As one of the oldest and most popular forms of gaming, console gaming is set to witness a strong year in 2023, with revenues and the number of users rising to new highs.
According to data presented by SportsLens.com, the console gaming market is expected to gross $21.2bn in revenue in 2023 or 4.3% more than last year.
More than 246 Million Consoles Shipped in Five Years
While PCs remain the number one choice for serious gamers, gaming consoles continue growing their global user base. They are easy to use, simple, and cost less, which has remained one of the biggest drivers behind the entire market`s growth.
In 2019, the console gaming market grossed $15.8bn, according to Statista data. A year later, this figure jumped by 20% to over $19bn, boosted by a global surge in gaming amid COVID-19 lockdowns. However, console gaming revenues continued growing even as people returned to their usual activities following the pandemic, rising to over $20.3bn last year.
Statista expects this figure to grow by another $870 million in 2023, showing an annual compound growth rate of 4.3%. Although revenue growth will slow down in the following years, the entire market is set to reach a $22.8bn value by 2027.
The Statista data also showed more than 246 million consoles had been shipped in the past five years, with 2021 and 2022 as record years for sales. Still, 2023 is set to witness even more impressive sales figures, with over 57 million shipped consoles. The sales volume is expected to continue growing in the following years, with the annual console shipments rising to over 60 million by 2027.
Nintendo Holds More than 50% of the Console Gaming Market
While millions of people worldwide play console gaming titles, the United States remains the single largest market for this type of gaming. In 2023, the US market is expected to gross over $7bn in revenue or one-third of this year’s total.
Far below, Japan ranked as the second-largest console gaming market with $2.3bn in revenue this year. The United Kingdom, France, and Germany follow, with $2bn, $1.3bn, and $940 million in revenue, respectively.
With over 50% market share, Nintendo is the absolute king in the console gaming segment, while its Switch became the second best-selling console of all time behind PS2. Between October and December 2022, the Japanese gaming giant shipped 8.2 million Switch consoles, bringing the total lifetime unit sales to 122.55 million.