Latest News- Gaming Console Market: TV consoles is expected to lead the Type segment during 2025-2029

The Gaming Console Market is being driven by Enhanced features of next-generation gaming consoles

The Gaming Console Market is expected to grow at a CAGR of 6.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 19480.2 million. In the current gaming console market, there is a significant demand for multifunctional devices that go beyond mere gaming capabilities. Consumers seek devices that offer connectivity features, enabling them to watch videos, listen to music, and browse the Internet. Consequently, the market for gaming consoles is shifting towards multifunctional devices, which serve as entertainment hubs for households. Apple's upcoming next-generation Apple TV, featuring an integrated gaming console, is a testament to this trend. As a result, companies are expected to focus on developing multifunctional consoles to expand their market reach and drive growth in the global gaming console market during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • TV consoles
  • Handheld consoles
• Usage
  • Casual gamers
  • Hardcore gamers
• Distribution Channel
  • Offline
  • Online
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Enhanced features of next-generation gaming consoles
• Diversifying gaming population
• Enhanced technological features and product innovations

However, the market also witnesses some limitations, which are as follows:

• Increasing popularity of PC gaming
• Increasing influx of casual gamers
• Impacts of piracy

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Market Scope in Gaming Console Market Research Report

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Research Analysis Overview

The gaming console market encompasses various aspects, including repair services, affordable consoles, and innovative technology. Premium gaming consoles offer superior gaming experiences, while troubleshooting tools help address issues. Next-gen gaming brings immersive experiences, with home entertainment through media streaming devices and services. Cloud gaming, 8k, and 4k resolutions, and high-definition TVs are future trends. Gaming communities thrive on esports, online platforms, and accessories like mice, headsets, and wireless controllers. Gaming hardware advances continue with media streaming capabilities, smart TV integration, and high-resolution gaming.

Market Research Overview

The gaming console market is a significant segment of the global technology hardware, storage, and peripherals market, which encompasses manufacturers of cellular phones, personal computers, servers, electronic components, and peripherals. Technavio estimates the market size based on the revenue generated from sales of gaming consoles, accessories, and related components. Key growth drivers include the increasing volume, velocity, veracity, and variety (4Vs) of data, leading to a surge in demand for advanced storage solutions. This trend is particularly evident in the context of expanding data centers and the proliferation of high-definition 3D games that require substantial data processing and storage capabilities. Additionally, the adoption of wireless technologies, such as Bluetooth 5.0, is expected to fuel market growth by enabling seamless connectivity between gaming devices and peripherals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/