned that 52 % of the people in the US use dedicated gaming consoles to play games. But the gaming consoles ranked second in their account regarding the number of gamers using dedicated consoles. Mobile phones and smartphones ranked higher than consoles.
  • Further, 57% of the player used smartphones, 46% consoles, and 42% personal computers in 2021 for playing video games. Also, 29% spent 1 to 3 hours per week, 77% spent more than 3 hours a week, and 51% spent more than 7 hours playing video games in the country in 2021.
  • The report entertainment software association mentioned that 50% of the gamers in the United States made their purchase decision based on graphics quality. The gaming consoles benefitted from their ability to support 4K content. Given that gaming consoles provide an advanced graphical output unmatched by other alternative platforms, the user requirements are likely to support the gaming console market.
  • The increasing prevalence of cloud infrastructure across the region provides abundant computing, storage, and communication resources in a reliable, cost-effective, and low-maintenance process. With the cloud gaming emergence, several platforms are allowing users to stream their favorite video games with minimal onboard hardware resources. Various gaming applications will employ these cloud computing resources, as gaming services stand to be one of the fastest-growing sectors for the cloud computing segment. This factor, therefore, challenges the console market growth in the region.
Gaming Console Market- Growth Rate by Region, 2018-2028

Gaming Console Industry Overview

The gaming console market is moderately competitive, with some of the players currently dominating the market. With the cloud infrastructure advancement, the market will be betting on the gaming future against the daunting list of new entrants' cloud offerings, such as Google's stadia platform and Amazon's rumored cloud gaming service. However, the anticipation of the launch of the next-generation consoles by prominent players leveraging their existing cloud streaming platform is expected to drive the gaming console market forward.

  • August 2022 - NetEase Acquires Leading French game developer & publisher quantic dream to operate independently, focusing on creating and publishing its video games on all platforms, at the same time leveraging NetEase's significant game development capabilities.
  • August 2022 - Logitech G and Tencent Games announced a partnership to bring a cloud gaming handheld to market that will combine Logitech G's expertise in hardware with Tencent Games' software services. The new device will support multiple cloud gaming services so gamers can play AAA games away from their console or PC.

Gaming Console Market Leaders

  1. Sony Corporation

  2. Microsoft Corporation

  3. Nintendo Co. Ltd.

  4. Sega Enterprises Inc.

  5. Valve Corporation

*Disclaimer: Major Players sorted in no particular order

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Gaming Console Market News

  • May 2022: Ubisoft Bringing Ubisoft+ to PlayStation will also provide play station players with another way to enjoy Ubisoft games on their consoles initially. Ubisoft+ Classics will be available bundled with the PlayStation Plus Extra and PlayStation Plus Premium subscription tiers and will feature standard editions of beloved Ubisoft games.
  • March 2022: NVIDIA Launches Omniverse for Developers. It is a powerful and collaborative game creation environment that will make it easier for developers to share assets, sort asset libraries, collaborate, and deploy AI to animate characters' facial expressions in a new game development pipeline.

Gaming Console Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHT

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Launch Of New Gaming Content With High Graphic Requirements

      2. 5.1.2 Integration Of Newer Technologies Like 3D and AR/VR Gaming

    2. 5.2 Market Restraints

      1. 5.2.1 Increasing Threat From Cloud Gaming Services

      2. 5.2.2 Rising Demand For Mobile-based Platform

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Geography

      1. 6.1.1 North America

        1. 6.1.1.1 United States

        2. 6.1.1.2 Canada

      2. 6.1.2 Europe

        1. 6.1.2.1 Germany

        2. 6.1.2.2 United Kingdom

        3. 6.1.2.3 France

        4. 6.1.2.4 Rest of Europe

      3. 6.1.3 Asia Pacific

        1. 6.1.3.1 China

        2. 6.1.3.2 Japan

        3. 6.1.3.3 India

        4. 6.1.3.4 Rest of Asia-Pacific

      4. 6.1.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Vendor Market Share Analysis

    2. 7.2 Company Profiles

      1. 7.2.1 Sony Corporation

      2. 7.2.2 Microsoft Corporation

      3. 7.2.3 Nintendo Co Ltd

      4. 7.2.4 Atari Inc.

      5. 7.2.5 Sega Enterprises Inc.

      6. 7.2.6 Mitashi Edutainment Pvt Ltd

      7. 7.2.7 NVIDIA Corporation

      8. 7.2.8 HTC corporation

      9. 7.2.9 Oculus (Facebook, Inc)

    3. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Gaming Console Industry Segmentation

A gaming console is a computer system that lets users play video games by connecting it to display devices such as television and monitors. The report further offers the study of gaming console market segmentation by geography, with trends in regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East, along with company profiles of key market players. The market sizes and forecasts are in terms of value (USD million) for all the above segments.

By Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
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Gaming Console Market Research FAQs

The Gaming Console Market size is expected to reach USD 57.20 billion in 2024 and grow at a CAGR of 7.20% to reach USD 80.98 billion by 2029.

In 2024, the Gaming Console Market size is expected to reach USD 57.20 billion.

Sony Corporation, Microsoft Corporation, Nintendo Co. Ltd., Sega Enterprises Inc. and Valve Corporation are the major companies operating in the Gaming Console Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Gaming Console Market.

In 2023, the Gaming Console Market size was estimated at USD 53.08 billion. The report covers the Gaming Console Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gaming Console Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The target market for Gaming Consoles includes people who spend a lot of time gaming, with the global average being 7.11 hours per week.

The factors driving the Gaming Console Market are a) New high-graphic games b) 3D/AR/VR integration c) Cloud gaming & upcoming next-gen consoles

Gaming Console Industry Report

The global gaming console market is witnessing significant growth, fueled by technological advancements, evolving consumer preferences, and a heightened focus on gaming as entertainment. Innovations have ushered in more advanced consoles with immersive graphics and processing power, alongside the development of VR and AR technologies, enhancing interactivity. The surge in online gaming and the integration of non-gaming apps like streaming services have transformed consoles into central entertainment hubs. The market, segmented by product, application, and more, shows robust performance in Asia Pacific and North America, driven by active gaming communities and a demand for quality experiences. Competitive dynamics encourage innovation and partnerships among key players. Statistics for the Gaming Console Market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gaming Console analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Gaming Console Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)