According to a recent report from FMI, the global gaming console market is expected to be valued at $71,305.3 million in 2022 and reach $156,774.9 million by 2032. From 2022 to 2032, the market is expected to grow at a compound annual growth rate (CAGR) of 8.2%. Notably, Wii devices are expected to grow at an accelerating CAGR of 10.8% during this period.
Active gamers around the world have a wide range of gaming product options. They are also willing to spend money on high-end items. The gaming equipment market is expanding as a result of frequent technological innovations such as augmented reality (AR) and virtual reality (VR). Future Market Insights (FMI) predicts that the market could grow at 3.8% year-over-year.
The proliferation of gaming-related content creators, including live streamers, let’s players, and competitive esports players, has made gaming a massive media format. The rise in gaming content creators has fueled a booming gaming gadget market, as creators purchase multiple types of gaming devices to play games exclusive to their platform, and provide a variety of content related to the devices.
In recent years, many competitive e-sports organizations have emerged to organize and compete in e-sports tournaments for games such as League of Legends, Dota 2, TFT, Heathstone, etc. These tournaments require a large number of gaming devices, the sales of which contribute to the expansion of the market.
New market innovations are essential to drive the market forward, and the release of Steam Deck, a portable gaming console that offers PC-like performance and can also be used as a PC, paves the way for further advancements in the gaming device market.
Key Takeaways
The US market is expected to grow at a CAGR of 6.3% during the forecast period. The Japanese market is expected to grow at a CAGR of 9.6% during the forecast period. The Indian market is expected to grow at a CAGR of 14.1% during the forecast period. PlayStation, which accounts for 46.3% of the gaming device market, leads the market in the device type segment. Home gaming consoles account for nearly one-third of global gaming device sales and are expected to grow fastest at a CAGR of 7.1%. Multi-brand store-based retail continues to dominate the sales channel segment, accounting for a sizeable gaming device market share of 28.2%. The convenience offered by online platforms is expected to drive the growth of the gaming device market in the sales channel segment at a CAGR of 17.2%. Gamers under the age of 20 account for a sizeable gaming device market share of 53.9% of all devices. Home use of gaming devices is expected to account for a sizeable share of 70.0% of the gaming device market. Entry level devices account for 53% of the gaming device market. The professional category is expected to grow at a faster pace, at a CAGR of 12.9% during the forecast period.
Recent developments:
launch:
Samsung launched its Odessey Neo G9 gaming monitor with Quantum Mini-LED technology for HDR applications in July 2021. MSI launched its GP Leopard, Pulse GL, and Katana GF gaming laptops with 11th Gen Intel Core H-series CPUs for consumers in India.
Product Launch:
Microsoft Corporation announced the release of the Pulse Red wireless controller in January 2021. It allows you to switch between Xbox consoles, PCs, and Android devices without having to repeat the setup process each time. In February 2021, Sony announced its next-generation VR headset for the PlayStation 5 console, which will be available from 2021 onwards. The new VR system is expected to feature higher resolution, more accurate head tracking, and a wider field of view. It also includes the latest VR motion controllers and some of the new features of the PS5’s DualSense pad. Amazon will release Luna, a cloud gaming platform, in October 2020. In line with this, Amazon also announced its own Alexa-enabled Luna controller, which may be sold for $49.99 during the early access period. The controller features a multi-antenna design that prioritizes uninterrupted Wi-Fi for low-latency gaming. If you compare playing with the Luna controller on Cloud Direct to playing with the Luna controller on Cloud Direct, you will see that the Luna controller is superior.
Main characters
Nintendo Co., Ltd., Sony Corporation, Microsoft Co., Ltd., Atari, Inc., Hyperkin, Inc., Razer Inc., NVIDIA Corporation, SEGA of America, Inc., Valve Corp., Dell Technologies Inc., Mad Catz Global Ltd.
Leverage our expertise: Speak to our analysts by email: sales@futuremarketinsights.com
Key Segments
By type of gadget:
PlayStation Xbox Wii Others
By product type:
Portable Game Consoles Home Game Consoles
Age group:
Under 20 21-35 36-50 51 and over
By end use:
Residential/Family Commercial
By end user:
Beginner Intermediate Pro
By sales channel:
Direct sales specialist Multi-brand store Small independent store Online retailer Other
By region:
North America Latin America Europe East Asia South Asia Oceania Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR Accredited, Stevie Award Winner, Member of the Greater New York Chamber of Commerce) offers deep insights into the driving forces behind market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food & beverage, consumer technology, healthcare, industrial and chemical markets. With a large team of 400+ analysts worldwide, FMI offers global, regional and local expertise on trends across multiple sectors and industries across 110+ countries.
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