“Global Gaming Console Market to reach a market value of USD 92.54 Billion by 2031 growing at a CAGR of 17.3%”
The Global Gaming Console Market size is expected to reach $92.54 billion by 2031, rising at a market growth of 17.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 80,266.6 thousand units, experiencing a growth of 9.1% (2020-2023).
Gaming has become a mainstream activity in the United States, with approximately 214 million gamers in 2023, accounting for about 65% of the population, according to the Entertainment Software Association (ESA). The proliferation of streaming platforms like Twitch, headquartered in the U.S., has further spurred this growth as streamers and content creators increasingly invest in advanced gaming consoles to enhance their broadcasts and connect with audiences. The presence of leading gaming console manufacturers like Microsoft and Sony, coupled with a well-developed esports industry, has solidified North America's position in the market. Hence, The North America segment witnessed more than 1/4th revenue share in the market in 2023. In terms of volume, 56,212.0 thousand units of gaming console by the year 2031. This region benefits from a high adoption rate of advanced technologies, robust internet infrastructure, and a strong gaming culture. Additionally, the increasing popularity of subscription services such as Xbox Game Pass and the rise of cloud gaming platforms have further driven console adoption in the region.
Social gaming experiences have also played a crucial role in broadening the appeal of consoles. Features like party chat shared achievements, and collaborative gameplay make consoles a preferred choice for social interaction, especially in a digital-first world. Many games now incorporate built-in social elements, such as the ability to stream gameplay or share highlights, further enhancing the sense of connection. Families and friends often gather around gaming consoles for shared entertainment, reinforcing their value as a versatile and social device. Additionally, Console manufacturers have capitalized on the e-sports boom by partnering with professional teams and sponsoring high-profile tournaments. Limited-edition e-sports-themed consoles and accessories appeal to fans, further driving sales. The cultural shift toward gaming as a mainstream entertainment form has cemented consoles as central to the e-sports ecosystem, bridging the gap between professional players, streamers, and everyday gamers. Hence, as e-sports grows, its influence on the market will remain a key driver of innovation and consumer demand.
However, Compatibility and upgrade concerns also play a significant role in limiting the adoption of gaming consoles. Many consumers hesitate to invest in new systems due to uncertainty about backward compatibility with their existing game libraries. If older games are not supported, gamers rebuild their collections, often at a substantial cost. For casual gamers, these issues may outweigh the appeal of upgraded technology, leading them to stick with older consoles or switch to alternative platforms. Thus, these factors may hinder the growth of the market.
By end-use, the market is divided into residential and commercial. The commercial segment garnered 18% revenue share in the market in 2023. In terms of volume, 42,489.2 thousand units of gaming console are expected to be utilized in commercial by the year 2031. This segment includes gaming consoles in commercial settings such as gaming lounges, esports arenas, retail stores, and entertainment centers. Businesses have invested in high-end gaming installations to attract gaming enthusiasts, as the commercial segment has been significantly influenced by the growth of esports and competitive gaming.
Based on application, the market is segmented into gaming and non-gaming. The gaming segment procured 62% revenue share in the market in 2023. In terms of volume, 129,869.4 thousand units of gaming console are expected to be utilized for gaming by the year 2031. This segment represents the core use of gaming consoles, driven by the ever-expanding popularity of video games among various age groups and demographics. Advancements in graphics, immersive gameplay, and the availability of exclusive and cross-platform titles have fueled demand for consoles in this segment.
Based on type, the market is bifurcated into home console and handheld console. The home console segment garnered 74% revenue share in the market in 2023. In terms of volume, 157,261.4 thousand units of home console are expected to be utilized by the year 2031. Home consoles like the PlayStation 5, Xbox Series X, and Nintendo Switch (docked mode) offer powerful hardware capabilities, advanced graphics, and immersive gaming experiences tailored for a stationary setup. These consoles are often preferred by hardcore gamers and households that prioritize high-quality visuals, extensive game libraries, and multiplayer functionality. The demand for home consoles was further bolstered by the growing trend of online gaming and the availability of exclusive titles, which attracted a significant consumer base.
On the basis of handheld console type, the market is classified into portable and non-portable. The portable segment acquired 82% revenue share in the market in 2023. In terms of volume, 34,776.2 thousand units of portable console are expected to be utilized by the year 2031. The Nintendo Switch (portable mode), Valve Steam Deck, and PlayStation Vita are highly favored for their convenience and flexibility, which enable gamers to experience their favorite titles on the go. They are portable handheld consoles. Casual gamers and those who prioritize gaming during commutes or travel have found these consoles to be particularly appealing due to their portability, as well as improvements in battery life, display resolution, and processing power.
Free Valuable Insights: Global Claims Management Market size to reach USD 92.54 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment recorded 42% revenue share in the market in 2023. In terms of volume, 102,750.7 thousand units of gaming console are expected to be utilized by the year 2031. This region's dominance is driven by a rapidly growing gaming population, increasing disposable income, and widespread technological adoption in countries like China, Japan, South Korea, and India. The strong presence of established gaming companies, combined with a rising interest in esports and multiplayer gaming, has fueled the demand for gaming consoles.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 28.38 Billion |
| Market size forecast in 2031 | USD 92.54 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 17.3% from 2024 to 2031 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 349 |
| Number of Tables | 790 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End-user, Region |
| Country scope |
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| Companies Included | Corsair Gaming, Inc., ASUSTeK Computer Inc., Sony Corporation, Dell Technologies, Inc., Microsoft Corporation, Lenovo Group Limited, HP, Inc., Nintendo Co., Ltd., Acer, Inc., Logitech International S.A. |
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
By End-use (Volume, Thousand Units, USD Billion, 2020-2031)
By Application (Volume, Thousand Units, USD Billion, 2020-2031)
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
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