According to the business intelligence report titled ‘Gaming Console Market Size, By Type (Home Console, Handheld Console [Portable, Non-portable]), By Application (Gaming, Non-gaming), By End-use (Residential, Commercial), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, the gaming console market is slated to garner strong returns over the forecast period.

Rising disposable income among consumers and burgeoning demand for virtual reality-based gaming across the globe are the major factors driving the gaming console market growth. Moreover, the onset of the Covid-19 pandemic has been favorable to product uptake due to increasing dependency on gaming as means of entertainment during prolonged periods of isolation.

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Further, technological advancements in the form of cloud gaming have been pivotal for the upsurge in industry growth as these innovations allow users to access the game anytime and anywhere as per their convenience.

Despite the positive outlook, security concerns and high cost of production are some of challenges that may restrict market expansion in underdeveloped nations during the forecast timeframe.

Moving on to segmentation, the industry is bifurcated in terms of type, application, end-use and region.

Based on type, the non-portable handheld gaming console sub-segment in Europe is slated to amass a valuation of over USD 6 million by the forecast period end.

With respect to end use, the North America gaming console market from commercial accounts for around 60% of the overall market share and is expected to progress at a steady pace of approximately 7% through the study period.

From a regional frame of reference, Latin America market is slated to gain significant traction through the analysis timeframe with an annual growth rate of around 8%, owing to escalating number of active gamers in the landscape.

Meanwhile, significant developments in gaming console technology are anticipated to push forward MEA market growth at a considerable CAGR of more than 4% during the assessment timeframe.  

The competitive framework of the business sphere is defined by major players such as Microsoft Corporation, Samsung Electronics Corporation, Valve Corporation, Sony corporation, Nvidia Corporation, Panasonic Corporation, NEC Corporation, Nintendo Co. Ltd, Mad Catz, Logitech International S.A., and Atari Corporation.