Gaming Console Market Size To Grow USD 55.36 Billion By 2032, At A CAGR Of 8.46% | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The gaming console market is driven by the increasing popularity of gaming across diverse demographics and the rising demand for immersive, interactive gaming experiences.

Austin, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Gaming Console Market Size & Growth Insights:

According to the SNS Insider,“The Gaming Console Market S ize was valued at USD 26.65 billion in 2023 and is expected to grow to USD 55.36 billion by 2032 and grow at a CAGR of 8.46% over the forecast period of 2024-2032.”

Gaming Console Market Growth Driven by Online Multiplayer, Cloud Gaming, and Advancements in VR/AR

The gaming console market has experienced notable growth, driven by the rise of online multiplayer games and e-sports, which foster a competitive and engaged community. Improved internet connectivity and the expansion of cloud gaming have made console gaming more accessible. The integration of consoles with streaming services and multimedia functionalities has transformed them into all-in-one entertainment hubs, appealing to a wider demographic. Leading companies such as Sony and Microsoft are capitalizing on this trend by launching high-performance consoles tailored to hardcore gamers and preparing new-generation consoles. Iterative models like PlayStation 4, PlayStation 4 Pro, and Xbox One S reflect the industry's shift to advanced devices. The demand for home consoles has surged due to modern game requirements and the appeal of 4K TVs. Collaborations, such as Xbox cloud gaming integration into Fire TV, expand premium content accessibility. However, challenges like high development costs, supply chain issues, semiconductor shortages, and competition from mobile/PC gaming persist. The shift toward cloud gaming and streaming services, alongside economic uncertainties, presents further challenges. Despite these, the ongoing development of immersive VR/AR technologies and exclusive game experiences for advanced consoles and peripherals like headsets are expected to drive further market growth.

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Leading Market Players with their Product Listed in this Report are:

• Activision Blizzard (Games: Call of Duty, Overwatch, World of Warcraft)
• Atari Inc . (Retro Consoles: Atari VCS)
• Capcom Co. Ltd. (Games: Resident Evil, Street Fighter, Monster Hunter)
• Cooler Master Co. Ltd. (Gaming Peripherals: Cooling Systems, Cases, Keyboards)
• Corsair Components Inc. (Gaming Peripherals: Headsets, Keyboards, Mice, Memory Modules)
• Dell Technologies (Alienware Gaming PCs and Peripherals)
• Gameloft SE (Mobile and Console Games: Asphalt Series, Disney Magic Kingdoms)
• Hyperkin Inc. (Retro Gaming Accessories: RetroN Series Consoles, Controllers)
• HyperX (Gaming Headsets, Keyboards, Memory Products)
• Logitech Inc . (Gaming Peripherals: Keyboards, Mice, Racing Wheels)
• Mad Catz Global Ltd . (Gaming Accessories: Arcade Sticks, Controllers, Keyboards)
• Microsoft Corp. (Consoles: Xbox Series X/S, Games: Halo, Forza Horizon)
• Nintendo Co. Ltd. (Consoles: Nintendo Switch, Games: Mario, Zelda, Pokémon)
• NVIDIA Corporation (Gaming Hardware: GeForce GPUs, SHIELD TV)
• Ouya Inc. (Subsidiary of Razer) (Console: Ouya Android Gaming Console)
• PlayJam (Smart TV Gaming Platforms and Micro-Consoles: GameStick)
• Razer Inc. (Gaming Peripherals: Keyboards, Mice, Laptops, Razer Kishi)
• Redragon (Gaming Peripherals: Keyboards, Mice, Headsets)
• Republic of Gamers (ROG) (ASUS Brand) (Gaming Laptops, Desktops, Accessories)
• Rockstar Games Inc. (Games: Grand Theft Auto, Red Dead Redemption, Max Payne)
• Sega Holdings Co. Ltd. (Games: Sonic the Hedgehog, Yakuza Series, Retro Consoles)
• Sony Corp. (Consoles: PlayStation Series, Games: God of War, The Last of Us)
• SteelSeries (Gaming Peripherals: Headsets, Mice, Keyboards, Controllers)
• Tencent Games (Games: PUBG Mobile, Honor of Kings, Call of Duty Mobile)
• Ubisoft Entertainment SA (Games: Assassin's Creed, Far Cry, Watch Dogs)
• Valve Corp. (Games and Hardware: Steam Deck, Half-Life, Dota 2, Steam Platform).

