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 in Japan reached a value of $2.7 billion in 2021. The console video gaming market grew by 10% 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.
Japan ranks at fourth spot in the global console gaming market with a share accounting for 7% of the global market size in the console gaming segment.
Japan’s console gaming market saw a CAGR of 11% 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 Japanese console gaming market include Sony, Nintendo, Sega, Konami, and, Square Enix.
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