Gaming Console Market size was estimated at USD 26.8 billion in 2024 and is projected to attain USD 49.2 billion in 2037, surging at a CAGR of 5.2% during the forecast period i.e. 2025-2037. In 2025, the industry size of gaming console is assessed at USD 28.1 billion.
The gaming console market is fostered by a web of technological advancements, as well as changes in consumer preferences and the broadening appeal of gaming as a global entertainment medium. Online multiplayer gaming and cloud-based services have further enhanced the gaming ecosystem with new business models of subscription services such as Xbox Game Pass, PlayStation Plus, and game streaming platforms.
Such services are increasingly more available, allowing one to access a rich library of games conveniently without requiring significant memory storage capacity or high-end hardware requirements, making the gaming experience more accessible and adaptable. Moreover, social, entertainment and multimedia elements have been incorporated into gaming consoles, thus making them a more appealing electronic device. For instance, in August 2024, Analogue Pocket launched its slim, up-to-date, portable gaming console dedicated to the celebration and research of game-playing history. It featured an entire body made of CNC-machined aluminum.
Furthermore, modern consoles are now cemented as part of the entertainment appliances in your home and further portray their role in the digital world. In conclusion, the gaming console market is thriving owing to a combination of technological innovation, changing consumer demands, digital services, and the mainstreaming of gaming culture. For instance, in September 2023, Lenovo unveiled fresh innovations in gaming, software, visuals, and accessories for holidays such as Lenovo Legion, ThinkVision, Lenovo Wired VOIP Headset, and Lenovo Wired ANC Headset Gen 2. Thus, continued improvements will propel the gaming console market.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.2% |
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Base Year Market Size (2024) |
USD 26.8 billion |
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Forecast Year Market Size (2037) |
USD 49.2 billion |
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Regional Scope |
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Application (Non-Gaming, Gaming)
Non-gaming segment is projected to dominate gaming console market share of around 64.3% by the end of 2037. The increasing demand for multifunctional devices offering a wide range of entertainment and multimedia features in the market also lists the non-gaming segment as predominant. The newest models in the gaming console line, including PlayStation 5 and Nintendo Switch, offer access to streaming services such as Netflix, YouTube, and Spotify, pushing them as major home entertainment equipment. For instance, in September 2024, Loco sold a majority stake for USD 65 million to Redwood to boost its global presence. The investment provided the push for Loco's international expansion and aimed at improving the content by partnering with streamers and major gaming organizations.
Interface (Residential, Commercial)
The residential segment is expected to surge in the gaming console market during the forecast timeline mainly due to increasing demand for home entertainment-based solutions for various age groups as well as their interest. The more the gaming content becomes available, diverse, and family-friendly with immersive experiences and multimedia services, including streaming and social features, the more consoles become central at-home entertainment hubs. For instance, in October 2024, SuperGaming announced the launch of its new battle royale mobile game, Indus with a more conventional battle royale game style to be played at one’s convenience.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Type |
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Interface |
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North America Market Statistics
North America gaming console market is set to capture revenue share of around 64.3% by the end of 2037. The main driver behind this continued strong presence is the intense consumer demand for sophisticated gaming experience, spurred by a robust gaming culture, inflicting robust technological structures, and healthy disposable income in the region. This demand spurred constant innovation, frequent console upgrades, and related services growth. This consolidated North America's position as the critical hub for gaming.
The U.S. gaming console market is characterized by a dominance of the U.S. entertainment and media industry. This factor tends to drive console sales with exclusive content, partnerships, and cross-media integration. The integration of gaming with streaming services brings a coherent ecosystem that provides consumers with increased value and strengthens platform loyalty. For instance, in December 2023, Riot Games hosted its debut international esports tournament, VALORANT in India to strengthen the grassroots ecosystem for its first-person shooter (FPS) games in India. This synergy between gaming and broader entertainment trends is a massive differentiator for the U.S. market.
The major characteristic of Canada is significantly driven by its bilingual and multicultural demographic, which plays a key role in determining gaming preferences and demand. For instance, in February 2021, i3 Interactive, a Canada-based company announced to acquire majority of stake (51%) in LivePools, a gaming start-up to create a holistic ecosystem for state-of-the-art experience to gamers. This differentiates their ecosystem, supporting diverse tastes in gaming and thus providing a unique demand within the Canada gaming console market.
Asia Pacific Market Analysis
Asia-Pacific is expected to exhibit lucrative growth during the forecast period of 2025 to 2037 due to the easy availability of 3D gaming hardware and software in the region. In addition, the mobile gaming trend is witnessing tremendous growth with experts estimating more than 1.5 billion active mobile gamers in the region. The future will be accelerated by further investment in online services and infrastructure driven by 5G and advancements in VR, AR, and AI.
China is being driven by trails of innovations brought by key gaming console market players. For instance, in June 2022, a virtual Tencent Games Conference - SPARK 2022 was held. At this conference, a new cloud gaming technology was revealed that revolutionized the future of online gaming. The key focus areas were new technology exploration, new product experience, and more new values. Furthermore, 40 new and innovative projects in the gaming sector were showcased.
A strong gaming culture is one of the major drivers for the gaming console market in India. For example, in March 2024, Indie Games Accelerator (IGA) chose 25 Asia-Pacific indie game developers, marking the largest Asia-Pacific cohort since the Google Play training program began in 2018. In addition, the rising trend of e-sports tournaments is further positively influencing the market in the country.
The gaming console market is witnessing tremendous growth owing to the presence of techno-savvy players who strive to innovate the gaming landscape through lucrative investments. For instance, in January 2022, Microsoft, the American tech giant, invested in the Call of Duty series by Activision Blizzard, worth USD 68.7 billion. This was the largest-ever acquisition in gaming history, surpassing the company's previous record of a USD 7.5 billion deal.
Here’s the list of some key players:
Author Credits: Abhishek Verma
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