Gaming Consoles Market size is projected to exceed USD 35 billion by 2027, according to a new research report by Global Market Insights Inc. The integration of Augmented Reality (AR) and Virtual Reality (VR) with the gaming consoles will drive the industry growth.
The growing availability of headsets that support AR and VR technologies is expected to accelerate the market expansion. AR and VR combine real-world data with computer data, enabling players to interact with computer-generated characters on the screen, boosting global demand.
The COVID-19 pandemic had moderately impacted the gaming consoles market value in the first half of 2020 due to global lockdown. The majority of the world population was home quarantined resulting in the increased number of casual gamers, supporting the market growth. The gaming industry showcased significant rise which is credited to the foster in demand for gaming consoles in the second half of 2020 when lockdowns were eased, and industrial activity resumed. This helped various prominent market leaders to introduce premium and high-performance gaming consoles.
Increasing demand for portable handheld consoles
Get more details on this report - Request Free Sample PDF
A sharp rise in demand for portable handheld consoles that are moderately powerful, lightweight, and easy to carry is supporting the industry value. Portable handheld gaming consoles available in the gaming console market offer an extensive game library, high battery life, a robust control scheme, and smart multiplayer sessions.
Browse key industry insights spread across 350 pages with 535 market data tables and 24 figures & charts from the report, “Gaming Consoles Market Size, By Type (Home Console, Handheld Console [Portable, Non-portable]), By Application (Gaming, Non-gaming), By End-use (Residential, Commercial), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Rising demand for gaming consoles from both developed & developing economies
The gaming consoles market is growing significantly attributed to the increasing demand from both developed & developing economies such as the UK, Germany, the U.S., India, and China. Young working professionals with significant disposable incomes are becoming increasingly addicted to dynamic motion graphics and real-time gameplay experiences, fueling the industry expansion.
The rising average spending, industry leaders are adopting aggressive business development strategies by introducing multi-functional and portable gaming consoles. Manufacturers also use differentiated product development strategies by including regional games to achieve a competitive edge in the market.
Growing demand for gaming consoles for commercial
The commercial sector is poised to observed 9% growth rate through 2027 led by the increasing demand for Games as a Service (GaaS). In this environment, cloud gaming service providers are focused on high-end graphics-heavy games, which typically require complex hardware and gaming consoles to function seamlessly. The increasing usage of cloud gaming services by professional players for international game tournaments will aid the overall industry value.
Moreover, companies functioning in gaming consoles market are integrating cloud services to offer video-on-demand game content and remote access to commercial users. The commercial gaming consoles sector is growing, which is impelled by the growing number of e-sports and live streaming of the gaming content by professional gamers. These gamers compete around the world in events such as the International FIFA 20 (PS4) Open Cup, Casual Connect Europe, and the London Games Festival.
Increasing number of active gamers participating in e-sports in Asia Pacific
A substantial rise in the number of active gamers owing to the increasing popularity of e-sports events will fuel the market revenue. APAC offers high growth opportunities because of the increasing internet penetration coupled with the growing tech-savvy population. Customers in this region are participating in various e-sports tournaments, thus increasing the demand for gaming consoles.
Companies are focusing on R&D to launch innovative solutions
Prominent gaming consoles market players include Corsair Components Inc., Logitech, Mad Catz Global Limited, Microsoft Corporation, NEC Corporation, Nintendo, NVIDIA Corporation, Panasonic Corporation, Razer Inc., Samsung Electronics Corporation, Sega Corporation, Sony Corporation, and Valve Corporation. Market participants are concentrating their efforts on launching new advanced features & solutions to sustain the increasing rivalry.