The connected game console market is anticipated to have a significant CAGR of 14.4% during the period of 2023 to 2033. The market is expected to grow from USD 19,550.7 million in 2023 to USD 75,280.8 million by 2033. According to FMI, in 2022, the market was valued at USD 17,332.2 million.
With over 3.09 billion active video gamers globally by 2023, the video game industry is undergoing massive growth. Investments worth billions and billions of dollars are being poured into the sector as there are transformations on multiple fronts, such as mobile games, PC games, and console gaming. Gaming consoles occupy a huge portion of the overall gaming industry, with many established players already existing in the market.
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Gaming console devices lead the video gaming industry as they have distinguished features like multimedia capabilities, online gaming and streaming, and social networking. Connected game consoles include handheld game consoles, dedicated consoles, and micro consoles.
The rapid development in the connected gaming console market is attributed to the new technological advancements in game consoles, such as the availability of Wi-Fi connectivity, improvement in graphics, and higher definition image quality.
The market growth may be hampered by the alternatives available in the market, such as online gaming and mobile gaming, in the coming years. The affordability of the alternatives available decreases the demand for gaming consoles as the consoles are comparatively expensive.
The connected gaming console market is expected to experience a surge in the forecast period as there is an upsurge in the capabilities offered by modern game consoles. The introduction of cloud-based gaming services has opened a gate to new possibilities for the gaming industry.
Technological wireless advancements such as 5.0, Wi-Fi, and 5G network are anticipated to lead market demand for gaming consoles. The boost in popularity of 3D gaming with better user experience is expected to increase market demand further in the connected gaming console market leading to market demand for gaming consoles. The boost in popularity of 3D gaming with better user experience is expected to increase market demand further in the connected gaming console market.
Key Takeaways
- The United States held a share of 15.6% in the global gaming console market in 2022.
- The Indian market for gaming consoles is expected to increase with a CAGR of 18.4% in the forecast period.
- The United Kingdom market is likely to grow at a CAGR of 12.1% by 2033.
- Germany accounted for a market value of 7.3% in the connected gaming console market in 2022.
- The market for connected gaming consoles is anticipated to expand at a CAGR of 16.5% by 2033.
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Market Competition
Dominant players in the connected gaming console market are constantly looking for ways to innovate new techniques and features in the market to widen the consumer base. The market players are adopting strategies such as mergers, acquisitions, expansions, and collaborations to develop the market.
Key Players
- Sony
- Microsoft
- Nintendo
- Tencent Holdings Ltd.
- Activision Blizzard, Inc.
- Valve Corporation
- Rockstar Games
- Sega Games Co. Ltd
- Square Enix Holdings Co. Ltd
- Capcom Company Ltd
- Naughty Dog Inc.
- Rovio Entertainment Corporation
- Lucid Games
- Disney+
Recent Developments
- In June 2023, Sony Electronics Inc. collaborated with SQUARE ENIX in the FINAL FANTASY game franchise, FINAL FANTASY XVI, which is exclusively available on PlayStation 5.
- In July 2023, Microsoft’s Xbox launched a new feature of voice reporting, enabling players to capture and report inappropriate in-game voice chats.
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Connected Game Console Outlook by Category
By Product Type :
- Connected Console
- Standalone Console
- Handheld Console
- Services
- Prepaid Service
- Other Direct Service
By Application :
- Gaming
- Non-Gaming
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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