Market Scenario:
Gaming Console Market Growth was valued at USD 22.9 billion in 2021. The Gaming Console market industry is projected to grow from USD 24.1 billion in 2022 to USD 33.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2022 – 2030)
Gaming consoles are electronic devices designed specifically for playing video games. They typically connect to a television or monitor and are operated using a game controller. Some well-known examples of gaming consoles include the Sony PlayStation, Microsoft Xbox, and Nintendo Switch. Gaming consoles can be a popular choice for gamers due to their ability to run games with high-quality graphics and advanced features, and their ease of use compared to gaming on a PC. They can also offer a more social and immersive gaming experience, with multiplayer modes and the ability to play on a larger screen. Some gaming consoles also offer additional features like streaming video services and internet browsing.
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Competitive Outlook:
The global Gaming Console market is characterized by the presence of several regional and local providers. Some of the key players in the market are Sony Corporation (Japan), Microsoft Corporation (US), Nintendo Co., Ltd. (Japan), Logitech Inc. (Switzerland), Valve Corporation (US), NVIDIA Corporation (US), PlayJam (UK), BlueStacks (US), OUYA Inc. (US), Sega (Japan) and Atari (US).
Segmentation:
The global gaming console market has been segmented based on type, application, end user and region.
By type, the global gaming console market has been divided into home console, handheld console, hybrid console. A home console is a gaming console that is connected to a device such as displays, television and to an external power source. These have advanced graphics abilities but with a limited storage capacity. The handheld console is has a built-in game consoles, screen and speaker. It is a portable, small self-contained video game console that contains console, speaker, screen and controls all in one unit. A hybrid game console is a combined form of home and handheld console. It has either a docking station or a wired connection that connects the console unit to a fixed power source and television unit.
Based on application, the global gaming console market has been segmented into gaming and non-gaming. The gaming consoles are integrated with multiple features that offers both gaming and non-gaming or entertainment console. The rise of gaming consoles integrated with extensive content applications such as Netflix, YouTube, Amazon Prime Video and others are included in the non-gaming application. The development of controller-free gaming console is anticipated to drive the gaming application for the gaming console market.
Based on end user, the global gaming console market has been segmented into residential and commercial. The residential sector is expected to boost the growth of the market owing to the rising need for gaming accessories, 3D gaming headsets, integrated mic, gaming mouse, game-enabled television and others. The commercial sector is also anticipated to grow owing to the growing demand of cloud gaming services. These services store a huge amount of gaming data along with improved security methods.
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Regional Analysis:
The regional analysis for the global Gaming Console market has been done for North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America. The market in Asia Pacific accounted for the largest market share in 2020, and it is expected to register strong growth during the forecast period. However, the North America area is experiencing tremendous growth due to growing adoption of modern technologies such as AR-VR platform, cloud services, Bluetooth, 3D technology and others. The major North American countries are technologically advanced and provide significant investment and income potential.
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