Global Gaming Console Market to Grow at a CAGR of 7.2% During 2024-2032, Aided by the Enhancement in Technology

The growth of the gaming console market can be attributed to an increase in the number of gaming enthusiasts and rapid technological innovations, such as advanced audio-visual systems. Growing disposable incomes and increasing consumer spending on entertainment and leisure activities are also supporting the market. The market also benefits from the population growth between the age of 15-25, as it is responsible for driving most of the demand and  remains the target audience for leading brands. Gaming consoles offer a plethora of benefits, from downloading videos and audio to simultaneous internet browsing, music streaming, and video watching during gameplay.

The gaming console market is poised for growth, propelled by wireless connectivity advances and the emergence of smart games and virtual assistant applications. Major players are strategically investing in premium, high-performance consoles, shifting towards ultra-high-definition (UHDTV) and full-high-definition television (FHDTV) resolutions, including 4K and 8K. The market is bolstered by the introduction of gaming console accessories, such as 4K TVs and 3D audio headphones, alongside technologies like haptic vibration, Blu-ray, and wireless connectivity.

Some of the major players in the market are Sony Corporation (NYSE: SONY), Nintendo Co., and Microsoft Corporation. In October 2022, Sony Pictures Virtual Reality (SPVR) unveiled their eagerly awaited VR game, Ghostbusters: Rise of the Ghost Lord, set in the Ghostbusters universe. The game is slated for release on Meta Quest 2 and PlayStation VR2 in 2023. New artwork released provides players with a preview of the upcoming adventure.

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Market Breakup by Type, Platform, End Use, Distribution Channel, and Region:

• The market is segmented based on type into home consoles, handheld consoles, hybrid consoles, and dedicated consoles, among others.

• The different platforms available in the market include PlayStation, Xbox, and Wii, among others.

• Based on end use, the market is bifurcated into personal and commercial.

• By distribution channel, the market can be divided into online and offline.

• Region-wise, the global market for gaming console can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for gaming consoles is being aided by the integration of augmented reality (AR) in gaming. Immersive technologies, including virtual, augmented, and mixed reality, play a pivotal role in the development of the gaming sector, elevating user experiences by 20 times compared to traditional methods.

• Video games, once niche, have gone global, and their demand in emerging regions is witnessing a steady growth, as they facilitate affordable, high-quality digital entertainment for users with localised content.

• Swift advancements in gaming console hardware and software support the market growth, enhancing user experience and expanding the consumer base.

• Manufacturers are building software ecosystems with online multiplayer, digital stores, and cloud gaming, boosting revenue and encouraging users to invest in new consoles.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for gaming console for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, platform, end use, distribution channel, and major regions of gaming console.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the gaming console market are Sony Corporation, Microsoft Corporation, Nintendo Co., Ltd., Logitech International SA, Atari, Inc., Meta Platforms Technologies, LLC, Samsung Electronics Co. Ltd., Valve Corporation, HTC Corporation, ASUSTEK Computer Inc., and Anbernic, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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