Video gaming is one of the fastest-growing sectors in the industry. This segment registered notable growth in 2020 even though most businesses were affected by the outbreak of the COVID-19 pandemic. The creation, promotion, and monetization of video games are included in the video game industry. 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 for console gaming in Asia-Pacific reached $5.2 billion in 2021. The console video gaming market grew by 14% 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 console video gaming market in Asia-Pacific grew at a CAGR of 11% during 2017–21. Such growth highlights the strong demand for console gaming.
Late in 2020, Microsoft and Sony released their next-gen consoles, ushering in a new era of hardware for the video gaming industry. Both companies claimed that despite the high-end models of both consoles costing more than the earlier models, the effect of the pandemic on the economy would not affect their sales.
Sony and Microsoft registered sales of 10.9 million units and 5.6 million units, respectively, at the end of 2020.
However, traditional console gaming continues to face stiff competition from the mobile gaming segment due to the increase in the number of smartphone users and the roll-out of 5G services in many regions globally.
Many companies in the gaming industry are bringing digitization and user-friendly engagement to their gaming platforms to enhance the user’s gaming experience.
The major companies in Asia-Pacific that have a strong presence in the global video gaming market include Nintendo, Sony, and Tencent.
United States of America
United States of America
United States of America
United States of America
United States of America
United States of America
Japan
United States of America
China
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
Contact the team or request a demo to find out how our data can drive your business forward