Gaming Consoles Market Anticipated to Value Over USD 38 Billion by 2026 End

  • 06 Sep 2019

Gaming consoles market is projected to value over USD 38 billion by 2026 end and register a CAGR of over 4% from the forecast period 2019-2026.
The introduction of advanced and much efficient audiovisual devices coupled with the growing availability of high-end sound systems are driving the gaming consoles market. Besides, HDTVs with wireless connectivity and HDMI port options are also fueling the growth of the market. Advanced game consoles such as Xbox One and PlayStation 4 offer gaming as well as entertainment features as well, one may browse the internet and watch videos. Owing to these features there has been a spike in the demand for the gaming console.

The market is bifurcated into type, age group, product, and region. Based on type, the market consists of home console and handheld game console. The home console holds a vast gaming consoles market share. Home console mainly consists of Xbox One and PlayStation 4. Sony's effort of lowering the price of PlayStation has played a crucial role in augmenting the market. Home consoles consist of cloud support and multiplayer gaming. Owing to these features, there has been a spike in demand for a home console, thus expanding the market. With the constant evolution of TV, home consoles are compatible with the latest edition of 4K TVs, thus positively influencing the gaming consoles market.  

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. Sony's heavy involvement in enhancing the PlayStation has resulted in more access to other benefits such as live streaming and surfing the net, which has accelerated the demand for PlayStation. The deployment of virtual reality and augmented reality is also creating a lucrative opportunity for the gaming consoles market growth.

On the basis of region, Asia-Pacific represents a lucrative opportunity for manufacturers. South Korea, Australia, Japan, and China remain the biggest gaming hot spots in the world. The increasing penetration of home consoles and the easy availability of 3D gaming hardware is bolstering the market in the region.  India currently has the biggest youth population and remains an opportunistic market for manufacturers. 

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 handheld device, thus promoting the Wii


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
·     Wii
·     Others

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


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