Portable Game Console Market Share & Growth | Forecast 2031

Report Description

The global portable game console market size was valued at USD 15.65 Billion in 2022 and is likely to reach USD 26.45 Billion by 2031, expanding at a CAGR of 6.3% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing demand for handheld portable gaming devices.

The rising popularity of video games among the young generation is resulting in increasing demand for portable and high-end gaming consoles. Gen Z and Millennial generations tend to spend large amounts of their time playing games.

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Portable gaming consoles are convenient for playing video games on the go. Their portability and lightweight advantages along with growing internet connectivity with 5G technology are major aspects boosting the market. For Instance,

• According to the report published on August 10, 2023, it is estimated that globally there are around 3.09 billion active video game players, and expected to reach 3.32 billion games by 2024.

The Nintendo Switch, PlayStation Portable (PSP), and the Sony PlayStation Vita are some of the popular console devices available in the market. They have built-in screens and controls, allowing users to enjoy games without the need for a TV or a computer.

Portable gaming consoles offer a wide variety of games to cater to different preferences of users. Moreover, these consoles have longer battery life and advanced specs compared to other devices to ensure extended gaming sessions without any lag. These added features in the gaming console are likely to propel the market.

The research report finds that the COVID-19 pandemic boosted the market. During the pandemic, the majority of people have shifted towards gaming for entertainment and social interaction while adhering to lockdowns and social distancing measures. This led to a surge in demand for portable gaming consoles, as a convenient way to enjoy video games at home or in isolated settings. In addition, the increasing affordability of these devices further propelled the market.

Artificial Intelligence's Impact on the Portable Game Console Market

The emergence of artificial intelligence (AI) contributes to market expansion. This advanced technology is used to enhance the gaming experience by providing realistic and adaptive gameplay. AI algorithms adjust in-game elements to ensure a challenging yet enjoyable experience for all gamers. AI-driven graphics rendering improves visual quality making games on portable consoles immersive and further fueling their demand in the market.

Portable Game Console Market Dynamics

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Major Drivers

Growing demand for portable and on-the-go gaming device options is expected to drive the market. These consoles provide the flexibility to enjoy video games virtually anywhere, making it convenient for traveling.

Portable gaming consoles offer streaming services, web browsing, social media access, and other multifunctionality. These consoles allow users to upgrade or customize their gaming experience with add-ons or accessories, which further propel their demand in the market.

Existing Restraints

High development costs of top-tier games for portable consoles are expected to hamper the market. Developers are required to invest a large amount of time and money into creating exclusive consoles.

This limitation affects the availability of compelling and exclusive consoles that drive console sales. The increasing popularity of mobile gaming on smartphones further reduces the demand for portable gaming consoles in the market.

Emerging Opportunities

Continuous ongoing technological improvements in the hardware and software of portable gaming devices are expected to create favorable opportunities for the players competing in the market.

Developers are focusing on manufacturing these devices with advanced powerful processors and better graphics capabilities for immersive gaming experiences. Furthermore, the integration of augmented reality and cloud gaming technology with portable consoles contributes to the growth of the market.

• On September 21, 2022, Logitech, a global manufacturer of electronics and software solutions, announced the launch of Logitech G Cloud, which is a handheld gaming device specially designed for cloud gaming. This new device is equipped with a full 1080p HD screen and lightweight battery for extended game time. This enables gamers to enjoy a cloud-based PC and console game library. Moreover, Logitech G Cloud was co-developed with Tencent Games and supports NVIDIA GeForce NOW and Xbox Game Pass Ultimate cloud streaming.

Scope of Portable Game Console Market Report

The report on the market includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Portable Game Console Market Segment Insights

Type Segment Analysis

Based on type, the portable game console market is divided into tablet gaming consoles, mobile gaming consoles, and others. The mobile gaming consoles segment is expected to hold a major market revenue share during the forecast period, due to their versatility. These consoles are referred to as smartphones and tablets and are not solely dedicated to gaming.

