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Gaming Console Market Valued USD 34.3 Billion in 2020 and Projected to Grow at 5.37% CAGR During 2021 to 2030 – Report by Market Research Future (MRFR)

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Gaming Console Market Valued USD 34.3 Billion in 2020 and Projected to Grow at 5.37% CAGR During 2021 to 2030 - Report by Market Research Future (MRFR)

 

According to a comprehensive research report by Market Research Future (MRFR), “Global Gaming Console Market information by Type, by Application, End User and Region – forecast to 2030“, market was settled at USD 34.3 BN in 2020, which is expected to expand further at 5.37% CAGR during the forecast period (2021-2030).  

Key Players Involved In The Gaming Console Market:

  • Microsoft Corporation (US)
  • Sony Corporation (Japan)
  • Nintendo Co., Ltd. (Japan)
  • Valve Corporation (US)
  • Logitech Inc. (Switzerland)
  • NVIDIA Corporation (US)
  • BlueStacks (US)
  • PlayJam (UK)
  • OUYA Inc. (US)
  • Atari (US)
  • Sega (Japan)

Huge Popularity of 3D Gaming Drives the Market
The gaming console market is constantly growing, witnessing vast demand. The rapidly growing gaming market drives the demand for these consoles. 2020 was a dynamic year for the online gaming & gambling market. Besides, government initiatives for supporting the online gaming industry and subtle federal restrictions allow the gaming console market to garner significant revenues. With more legal breakthroughs expected in gaming in 2021 and beyond, the market is expected to garner significant gain in the years to come.

Players like Sony, Microsoft, and NVIDIA are seeing new opportunities to foster their global footprints markets that could mean big things. This also means that gaming console markets would garner significant traction worldwide during the years ahead. Besides, advances in various related technologies are expected to foster the global gaming console market size.

Industry Trends:
Rapid improvements in networking technologies and gaming platforms are projected to increase the gaming console market size, registering significant revenue growth and user screen time. Moreover, the growing adoption of smartphones and vast developments in technologies such as virtual reality (VR) and artificial intelligence (AI) are major trends accelerating the demand for gaming consoles.

The rising popularity of 3D video games and increasing numbers of e-sport tournaments boost market revenues. Besides, the rising popularity of competitive games and increasing numbers of gamers influence the market growth. The gaming industry is evolving and rebuilding with the growth in technological upgrades. Advancement in core wireless connectivity is also a major factor positively impacting the market growth.

The advancement in wireless connectivity is anticipated to drive the gaming console market in future years. The 5G technology has opened new avenues in the connectivity landscape and transformed the gaming industry. Therefore, countries worldwide are investing heavily in 5G technology to gain broader microeconomic advantages.

Also, there has been a rapid increase in the adoption of Bluetooth, Wi-Fi and other communication technologies. Wi-Fi 6 and IoT are the major developments in wireless connectivity. Wi-Fi 6 offers groundbreaking possibilities for developing new products across the gaming industry.

Besides, the extensive uptake of online games in the education, media & entertainment sectors has allowed the market to garner vast momentum in recent years. The rising adoption of cloud gaming and increasing numbers of gaming arenas influence the market value. Also, the wide commercial and personal uses impact the cloud gaming market share.

Prohibitive Cost is a Major Headwind 
On the other hand, the high costs of gaming consoles restrict market growth. Also, the lack of skilled professionals poses challenges to the growth of the gaming console market in some countries.

Segmentation:
The gaming console market is segmented into types, applications, end-users, and regions. The type segment is bifurcated into home console, handheld console, hybrid console. The application segment is bifurcated into gaming and non-gaming. The end-user segment is bifurcated into personal and commercial. The region segment bifurcated into North America, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.

Regional Analysis
North America dominates the global gaming console market due to the rapidly growing gaming market in the region. Besides, increased demand for gaming consoles and improved Internet connectivity with high reliability boosts the market size in this region. The strong presence of key gaming console manufacturers, such as Microsoft, Valve Corporation, and NVIDIA, drives the regional market growth.

Also, various online gaming tournaments create significant demand for gaming consoles. Gaming is a rapidly growing segment in the entertainment industry in the US, encouraging the sales of the latest gaming devices and thus, contributing to the gaming console market shares in North America.

COVID-19 Impact
The onset of COVID-19 boosted the already booming gaming console industry, increasing public interest in online gaming. The pandemic and lockdown mandates worldwide allowed people more free time to involve in gaming and leisure activities. Besides, social distancing mandates are increasing the uptake of gaming accessories.

