Gaming Console Market Overview:
According to the analysis reports by MRFR, Gaming Console Market Research Report: Information by Type, End User, Application, and Region—Forecast till 2030, the gaming console market is likely to flourish at a substantial CAGR of about 5.37% during the assessment era.
|Revenue Forecast in 2020||USD 34.3 Billion|
|Growth Rate:||CAGR of 5.37% from 2022 to 2030|
|Forecast Period:||2022 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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Gaming Console Market Scope:
A gaming console requires a TV and monitor for display. These video game consoles are primarily powered by operating systems and CPUs differing from desktop computers. There are three powerful gaming consoles: handheld, hybrid, and home consoles. These consoles are controlled by their corresponding manufacturers, and the software is equipped as per the machine’s capabilities. The gaming soles have various advantages over the conventional Pcs, such as no need for upgrades, are usually cheaper, easy to use, developed for multiple easy players with console owing friends, and provide controllers offering a more operational experience to the users. There are several gaming consoles, among which the prominent ones are Xbox One S, Xbox Series X, PlayStation 5, Xbox Series S, PlayStation 4, the PlayStation 4 Pro, and several others. The consoles are known to offer several features, of which the main ones are: it offers a thin console, human control interface, merged entertainment system, Blu-ray, APU horsepower, low price, low pow consumption, and hybrid data storage.
Gaming Console Market Competitive Analysis
The global gaming console market has prominent leaders such as:
- NVIDIA Corporation (US)
- Atari (US)
- Sony Corporation (Japan)
- Sega (Japan)
- Microsoft Corporation (US)
- OUYA Inc. (US)
- Nintendo Co., Ltd. (Japan)
- BlueStacks (US)
- Logitech Inc. (Switzerland)
- PlayJam (UK)
- Valve Corporation (US)
Market USP Covered
Gaming Console Market Drivers
The global market for gaming consoles has grown immensely in recent times, attributing to aspects like rising e-sport tournaments, the growing demand for 3D video games, and developments in core wireless connectivity.
However, a lack of skilled professionals is hindering the market growth.
On the other hand, the lack of skilled professionals may restrict the market’s growth over the coming years.
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The global health crisis in the form of COVID-19 has had a significant impact on the majority of the industry sectors across the globe. The rapid spread of the disease across almost 225 nations has led to governments across these nations imposing partial or complete lockdowns. The travel restrictions and social distancing norms imposed worldwide caused a significant disruption in the supply chain networks for several industry areas. The pandemic has impacted several industrial and financial activities across industry sectors, such as IT & telecom and BFSI. Furthermore, the restrictions on trades, fall in the production rate, shutting down manufacturing sites, unavailability of workers, and cash flow constraints affected the growth of the market sectors worldwide. The pandemic impacted SMEs, but large organizations also witnessed several unexpected challenges. Like all other market areas, the global health crisis also affected the global market for gaming consoles. It led to generating challenges in the manufacturing process of gaming consoles. The transporting and traveling issues to and from China and other regions have primarily affected the production process, as China is the only nation offering electronics and other hardware parts. Various video game developers and operators have tried maintaining stability in their operations. On the other hand, the growing work-from-home culture across the globe caused a little spike in demand for gaming consoles during the pandemic. In addition, with all the operations returning to normal, the global gaming consoles market is anticipated to witness substantial growth over the assessment timeframe.
Among all the devices, the mobile segment is anticipated to dominate the global Gaming Console Market over the assessment timeframe. The segment’s growth is mainly credited to rising global smartphone penetration. Furthermore, the growing demand for mobile tablets with larger displays is another prime aspect causing an upsurge in the segment’s growth as they offer a better gaming experience. Moreover, the increasing sales of handheld consoles are anticipated to influence the segment’s growth over the coming years. On the other hand, the console segment is anticipated to grow substantially over the coming years.
Among all the types, the offline segment is expected to secure the top position across the global gaming console market over the assessment era. On the other hand, the online segment is anticipated to exhibit the highest CAGR over the coming years. the rising craze for multiplayer games and facilitation of in-game communication are some of the prime aspects supporting the segment’s growth. Furthermore, the escalating number of gamers thinking about online video games and the increasing demand for interactive entertainment systems are projected to influence the market’s growth over the coming years.
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Gaming Console Market Regional Analysis
The global market for gaming consoles is studied across five significant parts: South America, North America, the Middle East & Africa, Asia-Pacific, and Europe.
As per the research reports, the Asia-Pacific region will likely lead the global gaming console market. The regional market has been bolstered in recent years, given the escalating technological advancement and the rising number of active players across countries such as India, Japan, and China. The region has leading players such as Sony, Nintendo Co. Ltd, and others.
Given the parameters, the North American regional gaming consoles market will likely exhibit robust growth over the coming years, such as the rising demand for gaming consoles based on advanced technologies like 3D technology, AR/VR platforms, Bluetooth, cloud services, and others.
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