The mobile gaming consoles serve as all-in-one devices that encompass gaming, communication, productivity, and entertainment. In addition, these consoles come in a wide range of price points making them easily accessible for consumers, which further boosts this segment in the market. 

The tablet gaming consoles segment is anticipated to register robust growth in the market, owing to its larger screen with high-quality graphics. Tablets typically feature larger screens compared to smartphones to provide an immersive gaming experience. Moreover, these devices have access to a vast ecosystem of apps and games through app stores which further propels their demand in the market.

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Product Segment Analysis

On the basis of product, the market is classified as evo2, Nintendo Switch, Nintendo Switch Lite, Nintendo 3 DS, Ouya, PlayStation 4, Razer Switchblade, Wii U, Xbox, Steam Deck, and others. The Nintendo Switch segment is estimated to hold a key market share during the projected period, due to its hybrid design which allows gamers to switch seamlessly between handheld and console gaming modes.

This versatility and flexibility are useful for both on-the-go gaming and larger-screen gaming. Additionally, the increasing number of paid users of the Nintendo Switch Online membership further fuels the market. For instance,

• According to the reports published in September 2022, around 36 million paid users were actively using Nintendo Switch online membership. This membership offers users access to cloud saves, online multiplayer, a vast collection of Super Nintendo Entertainment System (SNES), and virtual Nintendo Entertainment System (NES)

Platform Segment Analysis

In terms of platform, the portable game console market is fragmented into Windows, iOS, Android, and others. The Windows segment is anticipated to hold a major market share in the coming years, due to its major utilization as a common operating system for personal computers.

Gamers around the world are already familiar with Windows interface and ecosystem making it an ideal choice for a portable gaming console. In addition, the Windows operating system supports a wide range of games, including traditional PC games and newly launched console games which further contribute to the growth of this segment in the market.

The Android segment is projected to register a considerable CAGR during the forecast period, as it is an open-source operating system and has wide compatibility with various games. This allows third-party manufacturers to create a wide range of gaming accessories that provide customized and enhanced gaming experiences for Android users. Moreover, Android gaming consoles often come at budget-friendly price points which further boosts their demand in the market.

• On May 01, 2023, Verizon, a multinational wireless network operator, and Razer Inc., a global technology company jointly developed the Razer Edge 5G, the ultimate Android gaming handheld console. This new portable gaming console is available for USD 359 and comes with various features, such as Snapdragon G3x Gen 1 GPU, Verizon 5G Ultra Wideband, Razer Kishi Pro 2 controller, WiFi 6E, 5000mAh battery, Bluetooth 5.2 connectivity, and other advanced features.

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End-user Segment Analysis

Based on end-user, the market is divided into adults and children. The adults segment is expected to grow at a significant CAGR during the forecast period, owing to the expanding adult gamer base. Adults are actively engaging in games.

Portable gaming consoles offer the versatility of gaming for adults at home. Moreover, adults are encouraged to spend their disposable income on entertainment, which contributes to the growing interest and demand for portable gaming devices in the market.

Regional Analysis

In terms of region, the global portable game console market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market, due to the presence of a strong gaming culture with a significant portion of the population actively engaged in console gaming. For Instance,

• According to a 2021 report by the Entertainment Software Association, around 227 million Americans play video games, with children and two-thirds of adults playing games on a weekly basis. On average over 80% of players are above 18 years.

In addition, North America is home to the world's most influential gaming companies, including Nintendo, Microsoft, and Sony. These major players are producing various types of gaming consoles such as tablet gaming consoles, mobile gaming consoles, video gaming consoles, and others which is further boosting the market in this region.

The market in Asia Pacific is anticipated to expand at a rapid pace in the coming years, due to the increasing disposable income of the population. Emerging countries from the region including India and China are experiencing rapid economic growth. Rising disposable income among consumers is enabling them to afford gaming consoles and related content. Thus, the rapidly growing young gaming population in this region propels the demand for portable gaming consoles in the market.

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