Overview

Gaming Consoles Market Introduction

Global Gaming consoles market is projected to value over USD 38 billion by 2027 end and register a CAGR of over 4% from the forecast period 2020-2027.
Increasing demand for multi-functional gaming console alongside the availability of high-end sound systems is driving the growth of the global market. Multi-functional consoles allow users to download videos, listen to the video and watch movies. Owing to these features, there has been a spike in demand for the gaming console.
The global gaming consoles market is bifurcated into type, age group, product, and region. Based on type, the market consists of a home console and handheld game console. The home console is holding a vast share of the market. Product developments, enhancements and latest software patches of multiple home console have enabled multiple gamers users to shift their preference to home consoles, thus propelling the market. Besides, home consoles offer benefits such as multiplayer and cloud support. Home Consoles compatibility with 4K TVs and AR and VR technologies is further expanding the market size.

In terms of age group, 0-22 years are expected to be the front runner of the market. The average age of a gamer of the span from 18 to 22 years. Rise in average spending of gamers alongside prominent players targeting the younger generation is driving the segment.
Based on the product, PlayStation is expected to dominate the growth of the market. PlayStation constant’s amendments alongside the presence of features such as live streaming, downloading videos and cloud support are further generating demand for them, which is stimulating the market. The feature of transferring data to external hard disk and compatibility with devices consisting of HDMI port is also positively influencing the market.

In terms of region, North America dictates the growth of the market. Higher disposable income alongside the presence of better connectivity is boosting the presence of the market in the region. The presence of prominent players in the region is also complementing the growth of the market. Asia-Pacific region is also expected to show significant growth owing to aggressive marketing strategies by prominent players to penetrate the products in the region. The increasing number of gamers in emerging economies like India, China, Australia, and Japan is expanding the market in the region.

Prominent players of the market are Nvidia Corp, Nintendo Co. Ltd., Microsoft Corp., Ouya Inc., Sony Computers Entertainment Inc, and Mad Catz.

Competitive Landscape:

Sony Corporation in 2019, announced its collaboration with Microsoft Corp for new innovations and improve customer experiences
Sony Interactive Entertainment acquired Audiokinetic in 2019. The acquisition will help in enhancing the PlayStation

FutureWise Key Takeaways:

Sony is launching PlayStation 5 with bigger storage and backward compatibility in 2020. The product launch will definitely boost the sales of home consoles and PlayStation
Nintendo's Wii U allows users to post pictures, browse the internet and control the device as a handheld device, thus promoting the Wii which would help expand the market size

Gaming Consoles Market Segmentation:
By Type

Handheld game console
Home console

By Age Group

0-22 Years
23-32 Years
Above 33 Years

By Product

PlayStation·
Xbox
Google Stadia
Others
Wii

By Region

North America
Europe
Asia Pacific
Latin America
Rest of the World

Objectives of the Study:

To provide with an exhaustive analysis on the gaming consoles market by type, by age group, by product, and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and Rest of the World
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financial and core competencies