Gaming Console Market Size

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.