Console Gaming Market to Gross $21.2B in Income in 2023, 4.3% greater than Final 12 months
As one of many oldest and hottest types of gaming, console gaming is ready to witness a powerful yr in 2023, with revenues and the variety of customers rising to new highs.
In accordance with knowledge introduced by SportsLens.com, the console gaming market is anticipated to gross $21.2bn in income in 2023 or 4.3% greater than final yr.
Greater than 246 Million Consoles Shipped in 5 Years
Whereas PCs stay the primary selection for severe avid gamers, gaming consoles proceed rising their world person base. They’re simple to make use of, easy, and value much less, which has remained one of many greatest drivers behind all the market`s development.
In 2019, the console gaming market grossed $15.8bn, in line with Statista knowledge. A yr later, this determine jumped by 20% to over $19bn, boosted by a worldwide surge in gaming amid COVID-19 lockdowns. Nonetheless, console gaming revenues continued rising at the same time as individuals returned to their regular actions following the pandemic, rising to over $20.3bn final yr.
Statista expects this determine to develop by one other $870 million in 2023, displaying an annual compound development fee of 4.3%. Though income development will decelerate within the following years, all the market is ready to achieve a $22.8bn worth by 2027.
The Statista knowledge additionally confirmed greater than 246 million consoles had been shipped prior to now 5 years, with 2021 and 2022 as report years for gross sales. Nonetheless, 2023 is ready to witness much more spectacular gross sales figures, with over 57 million shipped consoles. The gross sales quantity is anticipated to proceed rising within the following years, with the annual console shipments rising to over 60 million by 2027.
Nintendo Holds Greater than 50% of the Console Gaming Market
Whereas tens of millions of individuals worldwide play console gaming titles, america stays the one largest marketplace for the sort of gaming. In 2023, the US market is anticipated to gross over $7bn in income or one-third of this yr’s complete.
Far beneath, Japan ranked because the second-largest console gaming market with $2.3bn in income this yr. The UK, France, and Germany observe, with $2bn, $1.3bn, and $940 million in income, respectively.
With over 50% market share, Nintendo is absolutely the king within the console gaming phase, whereas its Change turned the second best-selling console of all time behind PS2. Between October and December 2022, the Japanese gaming big shipped 8.2 million Change consoles, bringing the entire lifetime unit gross sales to 122.55 million.