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 for console gaming in Europe reached almost $11 billion in 2021 with a growth of 15% from the previous year as a result of an increase in the demand for video gaming. As most of the outdoor facilities were shut down due to the pandemic and people were forced to spend most of their time in their homes, the market for indoor game activities increased.
The console video gaming market in Europe grew at a CAGR of 11.8% during 2017–21. 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.
Though the market size of traditional console gaming is on growth, it continues to face stiff competition from the mobile gaming segment. A disruptive increase in the number of smartphone users and the roll-out of 5G services by network providers in many regions has paved a way for the mobile gaming market to come closer to the console gaming market.
The UK is the biggest market in Europe for console gaming with $3.65 billion making up a share of 33%, closely followed by France with $3.3 billion contributing to 30% of the Europe console gaming market.
The major companies in Europe that have a strong presence in the global video gaming market include Gameloft, Ubisoft, and CD Projekt.
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