Gaming Console Market is Likely to Experience a Tremendous Growth by 2027
As a result, it is safe to mention, global gaming console market size is slated to reach over USD 35 billion by 2027, cites a recent report by GMI. Inc. With technological advancement in electronics sectors, growing integration of AI and IoT, and rising population of millennials, the gaming console industry is anticipated to witness notable traction in the coming years. According to the latest report by the World Economic Forum, the worldwide population of millennials is around 1.8 billion, which is approximately 23% of the global population.
The demand for gaming console market observed a significant growth during the COVID-19 pandemic. The restrictions on public movement, social gathering, and other physical activity amid the pandemic led to a rising inclination towards in-home entertainment. The increase in demand for online games has encouraged many console players to enhance their product line and launch new games. Citing an instance, in 2020, Sony Corporation launched more than 10 games to its different PlayStations.
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Gaming consoles are witnessing increasing demand from booming e-sports industry. As the number of esports events and tournaments is increasing globally, the demand for advanced game consoles is expected to accelerate in the coming years.
Mentioned below are some other factors driving industry trends:
Growing preference for handheld gaming console devices
Handheld gaming console devices are compact and lightweight that provide users the flexibility to operate them anywhere and anytime. Long battery life, high-quality display, and built-in memory storage & multiplayer option are some remarkable features of handheld game consoles making them highly popular among children and millennials. Moreover, the ability to get attached to larger display units and handled through standard controllers is further boosting their adoption to a large extent.
Escalating adoption of movie-based gaming applications
Gaming console market growth will further be driven by the growing acceptance of various movie-based gaming applications, such as Iron Man VR, Avengers, Spiderman, and others. Movie-based games are highly adopted among players as it allows them to correlate and play as per the storyline.
This is leading to rising partnerships among industry players and picture production companies to launch movies/series-based games. In order to attract a larger audience, several production houses are also emphasizing on making movies and series based on games.
Surging per capita income in North America
North America gaming console market is expected to grow considerably in the coming years owing to rising disposable income leading to the high adoption of online games across the region. As per the U.S. Bureau of Economic Analysis (BEA), Disposable Personal Income (DPI) across the U.S. increased from USD 17.398 trillion in November 2020 to USD 18.123 trillion in August 2021.
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Such increased spending capacity of consumers is resulting in rising penetration of gaming console equipment, such as high-end displays, motion control remotes, VR headsets, and wireless chargers. A significant rise in the number of online gaming tournaments and casual & professional gamers across the region and along with the rising millennial population is likely to drive regional business growth in the forthcoming years.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 COVID-19 impact
1.3.1 North America
1.3.2 Europe
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 MEA
1.4 Data sources
1.4.1 Secondary
1.4.2 Primary
Chapter 2 Executive Summary
2.1 Gaming console market 360º synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Application trends
2.1.5 End use trends
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