The global Gaming Console industry size stood at USD 34.27 billion in 2019 and is projected to reach USD 51.15 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period.
Gaming Console Market growth is driven by the rising demand for 3D video gaming based on Augmented Reality (AR)/ Virtual Reality (VR) capabilities and an increasing number of e-sport tournaments across the world.
Further, the adoption of gaming consoles is expected to grow with advancement in core wireless connectivity. The evolution of smart games and applications based on virtual assistant services is anticipated to drive the market in the upcoming future. As a part of a strategy, major players are investing in the development and launch of premium and high-performance game consoles. For instance, in January 2020, Sony Corporation announced the launch of PlayStation 5 in the coming 2020. The launch will help the company to strengthen its customer base.
Evolution and Adoption of Visual Display Resolutions such as 4K and 8K in Consoles
The majority of companies operating in the market are shifting from standard-definition television (SDTV) and high-definition television (HDTV) to advanced ultra-high-definition (UHDTV), and full-high-definition television (FHDTV). Ultra-high-definition resolution includes 4K, DCI 4K, and 8K display resolutions. Key players in this market are developing gaming console enabled with UHDTV and FHDTV display resolution capabilities. For instance, in 2018, Microsoft corporation launched a game console, “Project Scorpio.” This gaming console is based on full 4K and VR. Also, the launch of the various video game console accessories, such as 4K TVs, 3D audio headphones, keyboard, and others, has been beneficial to the market growth of gaming console. These accessories offer enhanced gaming experience to users. Further, the adoption of other technologies, including haptic vibration, Blu-ray, and wireless connectivity technologies, will contribute to the market revenue during the forecast period.
Rising Demand for Wireless and 3D Gaming Console with 4K Resolutions Capabilities and Increasing Investment to Aid Growth of the Market
The rising demand for game consoles based on advanced wireless technologies, including Bluetooth 5.0, Wi-Fi, and others are expected to drive the market growth. Key players, including Sony Corporation and others, are offerings game consoles based on wireless technologies to deliver an enriched experience to their users. Also, these advanced consoles would help users to enhance the overall game-play experience and eliminate the use of wired accessories.
Moreover, the popularity of 3D gaming is increasing exponentially around the globe. 3D gaming console support stereoscopic graphics gameplays on an integrated high-resolution display. Also, 3D gaming provides features such as precise 3-D localization, which helps to improves the users’ experience and deliver realism to the gameplay. The rising demand for gaming consoles based on 3D architecture is also expected to drive the overall market growth of gaming console during the forecast period. Further, various drivers, such as rising “massively multiplayer online game options” (MMOGs) and rising global investment in video games, are expected to boost the Gaming Console Market growth. For instance, according to UK Interactive Entertainment Association (Ukie), In U.K., investment in development for 3D video games reached a value of USD 2.30 billion during 2015-2017. Such advancement of 3D games is expected to drive the growth of the market during the forecast period.
Key players such as Microsoft Corporation and Sony Corporation have launched 3D game console only compatible with 3D games with 4K resolutions. In addition,