Gaming Console Market Size To Reach $47.02 Billion By 2030

Gaming Console Market Growth & Trends

The global gaming console market size is expected to reach USD 47.02 billion by 2030, growing at a CAGR of 8.5% from 2023 to 2030, according to a new study by Grand View Research, Inc. The gaming industry has shifted towards digital game sales and subscriptions in recent years, with an increasing number of gamers preferring the convenience and accessibility of digital games over physical games. This trend has also been reflected in the console market, where console manufacturers are shifting their focus toward digital game sales and subscription-based models. The increasing availability of high-speed internet connection has made it easier for gamers to download games quickly and easily.

In addition, digital games offer several advantages over physical copies, such as the ability to play immediately after purchase without waiting for delivery or going to a physical store. Physical copies require manufacturing, shipping, and distribution costs, while digital games can be delivered instantly and at a lower cost. This allows console manufacturers to offer games at lower prices, attracting more customers and increasing overall revenue. Subscription-based models are also becoming increasingly popular in the gaming industry. Console manufacturers, such as Microsoft and Sony, have introduced subscription services like Xbox Game Pass and PlayStation Now, with monthly charges to access an extensive library of games.

These services provide gamers with a more affordable way to access a variety of games and also generate recurring revenue for console manufacturers. The increasing popularity of esports has significantly impacted the market, driving its growth and demand for a console that can support competitive gaming. Esports has become a significant industry in recent years, with millions of fans and professional players worldwide. The accessibility and popularity of online multiplayer games, such as Fortnite, Call of Duty, and League of Legends, have increased. These games have a competitive aspect that appeals to gamers who want to test their skills against other players, and this has led to the rise of esports tournaments and events.

With the growing demand for competitive gaming, console manufacturers have invested in features that enhance the esports experience. For example, the PlayStation 5 and Xbox Series X/S offer faster loading times, improved graphics, and better connectivity, giving gamers an edge in competitive matches. The introduction of VR and AR has significantly developed the gaming industry and impacted the console market. VR and AR have opened up new possibilities for immersive gaming experiences and have driven demand for consoles that can support these technologies. Virtual reality involves creating a simulated environment that can be experienced through a VR headset. In contrast, augmented reality overlaps digital content with the natural world through smartphones or other devices.

Both technologies have the potential to revolutionize the way we play games and have already started to do so. The increasing availability and affordability of VR and AR devices also boost the market for AR and VR games. In recent years, VR and AR headsets and devices from manufacturers, such as Oculus, HTC, and Microsoft, have increased. These devices have become more affordable and accessible, making it easier for gamers to experience VR and AR gaming. The market has come a long way since its inception. From the early days of the Atari 2600 and the Nintendo Entertainment Systems to the current generation PlayStation 5, Xbox Series X/S, and Nintendo Switch consoles have seen tremendous technological advancements over the years.

The advancement in the market has been the development of graphics processing units (GPUs). GPUs are specialized processors designed to handle the complex calculations required to render 3D graphics in real time. Early consoles relied on basic graphics chips that could only produce simple 2D graphics. With the advent of more powerful GPUs, gaming consoles could render complex graphics, which allowed for a more immersive gaming experience. Connectivity has also been a significant factor, as previously consoles had limited connectivity options, usually limited to a single controller port and possibly a cartridge slot. With the advent of the internet, gaming consoles could connect to online services, allowing for online gaming, downloadable content, and streaming services. Modern consoles can connect wirelessly to the internet and support features such as cloud gaming and video chat.

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Gaming Console Market Report Highlights

• The Nintendo segment is anticipated to witness a significant CAGR of over 9.0% during the forecast period due to the innovative design, which offers a unique gaming experience that can’t be found on other consoles

• In addition, Nintendo has a strong portfolio of first-party games, such as Super Mario, The Legend of Zelda, and Animal Crossing

• The gaming application segment is expected to register the fastest CAGR from 2023 to 2030. The growth is attributed to the increasing popularity of digital games and the rise of online gaming

• Asia Pacific is anticipated to maintain its leading position in the global market while expanding at a CAGR of more than 7.0% over the forecast period owing to the region's large and growing population of gamers

Gaming Console Market Segmentation

Grand View Research has segmented the global gaming console market based on product, distribution channel, application, type, component, and region:

Gaming Console Product Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

• Nintendo

• PlayStation

• Xbox

• Others

Gaming Console Application Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

• Gaming

• Non-gaming

Gaming Console Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

• Online Distribution Channel

• Offline Distribution Channel

Gaming Console Type Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

• Home Video Game Console

• Handheld Game Console

  • Portable

  • Non-Portable

• Hybrid Video Game Console

• Plug and Play/Retro Console

Gaming Console Component Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

• Console Unit

• Controller

  • Paddle

  • Joystick

  • Gamepad

• Game Media

  • Game Cartridge

  • Optical Media

  • Digital Distribution

  • Cloud Gaming

• External Storage

Gaming Console Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Gaming Console Market

• Activision Blizzard

• Atari Inc.

• Capcom Co. Ltd.

• Cooler Master Co. Ltd.

• Corsair Components Inc.

• Dell Technologies

• Gameloft SE

• Hyperkin Inc.

• HyperX

• Logitech Inc.

• Mad Catz Global Ltd.

• Microsoft Corporation

• Nintendo Co. Ltd.

• NVIDIA Corp.

• Ouya Inc. (Subsidiary of Razer)

• PlayJam

• Razer Inc.

• Redragon

• Republic of Games

• Rockstar Games Inc.

• Sega Holdings Co. Ltd.

• Sony Corporation

• SteelSeries

• Tencent Games

• Ubisoft Entertainment SA

• Valve Corp.