The Global Connected Game Console market is expected to reach ~US$ 66.2 Bn by 2030, growing at a CAGR of 15.47% during 2022–2030
A video game console is a computer device that allows one or more people to play video games. The term video game console is primarily used to distinguish console machines for playing video games, as opposed to arcade machines or home computers. There are many types of video game consoles, including handheld game consoles, dedicated consoles, home video game consoles, and micro consoles. Connected gaming consoles have come a long way in the past with Wi-Fi connectivity, better graphics, and high-definition image quality.
Market Dynamics:
Drivers:
E-sports or electronic sports can turn online video games into spectator sports. The experience is like watching a professional sports match, but viewers can watch video game players compete against each other in a virtual environment. According to the International Olympic Committee (IOC), eSports will be included as an official event for the first time at the 2022 Asian Games.
Medals will also be awarded in 8 games: Street Fighter V, FIFA, Hearthstone, League of Legends, Dota 2, Dream Three Kingdoms 2, Arena of Valor for Asian Games & PUBG Mobile. Therefore, the increasing popularity of eSports in different regions of the world is expected to increase sales of connected gaming consoles during the evaluation period.
Restraints:
Consumer spending has increased over the years, but the prices of game consoles have risen similarly. Furthermore, as new technologies and upgraded versions of consoles are introduced, connected game consoles are also increasing in price. Therefore, these factors are expected to hamper the growth of the globally connected game console market shortly.
Key players:
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Nintendo
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Sony Corporation
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Microsoft Corporation
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Atari, Inc.
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Hyperkin, Inc.
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NVIDIA Corporation
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SEGA of America, Inc.
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Others
Market Segmentation:
Connected Game Console Market, By Product Type:
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Connected Console
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Standalone Console
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Handheld Console
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Services
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Prepaid Service
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Other Direct Service
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Connected Game Console Market, By Application:
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Gaming
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Non-Gaming
Connected Game Console Market, By Region:
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North America
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Latin America
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Europe
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East Asia
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South Asia & Pacific
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Middle East and Africa (MEA)
Regional Analysis:
The regional analysis of the global game console market has been performed for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Asia Pacific market accounted for the largest market share in 2020 and is expected to grow strongly during the forecast period.
However, North America is experiencing tremendous growth due to the increasing adoption of newer technologies such as AR-VR platforms, cloud services, Bluetooth, 3D technologies, and more. As a result, the principal North American countries are technologically advanced and offer significant investment and income potential.
Scope of the Report:
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Report Metric |
Details |
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Market Size Available for Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Offering, Technology, Application, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, and LAMEA |
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Companies Covered |
Nintendo, Sony Corporation, Microsoft Corporation, Atari, Inc., Hyperkin, Inc., NVIDIA Corporation, SEGA of America, Inc., Others |
User
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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