The gaming console market is set to witness sturdy expansion by 2027 on account of mounting demand for virtual reality-based gaming across key regions. In addition, growing disposable income of consumers is likely to further drive product adoption over the forecast period.
The COVID-19 pandemic-induced lockdown witnessed soaring demand for gaming consoles and a rise in sales worldwide as people started to rely on games to occupy themselves during long periods of isolation. Moreover, recent technological advancements in gaming, coupled with rapidly emerging trends like cloud gaming and virtual reality-based gaming, have augmented market uptake in recent years. Futuristic innovations, including cloud-based gaming, which provide gamers with access to games anywhere and anytime without the need for any specific hardware, have also supported business growth.
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Furthermore, industry players are engaging in profitable strategies to tap into emerging trends in the market, thereby strengthening overall market outlook. For instance, in August 2020, Mad Catz Global Limited, a key manufacturer of gaming hardware, announced the shipping of its two novel console products, namely, the C.A.T. 7 Controller and the EGO Arcade FightStick. The new console products have been designed to enable multi-format compatibility, top panel customization, and high accuracy of actions.
Similarly, in March 2021, CORSAIR, a prominent designer and manufacturer of high-performance gears for content creators and gamers, launched two novel PC gaming keyboards, the CORSAIR K55 RGB PRO XT and K55 RGB PRO. The new keyboards are equipped with six specific macro keys for one-button actions and shortcuts with Elgato Stream Deck software integration and dynamic RGB backlight. The keyboards also allow gamers to activate customized shortcuts, functions, and actions.
The gaming console market has been bifurcated on the basis of end-use, type, application, and region. With respect to type, the market has further been segregated into handheld console and home console.
Under the handheld console, the market has been categorized into portable and non-portable. The Europe non-portable handheld gaming console market is expected to record shipments worth over USD 6 million by the end of 2027.
In terms of end-use, the market has been divided into commercial and residential. The North America commercial gaming console market holds a sizable market share of nearly 60% in the overall industry and is foreseen to progress at a CAGR of approximately 7% over the estimated timeline.
From the regional point of view, the Latin America gaming console market is slated to gain significant traction, registering around 8% CAGR through the study period. Increasing number of active gamers in LATAM is expected to boost regional market growth over the following years.
Meanwhile, the Middle East & Africa gaming console market is anticipated to garner considerable gains by 2027, expanding at a CAGR of more than 4% over the review timeline owing to substantial developments in gaming console technology in the MEA region.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 COVID-19 impact
1.3.1 North America
1.3.2 Europe
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 MEA
1.4 Data sources
1.4.1 Secondary
1.4.2 Primary
Chapter 2 Executive Summary
2.1 Gaming consoles industry 360º synopsis, 2017 - 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Application trends
2.1.5 End use trends
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