Gaming Console Market Analysis

Gaming Console Market Analysis

The U.S. home gaming console market is poised to showcase 8% growth rate through 2027 led by its ability to provide users a better gaming experience. The segment growth is impelled by various features including online multiplayer gaming experience and cloud support.

The motion-sensing capabilities of home gaming consoles provide a dynamic gaming experience to various end-users, aiding the industry expansion. The U.S. market is observing a high demand for gaming consoles due to the availability of enhanced updates/options, a wide range of selection choices, and robust product developments.

The gaming console market in South Korea is expected to attain 10% gains from 2021 to 2027 propelled by the high demand for content integration with non-gaming consoles. Multi-functionality gaming consoles are used to browse various applications, which is aiding the product demand. The launch of advanced gaming consoles based on both gaming and non-gaming applications will help the market expansion.

The residential segment captured more than 60% of the market share in 2020 on account of the high availability of gaming console controllers and accessories. Various market players, such as Razer Inc., Microsoft Corporation, and Sony Corporation, are offering advanced accessories including headsets, charging docks for controllers, gaming mouse, rechargeable battery packs, full-size racing wheels with pedals, curved monitors, keyboards, and microphones. These offerings increase comfort and offer a dynamic gaming experience. The market is witnessing high growth credited to the introduction of smart TVs that offer optimized picture & sound, convenient connection, and low input lag.

The gaming console market in Europe accounted for nearly 33.7% of the revenue share in 2020. The easy availability of 3D gaming hardware and software in the region offers a competitive edge. New features and the adoption of modern technologies including multi-screen displays, motion sensors, and intelligent connectivity that give players a more real-time and engaging game experience are propelling the development of the 3D gaming consoles.