Global Gaming Consoles Market Upcoming Trends, Key Industry Segments, Business Landscape and Key Vendors and Forecasts to 2029
Global Gaming Consoles Market: size was valued at 52.19 Mn units in 2021 and the total revenue is expected to grow at 8.9 % through 2021 to 2029, reaching nearly 103.24 Mn units.
Global Gaming Consoles Market Overview:
The Global Gaming Consoles Market Analysis is a detailed examination of the Global Gaming Consoles market, with an emphasis on global market trends and analysis. The purpose of this research is to offer an overview of the Global Gaming Consoles industry as well as complete market segmentation by segment and geography. Over the forecast period, the Global Gaming Consoles market is predicted to increase substantially. The study includes key data on the market positions of the top Global Gaming Consoles organizations, as well as significant industry trends and prospects.
Global Gaming Consoles Market Dynamic:
Companies are inventing new platforms to reach gamers all over the world, and the market is growing at a breakneck pace. The increased popularity of social media gaming has had a significant impact on the market's growth. Other factors driving market expansion include a growing fan base for e-sports competitions and an increase in the number of professional players.
As customers adopt advanced capabilities such as record, stream, and cross-platform gameplay, there has been a significant shift in consumer tastes, which has contributed to an increase in console sales. Consumer expenditure on gaming products has increased as the degree of discretionary income has increased.
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Top-down and bottom-up approaches are used to validate the market size and estimate market size by segment. The market estimations in the research are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights based on usage rate and average sale price are applied to each area to generate percentage splits, market shares, and segment breakdowns. The country-wise divisions of the overall market and its sub-segments are determined by the percentage adoption or usage of the specified market Size in the relevant area or nation.
Global Gaming Consoles Market Segmentation:
By Product, Home consoles dominated the market segment with 70 % of market share and are expected to grow with a CAGR of 7.1% over the forecast year. Home consoles are easily connected to all the display devices and have customized components to reduce power consumption and maximize space.
However, handheld consoles are expected to grow during the forecast period with superior portability and lower cost.
By End Use, the Residential segment dominated the market with a 66% share in 2021. Due to the increasing popularity of playing video games at home and pandemic forcing people to stay at home and resulted in a substantial number of individuals opting for gaming consoles for entertainment purposes. Advanced graphics and improved content are factors driving the market growth.
By Age Group, 13 – 23 dominated the market with a 45 % share in 2021. This age group is strongly influenced by industry trends and is building strong connections through games. 23 – 38 segment is expected to grow at a CAGR of 2.54 % through the forecast period. Increasing professional gamers and online game streaming has become a source of income which is attracting this age group rapidly.
Global Gaming Consoles Market Key Players:
• Nintendo Co., Ltd.
• Sony Corporation
• Atari, Inc.
• Hyperkin, Inc.
• Razer Inc.
• NVIDIA Corporation
• Valve Corp.
• Dell Technologies
• Turtle Beach
• Corsair Components Inc.
• Cooler Master Co. Ltd
• Republic Of Gamers
• Mad Catz Global Ltd.
Primary and secondary research is used to identify industry giants, while primary and secondary research is used to estimate market revenue. In-depth interviews with thought leaders and industry professionals, including experienced front-line staff, CEOs, and marketing specialists, were conducted as part of the core study. The secondary study included an analysis of annual and financial reports from well-known manufacturers. Secondary data is used to compute percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then compared to original data. The firms listed below are involved in the Global Gaming Consoles industry.
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Global Gaming Consoles Market Regional Analysis:
The research focuses on geographic analysis, which is further divided into sub-regions and nations. This component of the research includes profit estimates and market share figures for each nation. This section of the research looks at each region's and country's share and growth rate throughout the anticipated time period.
After analyzing political, economic, social, and technological factors affecting the Global Gaming Consoles market in various sectors, the research presents a complete PESTEL analysis for all five regions, including North America, Europe, Asia Pacific, the Middle East, Africa, and South America.
COVID-19 Impact Analysis on Global Gaming Consoles Market:
The COVID-19 virus has altered customer behaviour in many sectors of society. Businesses, on the other hand, must adjust their strategy to account for shifting market supply. This study gives you an insight of the COVID-19's impact on the Global Gaming Consoles market and will help you build your business in compliance with the new industry standards.
The Global Gaming Consoles Market Report presents a 360-degree research spanning from the agile supply chain and trade limitations to regional government regulations and the firm's future influence under the COVID-19 Impact section. Primary market research (2021-2027), examples of venture rivalry, the advantages and disadvantages of huge business channels, and industry growth trends (2021-2027) are all offered.
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Key Questions Answered in the Global Gaming Consoles Market Report are:
- How big is the market for Global Gaming Consoles?
- Which regional market will emerge as the market leader in the next years?
- Which application category is expected to develop the fastest?
- What opportunities for growth could exist in the Global Gaming Consoles industry in the next years?
- What are the most significant future challenges that the Global Gaming Consoles market may face?
- Who are the market leaders in the Global Gaming Consoles category?
- What are the main trends that are influencing market growth?
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