According to the report by Expert Market Research (EMR), the global gaming console market share reached a value of approximately USD 48.95 billion in 2022. Aided by the increasing demand for immersive gaming experiences and the expanding applications of gaming consoles in various sectors, the market is projected to further grow at a CAGR of 7.2% between 2023 and 2028 to reach a value of USD 74.29 billion by 2028.
Gaming consoles are specialised devices primarily designed for video games. Users can play games and engage in other forms of digital entertainment on these platforms, which work as an interactive multimedia device. They have greatly changed throughout time, offering improved graphics, gaming mechanics, and online capabilities, making them a very popular entertainment option for both casual and ardent gamers.
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The global gaming console market growth is being driven by the growing customer inclination for engaging and immersive gaming experiences. There has been a significant shift towards high-quality gaming experiences as a result of increased knowledge of the recreational advantages of gaming, which has sparked a rise in demand for cutting-edge gaming consoles. Additionally, the growing popularity of eSports and online gaming has added to the rise of gaming consoles because these platforms are frequently used in professional gaming tournaments.
The expanding applications of gaming consoles in various sectors also play a significant role in boosting the gaming console market expansion. In the education sector, gaming consoles are used as engaging tools to teach complex subjects. The medical industry utilises gaming consoles for physical rehabilitation and therapy. Moreover, the increasing integration of Virtual Reality (VR) and Augmented Reality (AR) technologies with gaming consoles offers gamers a more immersive and realistic gaming experience, thereby propelling the market growth.
Further, the growing demand for home entertainment systems in the consumer electronics industry has led to an increased focus on gaming consoles as a key component of such setups. With the rise of digital entertainment and the increasing popularity of online streaming platforms, gaming consoles have emerged as a critical device in the digital living room, thereby boosting the gaming console market expansion.
The advent of cloud gaming, cross-platform play, and advancements in AI technology are anticipated to open new avenues for the gaming console market. These trends, coupled with the continued popularity of gaming as a form of entertainment, signify that the gaming console market is set to experience substantial growth in the years to come.
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Gaming Console Market Segmentation
The market can be divided based on type, platform, end use, distribution channel, and region.
Market Breakup by Type
• Home Consoles
• Handheld Consoles
• Hybrid Consoles
• Dedicated Consoles
Market Breakup by Platform
Market Breakup by End Use
Market Breakup by Distribution Channel
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global gaming console companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Sony Corporation
• Microsoft Corporation
• Nintendo Co., Ltd.
• Logitech Inc.
• Mitashi Edutainment Pvt Ltd.
• Atari, Inc.
• Ubisoft Entertainment
• Taito Corporation
• Valve Corporation
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