Gaming Console Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 26.65 Billion
Market Size by 2032	USD 55.36 Billion
CAGR	CAGR of 8.46% From 2024 to 2032
Report Scope & Coverage	Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segmentation	. By Type (Home Console, Handheld Console [Portable, Non-Portable]) . By Application (Gaming, Non-Gaming) . By End Use (Residential, Commercial)
Key Drivers	. Tech advancements in power, display, and battery are transforming portable gaming with better graphics, smooth gameplay, and longer playtime.

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Gaming Console Market Overview with Dominance of Home Consoles and Rising Growth of Handheld and Non-Gaming Segments

By Type

In 2023, the home console segment dominated the gaming console market with a 63% share, featuring popular consoles like PlayStation, Xbox, and Nintendo Switch. These consoles offer high-performance gaming, superior graphics, and fast processing speeds, along with extensive game libraries and console-exclusive titles like The Last of Us, Halo, and Zelda, which build strong brand loyalty. Home consoles provide immersive experiences for both single-player and multiplayer games, supported by robust online services like PlayStation Network and Xbox Live.

The handheld console segment is expected to grow rapidly from 2024 to 2032, driven by advancements in hardware, improved battery life, and the portability offered by devices like the Nintendo Switch and PlayStation Vita, making them a popular choice for gamers on the go.

By Application

In 2023, the gaming segment dominated the gaming console market, accounting for around 79% of total revenue, driven by strong demand for high-quality gaming experiences. Consoles like PlayStation, Xbox, and Nintendo Switch provide immersive gameplay, advanced graphics, and large game libraries that cater to both casual and hardcore gamers. Continuous innovations in gaming technology, such as faster processors, enhanced graphics, and exclusive titles, boost their appeal. The rising popularity of online multiplayer gaming and virtual reality has further fueled growth in this segment.

The non-gaming segment is expected to see the fastest growth from 2024 to 2032. This growth is driven by consoles being used for entertainment beyond gaming, including streaming services, media consumption, and fitness apps, as well as the expansion of cloud gaming and subscription services like Xbox Game Pass and PlayStation Plus.

North America Leads Gaming Console Market While Asia-Pacific Emerges as the Fastest-Growing Region

North America led the gaming console market in 2023 with a 43% share, driven by strong consumer demand, high disposable incomes, and the presence of major companies like Sony, Microsoft, and Nintendo. The region's large, engaged gaming population and advancements in gaming technologies, along with growing interest in online multiplayer gaming and esports, have sustained this dominance.

Asia-Pacific is poised to be the fastest-growing region from 2024 to 2032, fueled by technological advancements, rising disposable income, and a large, youthful population. Countries like China, Japan, South Korea, and India are key drivers, with China's massive gaming community, Japan and South Korea's innovation, and India's expanding digital infrastructure contributing to this growth.

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Recent Development

• December 27, 2024 – My Arcade® reveals the Gamestation Retro, featuring over 100 classic games from Bandai Namco® and CAPCOM, including titles like PAC-MAN, GALAGA, Street Fighter IITM, and Mega ManTM. The collection will be available in three models: Retro Go, Pro, and Mega.
• December 6, 2024 – Valve is reportedly planning to launch a new Steam video game console following the success of the Steam Deck. The company aims to re-enter the hardware market, expanding beyond its VR headset and previous Steam Machine attempt, to offer a more accessible console experience.

T able o f Contents - Major Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Consumer Behavior by Region

5.2 Technology Trends by Region

5.3 Environmental Impact Metrics by Region

5.4 Innovation and R&D

6. Competitive Landscape

7. Gaming Console Market Segmentation, by Type

8. Gaming Console Market Segmentation, by Application

9. Gaming Console Market Segmentation, by End Use

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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