Also, increased uses of various cloud gaming services allow the gaming console market to witness a constant uptick over the past few months. Additionally, increasing investments by industry players to foster R&D activities offer significant market opportunities.

Competitive Analysis:
The gaming console market is expected to witness significant product launches and several strategic initiatives, such as collaborations, mergers & acquisitions, expansion, and product launches. Matured industry players make substantial strategic investments in research and development activities and foster their expansion plans.

For instance, recently, on Jan.11, 2022, Tencent Holdings (China) announced its plan to acquire Chinese gaming phone company Black Shark to build its own metaverse. The metaverse is a logical strategy for Tencent, and hence, this move would position Tencent in the leading place.

Tencent Holdings is the majority-owner of Tencent Music Entertainment and owner of WeChat and QQ Messenger. Black Shark is currently focusing on gaming-centric phones and hardware accessories, which will change to building virtual reality hardware. Technology giant Xiaomi is the majority shareholder in Black Shark currently.

In another instance, on Jan.05, 2022, Educational software company Picoo announced the development of a new video game console named after the company itself. The Picoo is a screen-less gaming console.

The new console looks like a PlayStation Move controller and comes with a one-handed remote, a wrist strap, and glowing light. It doesn’t have any buttons other than an On/Off switch. Instead, it uses a speaker, accelerometer, and vibration for play.

Gaming

Fortnite Battle Royale Global Championship and Rocket League World Championship Head to Dickies Arena in Fort Worth, Texas, This September

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The location for upcoming Fortnite Battle Royale and Rocket League in-person Championship events has been revealed! Dickies Arena in Fort Worth, Texas will host both the Fortnite Championship Series (FNCS) Global Championship 2024 and Rocket League World Championship 2024 this September.

FNCS Global Championship 2024

Mark your calendars for September 7-8: the in-person FNCS Global Championship will feature 50 of the top Fortnite Competitive duos from around the globe, competing for a share of the $2,002,000 USD prize pool.

Qualification, format, and key dates for the Global Championship can be found in the FNCS 2024 Details blog post.

Ticketing information will be revealed in the coming month, with updates to be posted on the Fortnite Competitive website and social media channels. For more information, check out the reveal blog.

RLCS World Championship 2024

This year’s Rocket League World Championship runs from September 10-15 and returns to Dickies Arena on September 13-15 for the final two days of competition in front of a live audience. The culmination of the RLCS 2024 season, the Rocket League World Championship will feature the 16 best international teams and a $1,165,000 USD prize pool.

Rocket League World Championship 2024 qualification, format, and key dates can be found in the 2024 season announcement blog.

Ticketing information will be revealed in the coming month, with updates to be posted on the Rocket League Esports website and social media channels. For more information, check out the reveal blog.

BLAST, Rocket League Esports and Fortnite Competitive have teamed up with the Fort Worth Sports Commission, an international sports destination agency, and C3 Presents, Texas’ leading event promotion companies, to help support and promote both events coming to Fort-Worth, Texas in September 2024.

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Canada

Exploring Canada’s video Game Market: Survey Insights

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Technology has become a great source of entertainment to many. Video games particularly have garnered interest from all demographics. In Canada, the gaming industry has experienced significant growth, fuelled by increased accessibility to gaming platforms and the growth of online gaming communities.

Statistics indicate that a large percentage of Canadians are engaged in gaming activities, whether it be playing console or PC games, mobile games, or online multiplayer games. The popularity of video games extends beyond leisure pastimes, with many Canadians participating in gaming competitions, attending gaming conventions, and consuming gaming-related content on platforms like Twitch and YouTube.

The number of video game users in Canada reflects how broad the sector is, from mobile games to digital video games, download games and live streaming. In 2024, the gaming sector will see millions of users in each of these categories. Statista projects 13.38 million users for digital video games and 7.35 million users for online games respectively. It estimates that revenue in the Canadian video game market is expected to reach US$3,925.00m in 2024, so it is no surprise to observe the increasing popularity of the sector.

Well-known online casino provider BetVictor has compiled some key points from major surveys detailing the video game market to give further insight into its makeup and potential. The gaming culture in Canada is growing, which means the type of games and genres will grow along with the sector. Statista recently conducted a survey of 1 576 respondents aged 18 – 64 who are avid video game players, with telling results. ​​In December 2023, a survey about preferred video game genres in Canada revealed the top four genres as being Action, Action – adventure, Adventure and casual games accounting for 31% of respondents’ preferences.

