Console Games Global Market Report 2024

The console games market size has grown strongly in recent years. It will grow from $77.47 billion in 2023 to $83.85 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be attributed to factors such as the impact of exclusive titles, the emergence of digital distribution platforms, the expansion of gaming genres, the introduction of home consoles, and the rise of iconic game titles.

The console games market size is expected to see strong growth in the next few years. It will grow to $115.59 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be attributed to factors such as the transition to next-generation consoles, the rise of subscription-based gaming services, the emergence of cloud gaming platforms, the integration of virtual reality (VR), and the continued emphasis on exclusive titles. Major trends expected in the forecast period include narrative-driven games, the incorporation of environmental and social themes, a focus on accessibility and inclusivity, augmented reality (AR) integration, and the growth of esports.

The rapid increase in the number of active gamers worldwide serves as a major driving force for the console games market, with the gamer count projected to reach 2.73 billion by 2021. In the USA alone, 64% of the general population are identified as gamers, according to Nielsen. Additionally, the surge in Esports viewership, with approximately 557 million viewers in 2021, significantly contributes to the growth of the console games market.

The expansion of the gaming industry is expected to drive further growth in the console games market. As a subset of the entertainment business, the gaming industry focuses on various aspects, including video game creation, promotion, distribution, monetization, and user feedback. Console games play a pivotal role in this industry, generating billions of dollars annually. Notably, the Australian gaming industry reported $226.5 million in earnings in 2021, marking a 22% increase from the previous year, with 83% of the income coming from overseas markets. Hence, the ongoing expansion of the gaming industry is a key driver for the console games market.

The rise of mobile/tablet gaming poses a challenge to the console games market due to the introduction of smartphones and tablets with advanced features that eliminate the need for external devices or consoles. The mobility offered by mobile/tablet-based games has led to their widespread adoption, potentially impacting the console games market. Recent data from GMM indicates that the mobile gaming segment constitutes nearly 47% of the total revenue in the global games market, representing a significant threat to the console games market.

Subscription-based gaming is gaining popularity among console video game developers. Services such as Xbox Live and PlayStation Plus offer monthly rotations of game licenses, while Microsoft's Game Pass provides a Netflix-style offering for first-party and third-party titles. This shift towards subscription-based models reflects changing trends in the console games market.

Strategic partnerships are a focus for major companies in the console games market, exemplified by the Gameloft SE partnership with NODWIN Gaming Pvt. Ltd. This collaboration aims to enhance esports engagement through racing games, organizing events for titles such as "Asphalt 8, Airborne" and "Asphalt 9, Legends." The partnership provides opportunities for in-game advertising solutions, showcasing a dynamic approach to consumer interaction. Gameloft SE, a French video game development company, actively participates in this evolving gaming and esports landscape.

In January 2022, Microsoft Corporation announced plans to acquire Activision Blizzard Inc. for $68.7 billion. This strategic move is expected to accelerate Microsoft's growth across various gaming platforms, including mobile, PC, console, and cloud, while contributing to the development of the metaverse. Activision Blizzard Inc., a US-based video game holding company, stands as a significant player in this transformative acquisition.

Major companies operating in the console games market report are Apple Inc., Alphabet Inc., Microsoft Corporation, The Walt Disney Company, Tencent Holdings Limited, Sony Interactive Entertainment LLC, NetEase Inc., Valve Corporation, Nintendo Co. Ltd., Bandai Namco Entertainment Inc., Activision Blizzard Inc., Electronic Arts Inc., Epic Games Inc., Take-Two Interactive Software Inc., Square Enix Holdings Co. Ltd., Zynga Inc., Nexon Co. Ltd., Konami Holdings Corporation, Ubisoft Entertainment SA, NCSoft Corporation, Supercell Oy, Sega Corporation, Unity Technologies ApS, Capcom Co. Ltd., GungHo Online Entertainment Inc., Gameloft SE, Gearbox Software LLC, Midway Games Inc., Game Freak Inc., Telltale Inc., DeNA Co. Ltd., Mixi Inc., Glu Mobile Inc., Jam City Inc., Miniclip SA, Rovio Entertainment Corporation, Scopely Inc., Behavior Interactive Inc., G5 Entertainment AB. The Asia-Pacific was the largest region in the console games market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the global console games market report during the forecast period. The regions covered in the console games market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The main types of console games include digital console games, online/microtransaction console games, and physical console games. Digital console games are played on interactive electronic devices such as consoles and computers. These games can be played on devices such as TVs, computers/PCs, and system consoles, covering genres such as shooters, action, sports games, role-playing, adventure, racing, fighting, strategy, and others.

The console games market research report is one of a series of new reports that provides console games market statistics, including console games industry global market size, regional shares, competitors with a console games market share, detailed console games market segments, market trends and opportunities, and any further data you may need to thrive in the console games industry. This console games market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the console games market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The console games market consists of sales of console games that include digital console games, online/micro-transaction consoles, and physical console games. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.