Video gaming is one of the fastest-growing sectors in the industry. This segment was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. The video game industry includes the creation, promotion, and monetization of video games. Video gaming comprises different modes of gaming, including console gaming, mobile gaming, and PC gaming.
Console gaming is a form of video game that uses images and sounds produced by a gaming console, which are shown on a television or other comparable audio-video system and can be controlled by the player.
The market size of Console gaming reached $38 billion in 2021 globally. The console video gaming market grew by 13% in 2021 as the demand for video gaming increased. The market grew as indoor game activities increased following the shutdown of outdoor games owing to the pandemic and people globally spent most of their time at home due to the lockdowns.
The US is the market leader with a share of $20 billion in 2021 accounting for 52% of the global market size in the console gaming segment. This shows the dominance the US has in the video gaming industry.
The UK comes next with a share of $3.7 billion making up 10% of the global market size. The UK is closely followed by France with $3.3 billion. Japan comes fourth with $2.7 billion, followed by Spain with $1.3 billion making them the top five countries in the console gaming segment with a combined share of 81%.
The global console gaming market saw a CAGR of 12.5% during 2017-2021 as it was one of the few industries which had a positive effect due to the pandemic forcing people to spend a better part of two years in the lockdowns thereby increasing the market for video gaming, and especially console gaming.
In late 2020, console gaming giants, Microsoft and Sony released their next-gen consoles, ushering in a new era of hardware for the video gaming industry. Despite the high-end models of both consoles costing more than the earlier models, both companies claimed that the effect of the pandemic on the economy would not have a say in their fast-growing sales. Sony registered sales of 10.9 million units and Microsoft sold 5.6 million units by the end of 2020.
The major companies that have a strong presence in the global console gaming market include Sony, Nintendo, Tencent, Microsoft, Electronic Arts Inc., and Activision Blizzard Inc among others.
United States of America
United States of America
Japan
United Kingdom
United States of America
United States of America
United States of America
Japan
China
United States of America
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer