According to Goldstein Research, “The growth of the gaming console is majorly fuelled by the emergence of advanced gaming consoles and rising gaming population across the globe”. Virtual reality and 4K technology are some new technologies incorporated in gaming consoles that are attracting consumers and strengthening the demand for gaming consoles.
The global gaming console market is segmented based on by console type and by distribution channel. The distribution channel is further bifurcated into T.V Gaming console and handheld gaming console. T.V gaming consoles accounted for the highest revenues share of 91% in 2016, owing to huge sales of Sony’s PlayStation 4 and Microsoft’s Xbox One which acquired more than 70% of T.V gaming console market.
Browse Full Report: Gaming Console Market
The global gaming console market valued USD 34.1 billion in 2016 owing to significant growth in sales of gaming consoles of big market players. Further, the market is anticipated to expand at a CAGR of 4.1% to reach USD 48.4 billion over the forecast period i.e. 2016-2024
Europe is the largest region for gaming console market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Europe gaming console market valued USD 10.1 billion in 2016 and is estimated to reach USD 13.5 billion by 2024. France is expected to dominate the gaming console market followed by Germany as millennial generation spending more time and money than ever on a gaming console and gaming contents in these countries.
Technological Advancements: Major Boost
Console gaming market is likely to get a boost this year on the back of technological advancement in Microsoft’s and Sony’s gaming consoles. Gaming console market is also likely to get improve with the PlayStation and Microsoft’s 2017 virtual reality initiatives. For instance, Sony has dominated the gaming console market since the launch of PlayStation 4 in 2014. The company has sold more than 50 million PS4 gaming consoles till date, which include 3 million PS4 pros, the new generation gaming console that upgrades gaming and entertainment to ultra-high resolution (4K).
Global Gaming Console Market Outlook 2024
Gaming console market report contains a detailed overview of the global gaming console market in terms of market segmentation by console type and by distribution channel. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Gaming Console Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Sony, Microsoft, Nvidia Corp., Valve Corp., PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, OUYA Inc etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global gaming console market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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