Gaming Console Market Share, Size | Industry Growth Report, 2024
Video games have established a huge role in the entertainment industry, influencing other media like movies, television and internet. The Gaming industry has been growing faster than any other entertainment industry segment from last decade. Gaming console acquired the huge proportion of revenue in gaming industry, with major players such as Sony and Microsoft acquiring more than 70% market. Gaming console market has grown by 4% in 2016 as compared to sales in 2015, but the fastest growth has been noticed in mobile gaming with more than 28% growth. The market for console gaming is growing but now the market is facing increased competition from other substitutes such as mass multiplayer online MMO and mobile gaming.
Goldstein Research analyst forecast the global gaming console market to expand at a CAGR of 4.1% during the forecast period 2016-2024. Further, the market is anticipated to reach USD 48.4 billion by the end of forecast period.
Covered in this global gaming console market report
The report covers the present ground scenario and the future growth prospects of the gaming console market for 2016-2024 along with the total revenue of gaming consoles in every region. We calculated the market size and revenue share on the basis of revenue generated per segment and region on a global, regional, and country level. The revenue forecast is given on the basis of number of gaming console companies and current growth rate of the market.
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Global Gaming console Market Segmentation
By Console Type
T.V Gaming Console
• Handheld Gaming Console
By Distribution Channel
Online Distribution Channel
• Offline Distribution Channel
North America US, Canada Gaming Console Market
• Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe Gaming Console Market
• Middle East and Africa GCC Countries, North Africa, South Africa and Rest of Middle East & Africa Gaming Console Market
• Latin America Brazil, Mexico and Rest of Latin America Gaming Console Market
• Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific Gaming Console Market
Based on gaming console type T.V gaming consoles accounted for the largest revenue share of 91% in global gaming console market in 2016. T.V gaming console segment is the fastest growing segment, likely to expand at a CAGR of 4.1% over the forecast period i.e.2016-2024.
Global gaming console market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global gaming console market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global gaming console market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Our global gaming console market report comprises of the following companies as the key players in the global gaming console market: Sony, Microsoft, Nvidia Corp., Valve Corp., PlayJam, BlueStacks, Nintendo Co. Ltd., Mad Catz, OUYA Inc.
According to our global gaming console market study on the basis of extensive primary and secondary research, one major trend in the market is the introduction of incremental console updates, more significant than the previous generation’s slim version of consoles. For instance, Microsoft’s upcoming gaming console Project Scorpio is ready to hit the market in 2018, which use its six teraflops to support full 4K and VR.
According to the report, major driver in global gaming console market is the product innovation and enhanced technological features. Gaming industry in on the rise as number of gamers are growing across the globe and people are spending more time on gaming and even casual gamers are spending good amount on latest gaming consoles. Hardcore gaming population is always desire for an enhanced gaming experience. This push the game and gaming console developers to come up with innovative and advanced technologies, which is fueling the growth of global gaming console market.
Further, the report states that one challenge in global gaming console market is intense competition from the mobile gaming platform which is rapidly increasing from past 3 years. With the evolution of mobile gaming, people tends to play more games on their smart phones these devices provide quick and easy access to gaming content. Moreover, advanced gaming content and concept of freemium has adversely affected the growth of gaming console market.
Geographically, Europe region accounted for the largest market share with 30% revenue share in global gaming console market. Asia Pacific is the fastest growing region and is likely to expand at a CAGR of 14.2% over the forecast period i.e. 2016-2024. China showcase huge opportunity for gaming industry as the gaming population in China is growing rapidly with increased spending on gaming contents and hardware.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Key questions answered in this global gaming console market report
What is the total market size by 2024 and what would be the expected growth rate of sales?
• What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?
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