The global gaming console market to reach a value of US$ 48.14 Billion by 2027, exhibiting a CAGR of 5.0% during 2022-2027.

SHERIDAN, WYOMING, UNITED STATES, July 29, 2022 /EINPresswire.com/ -- According to IMARC Group’s latest report, titled Gaming Console Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global gaming console market reached a value of US$ 36.84 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 48.14 Billion by 2027, exhibiting a CAGR of 5.0% during 2022-2027.

Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Individuals utilise gaming consoles, which are electrical devices, to play video games. They have an operating system, user control interface, random-access memory (RAM), power supply unit (PSU), and central processor unit (CPU). Compared to their traditional equivalents, they offer an immersive gaming experience and are inexpensive, simple to install, and to operate. Modern gaming consoles are being introduced by manufacturers with built-in displays, voice control, gesture recognition, wireless controllers, and internet access to facilitate live streaming.

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Market Trends

One of the main drivers of market expansion is the growing use of gaming consoles with multiple functions, along with the rising demand for three-dimensional (3D) video games with virtual reality (VR) and augmented reality (AR) capabilities. Additionally, a notable increase in the gaming industry's use of the internet of things (IoT) is fueling market expansion. Leading players are also predicted to put more money into creating and releasing technologically advanced, high-performance gaming consoles, which would propel the market.

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The report has segmented on the basis of phase, type, application, end use and geography

Breakup by Type:

Home Consoles
Handheld Consoles
Hybrid Consoles
Dedicated Consoles
Others

Breakup by Applications:

Gaming
Non-Gaming

Breakup by End Use:

Residential
Commercial

Breakup by Geography:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Advanced Micro Devices Inc., Atari VCS LLC., Bandai Namco Studios Inc., Microsoft Corporation, Nintendo Co. Ltd., NVIDIA Corporation and Sony Group Corporation.

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IMARC Services Private Limited
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