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.
The US is the market leader in console gaming in the Americas, with a value of $20 billion in 2021, accounting for 92% market value of the Americas region. The US is the market leader in console gaming globally for many years and contributed 52% of the global market size in 2021.
The console gaming market in the US grew by 13% in 2021, which is over $2.3 billion, 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.
Canada is the second largest player in the console gaming market from the region, with a share of $0.9 billion accounting for 4% of the region’s market size in the console gaming segment. The console video gaming market in Canada grew by 8% in 2021.
Canada is followed by Brazil, making it the third-largest market in the Americas region for the console gaming segment with $0.6 billion in 2021, showing a growth of 4% from the previous year. These three countries combined makeup over 99% of the region’s console gaming market. The Americas account for 57% of the global market size of console gaming.
The major companies that have a strong presence in the console gaming market in the Americas include Microsoft, Electronic Arts Inc., and Activision Blizzard Inc.
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