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 value for console gaming in South & Central America reached $635 million in 2021 with a growth of 4% from the previous year. Though the growth is positive, it has been on a decline for the past two years owing to the pandemic and the subsequent lockdowns which had people confined to their homes for the better part of the two years.
While other parts of the world saw a significant increase in the demand for console gaming during the pandemic as almost all the outdoor facilities were shut down and people spent most of their time in their homes resulting in an increase in the market for indoor game activities, the South & Central America is an exception where the growth in market size wasn’t as big, as it was one of the worst hit regions during the pandemic and hence, people became thrifty.
The console video gaming market in South & Central America grew at a CAGR of 13.2% during 2017–2021, mainly due to the remarkable growth during 2018 and 2019. 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 affect their fast-growing sales. Sony registered sales of 10.9 million units and Microsoft sold 5.6 million units by the end of 2020.
Brazil is the biggest market for console gaming in South & Central America contributing to almost 99% of the market share. It is also one of the biggest markets globally.
The major companies in South & Central America that have a strong presence in the global video gaming market include Sony, Tectoy, and Microsoft.
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