Driven by the abovementioned factors, the gaming console market size is projected to exceed USD 35 billion by 2027, as per a recent report by GMI, Inc. With significant advancement across electronics and electrical sectors and rising integration of advanced technologies, such as AI and IoT, the gaming console industry is expected to grow exponentially in the coming years.

As online games are most popular among youth, the substantial rise in millennials’ population globally would propel the demand for various gaming consoles. As per the recent estimates by the World Economic Forum, there are nearly 1.8 billion millennials worldwide, which is 23% of the global population.

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The COVID-19 pandemic has positively impacted the adoption of gaming console market across residential applications. This is due to the restrictions on public movement that led to a paradigm shift towards in-home entertainment. In order to cater to increased demand, many console players are focusing on enhancing their portfolios and introducing new games into their libraries. For instance, in 2020, Sony Corporation introduced over 10 games to its different PlayStation models.

Rising popularity of e-sports

The flourishing e-sports industry is predicted to create considerable demand for gaming consoles. Growing awareness, availability of live streaming, and rising number of global events are some prime factors influencing the Esports market growth worldwide.

Apart from monetary benefits, improved hand-eye coordination, basic visual processing & acuity, and problem-solving & strategy skill development are a few positive effects of cybersports driving its adoption among millennials.

Escalating demand for movie-based gaming applications

With the introduction of various movie-based gaming applications, such as Avengers, Iron Man VR, Spiderman, and others, the demand for gaming console market is likely to surge considerably in the coming years. There has been rising adoption of movie-based games among players as it allows them to correlate and play according to the storyline. This is encouraging several industry players to partner with picture production companies to launch games based on movies and series.

Likewise, numerous production houses are involved in launching movies and series based on games due to growing popularity. These factors are leading to the launch of various movie-based gaming consoles. Citing an instance, in February 2021, Nintendo introduced its new gaming console for switch Mario Red & Blue edition. Moreover, the growing penetration of smart mobile phones, PCs, and TVs, along with increasing access to high-speed internet is resulting in a growing number of players and viewers.

Growing disposable income in North America

North America gaming console market is predicted to hold maximum revenue share in the forecasted timeframe owing to the significant rise in disposable income. This is further leading to increasing adoption of online games across the region.

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According to the U.S. Bureau of Economic Analysis (BEA), Disposable Personal Income (DPI) in the U.S. rose from USD 17.398 trillion in November 2020 to USD 18.123 trillion in August 2021. This is resulting in growing spending on various gaming console equipment, such as motion control remotes, high-end displays, wireless chargers, and VR headsets.

Steady growth in the number of casual & professional gamers and online gaming tournaments, along with the rise in buying capacity of millennials, is expected to further complement the regional business landscape in the upcoming 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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