Categories: Market Research

Console Games Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Console Games Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/console-games-global-market-report

According to The Business Research Company’s 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 in the historic period can be attributed to impact of exclusive titles, digital distribution platforms, expansion of gaming genres, introduction of home consoles, 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 growth in the forecast period can be attributed to transition to next-generation consoles, subscription-based gaming services, cloud gaming platforms, integration of virtual reality (vr), continued emphasis on exclusive titles. Major trends in the forecast period include narrative-driven games, environmental and social themes, accessibility and inclusivity, augmented reality (ar) integration, growth of esports.

The major driving force for the console games market is the rapid increase in the number of active gamers across the world. The number of the gamers is expected to reach 2.73 billion by 2021. According to Nielsen, 64% of the general population in the USA are gamers. Esports viewers would also significantly contribute to the growth of console games market as around 557 million people watched Esports in 2021.

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The console games market covered in this report is segmented –

1) By Type: Digital Console Games, Online/Microtransaction Console, Physical Console Games

2) By Device: TV, Computer/PC, System Consoles

3) By Application: Shooter, Action, Sport Games, Role-Playing, Adventure, Racing, Fighting, Strategy, Other Applications

Console video game developers are adopting to subscription-based gaming. For example, Xbox Live and PlayStation Plus provide licenses for a few games on monthly rotation basis. The first major subscription program by EA was the EA Access on Xbox One which offered discounts on EA games, a limited number of hours of pre-release play, and a vault of back catalog offerings. Microsoft released a Netflix-style offering called Game-Pass, for its first-party games and several titles from third-party developers and publishers.

The console games market report table of contents includes: