Video gaming is one of the fastest-growing sectors in the industry. Video gaming comprises different modes of gaming, including console gaming, PC gaming, and mobile gaming, out of which console gaming accounts for 22% with a market value of almost $38 billion in 2021.
The video gaming industry was among the few businesses that thrived during the outbreak of the COVID-19 pandemic. It includes the creation, promotion, and monetization of video games.
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. It is one of the fastest-growing segments in the video gaming industry. This segment registered notable growth in 2021 even though most businesses were affected by the outbreak of the COVID-19 pandemic.
Japan is the market leader in console gaming in Asia-Pacific, with a value of $2.7 billion in 2021, accounting for 52% market value of the Asia-Pacific region. It is among the top five countries consistently for the past few years in the global console gaming segment and contributed 7% of the global market size in 2021.
The console gaming market in Japan grew by 10% in 2021 as the demand for console gaming increased following the shutdown of outdoor games owing to the pandemic which forced people around the globe to spend most of their time at home due to the lockdowns.
South Korea is the second largest player in the console gaming market from the region, with a share of $0.73 billion accounting for 14% of the region’s market size in the console gaming segment. The console video gaming market in South Korea grew by a significant 27% in 2021, thereby becoming the country with the highest growth in this segment globally from the previous year as a result of which, it overtook Australia which slipped from 2nd position to 3rd position.
Australia is just behind South Korea making it the third-largest market in the Asia-Pacific region for the console gaming segment with $0.72 billion in 2021, showing a growth of 21% from the previous year. These three countries combined make up 80% of the region’s console gaming market. Asia-Pacific accounts for 14% of the global market size of console gaming.
The major companies that have a strong presence in the console gaming market in Asia-Pacific include Nintendo, Tencent, and Sony.
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