Global Gaming Console Market – Industry Trends and Forecast to 2031

There has been a significant increase in the number of people participating in gaming activities in recent years. The audio-visual business is seeing tremendous global expansion owing to the development of groundbreaking technology. Because of technological advancements and innovations in audio-visual technologies, the gaming industry is developing robust gaming consoles and accessories. A better gaming experience can be had with HDTVs that support external hard drives, have built-in Wi-Fi, and have HDMI ports. Throughout the anticipated era, a number of advancements and breakthroughs will contribute significantly to the market's tremendous growth and expansion.

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Gaming Console Market size was valued at USD 24.35 billion in 2022 and is expected to grow to USD 46.42 billion by 2030 and grow at a CAGR of 8.4% over the forecast period of 2023-2030.

Electronic computers that send video to a display system so that one or more people can play the games that are available on these machines are called gaming consoles. Even though computers these days serve far more purposes than just being game consoles—they are entertainment consoles—the term is still frequently used to characterize the main purpose of the devices. Compared to its more conventional counterparts, such arcade games, these devices are far smaller and offer players a considerably better gaming experience.

The extra benefits and features that come with the consoles—like the ability to use them as entertainment consoles as opposed to just gaming consoles—are one of the main factors driving the market's expansion. The ability to download videos, browse the internet, play games, and listen to music are just a few of the benefits that come with multifunctional consoles. During the projected period, there will be a high demand for gaming console services due to these advantages.

Additionally, during the projection period of 2023 to 2031, the market players will have lucrative prospects due to technical improvements, the creation of novel product offerings, and the advancement of wireless connectivity. The future expansion of the gaming console market will also be aided by the creative marketing techniques used by experts and developers to promote 3D video games, as well as by rising gaming industry investment and the rise in "MMOGs" (massively multiplayer online gaming options).

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The market for gaming consoles was significantly impacted by the latest coronavirus outbreak. As a result of the pandemic, numerous countries have imposed travel and lockdown restrictions, which has affected market demand as well as the supply chain for resources and goods. The manufacturing process for the consoles has been affected by the pandemic. Travel and transit issues to and from China and other parts of the region have mostly affected the production process, as China is the key supply of electronics and other hardware components. Many developers and publishers of video games have made an effort to maintain stability in their businesses. The work-from-home model has produced a record for online gaming during the pandemic compared to other firms, leading to a more comprehensive solution for the gaming console market.

Top Key Players of Gaming Console Market:

Ekso Bionics

Hocoma

Lockheed Martin Corporation

Suit X

Rex Bionics Plc.

RB3D

ReWalk Robotics

Cyberdyne, Inc.

ActiveLink (Panasonic Corporation)

Market Segmentation:

By Type

Powered

Passive

By Body Part

Lower Extremities

Upper Extremities

Full Body

By Mobility

Stationary

Mobile

By Structure

Rigid Gaming Consoles

Soft Gaming Consoles

By Vertical

Healthcare

Defense

Industrial

Others

By Region

North America (U.S, Canada, Mexico)

Europe (Germany, France, UK, Italy, Rest of Europe)

Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

Key Benefits of the Report:

This study presents the analytical depiction of the Gaming Console industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of Gaming Console market.
The current market is quantitatively analyzed to highlight the growth scenario of the Gaming Console market.
The report provides a detailed Gaming Console market analysis based on competitive intensity and the competition that will take shape in coming years.

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