David Winter, Marketing Manager at BetVictor notes that “We’ve seen a steady increase in the popularity of action-themed and adventure-themed slots and many providers are exploring how to expand further into this market.”

The popularity of Action games such as platform and fighting games can be attributed to various factors, such as: social interaction, accessibility and inclusivity, social appeal, and cultural influence. With such a diverse audience, all these factors are crucial to understand the appeal of Action games.

In the digital age, gaming has transcended mere entertainment to become a cornerstone of culture, and nowhere is this more evident than in Canada. From coast to coast, a diverse community of gamers is thriving, reflecting the country’s inclusive spirit and passion for technology. Whether it’s the casual gamer enjoying a quick session on their smartphone or the dedicated enthusiast meticulously building a custom gaming PC, Canada offers a welcome haven for all kinds of gamers.

Diving deeper into the Statista results, Strategy games accounted for 29%. This shows us that players have a strong interest in tactical and decision-making games. While role-playing (RPG) and sports games garnered 22% each, simulation and shooters trailed slightly behind at 21% and 20% respectively.

MMO (massively multiplayer online games), as well as MMORPGs (massively multiplayer online role-playing games) and MOBA (multi online battle arenas) came in at 13% and 8% respectively, representing a significant but niche following. With such a diverse array of preferences, the survey underscores the multifaceted nature of interests among Canadian gamers. It highlights the need for game developers to cater for a wide range of genres and gameplaying styles in the Canadian market.

From action shooter games to role-playing adventures, the industry has something for every gaming enthusiast in the Canadian market. Overall, the popularity of video games in Canada reflects a growing cultural phenomenon, where gaming has become a mainstream form of entertainment and a significant aspect of modern-day leisure activities.

Statistics anticipate a compound annual growth rate (CAGR) of 7.10% for 2022-2027, resulting in a projected market volume of US$24.52bn by 2027. Canada’s online gaming market is experiencing a surge in popularity, with a surging number of Canadian players engaging in immersive virtual reality experiences.

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Gaming

Knorr and World-renowned Gamer and Streamer, Ninja, Call on Gaming Industry to Supercharge Vegetables in Games

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Knorr – a global leader in bouillons, soups, seasonings, sauces, and more – and world-famous gamer and streamer, Tyler ‘Ninja’ Blevins, reveal to top gaming publishers a little-known imbalance found in a multitude of their games. While everyone knows veggies are good for you in real life, they’re not so good in the virtual world of gaming.

Ninja and Knorr think it’s high time veggies are powered up to get the recognition they deserve, and they are calling on the gaming community worldwide to join this ambition with its #ModTheVeg petition. Gaming fans are invited to sign a petition to show their support for giving veggies a boost in the virtual world and bring a new balance to gaming sustenance.

With a passion for supercharging veggies in the real and virtual world thanks to its flavorful seasonings, Knorr investigated just how much veggies are lagging in the virtual world and in 15 top games they fell behind significantly. For example, in one popular game munching meat gives a +15HP boost while chomping on cabbage delivers just +10HP. In other games the difference is even bigger, where a beef steak brings +552HP while a hearty bean stew lies in its wake, only patching up to the tune of +61HP.

“Recently, I’ve been more mindful of what I put in my body, I have learned how important balanced meals are for my long-term health. Historically, through games we have been limited to using meat based diets to get you through the main quests or heal faster, while apples or cabbage heal you for way smaller. Wouldn’t it be awesome if veggies counted for more in game? Well that’s why I teamed up with Knorr, they came up with some awesome mods for all our favorite games, which will teach fans the importance of veggies and a balanced diet,” said Ninja.

As part of part Ninja’s partnership with Knorr, he will stream on Friday, March 22 at 2 pm PST to bring the issue to his followers, champion veggie equality and play some exciting veggie specific mods. He won’t be alone as a crack squad of eight streamers from across the globe are joining the mission over the coming weeks.

“At Knorr, we believe in making good food accessible for all, so we’re thrilled to team up with Ninja to show how powerful veggies can be and create a new taste of adventure in gaming. We hope this campaign will catch the attention of gaming publishers and spur them on to re-evaluate their games and give veggies the supercharge they deserve,” said Gina Kiroff, Chief Marketing Officer of Knorr North America.

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