Global gaming console market size will exceed USD 35 billion by 2027, as estimated by Global Market Insights Inc. The concept of online gaming is gaining momentum in both developed and developing economies, giving the gaming console market ample opportunities to grow. Countries in Asia Pacific have become prominent gaming hubs in recent years due to the growing inclination toward gaming stations, especially amongst the teen population.

The COVID-19 pandemic positively affected the demand for gaming systems during the first half of 2020, due to the stringent movement and travel restrictions imposed by regional governments. To meet the growing demand, many online gaming companies are focusing on advanced technologies like AR and VR to enhance their customer’s experience.

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Handheld gaming consoles offer convenience to gamers:

Handheld game consoles will hold a large share of the global gaming console market by 2027. These devices provide a lot of convenience to gamers because they can be carried anywhere and do not occupy too much space while travelling. Looking at the growing inclination towards portable gaming devices, many organizations are launching smaller versions of their products to attract more customers.

For example, in December 2021, Qualcomm Technologies collaborated with Razer to create a handheld gaming developer kit that would be supported by the Snapdragon G3x Gen 1 gaming platform. This platform will provide an entire range of Snapdragon Elite Gaming technologies that will run on all Android games, PC home consoles, etc. and support 5G networks, enhancing gaming experience.

Rising use of AR/VR in gaming:

Innovative technologies like AR and VR have taken the gaming console market by storm because they deliver high-quality performance and provide attractive gaming features to users. Since customers are demanding more lifelike experiences while playing their favorite video games, they have been investing in high-quality gaming headphones. With gaming technologies becoming increasingly complex and smarter, the sale of innovative gaming consoles will rise in the future.

As of 2022, there are nearly 194 AR & VR in gaming startups in the U.S. In 2019, one of the most reputed virtual gaming companies in the country, WATTY, introduced its own app called ‘WATTY REMOTE’. The application aims to create a single platform for users across the globe, which blurs the lines between virtual and real worlds.

Demand for gaming consoles will increase across households:

Based on end-use, global gaming console market size from the residential sector will register a strong growth rate through 2027. People were forced to stay indoors due to the worrying spike in the COVID-19 cases across the world over the last two years, offering a golden opportunity for gaming companies.

According to an article published by the Washington Post in May 2020, virtual gaming giant Nintendo announced that its Switch console sales had grown by 24% year-on-year, while its new game ‘Animal Crossing: New Horizons’ recorded sales of 13.5 million copies since its March release.

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Global gaming console market share will showcase impressive growth due to the introduction of advanced gaming technologies to enhance customer experience. Companies, such as Mad Catz Global Limited, Nintendo, NEC Corporation, Microsoft Corporation, Panasonic Corporation, NVIDIA Corporation, Samsung Electronics Corporation, and Sony Corporation, among numerous others, are the top product makers.

Partial Chapter of the Table of Content

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 console market 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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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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