Sony Leads in Game Console Market with Impressive Growth in Q3 2023
In the third quarter of 2023, the global game console market experienced a remarkable surge, marking the strongest Q3 performance since 2017, according to a report by TechInsights. With an 11% year-on-year increase, the total shipments reached 9.1 million units. This upswing follows a robust first half of the year, where sales grew by 32% and 19% in the first and second quarters, respectively.
Sony Takes the Top Spot
Sony, with its PlayStation 5, has made a significant comeback, clinching the top spot in the global gaming console market. The company now holds a commanding 54% market share, a dramatic 42% year-on-year growth. This period marked Sony’s highest Q3 shipment volume to date and the second-best quarter for PlayStation 5 since its 2020 launch. Riding on this momentum, Sony is on track to meet its ambitious target of 25 million total shipments for the fiscal year. To further boost its market presence, Sony plans to unveil a higher-capacity PS5 Slim in the final quarter of 2023.
Nintendo Maintains Strong Presence
Meanwhile, Nintendo, despite a 15% drop in year-on-year shipments, maintains a strong presence with a 27% market share, largely buoyed by the continued success of flagship games and the “Super Mario Bros. Big Movie”. However, the absence of a new major release in Q3 led to Nintendo falling to second place. Looking forward, Nintendo is set to introduce an upgraded version of the Switch in early 2024 and aims to hit 15 million unit shipments for the fiscal year.
Microsoft Faces Challenges
Microsoft’s Xbox Series X/S also faced challenges, witnessing a 6% decline in shipments and totaling around 1.8 million units. Despite this, the Xbox Series X remains popular, holding a 72% product share in the Xbox lineup, complemented by the introduction of a 1TB version of the Xbox Series S.
Overall, the game console market has seen significant growth in the third quarter of 2023, with Sony leading the pack with its impressive performance. Nintendo and Microsoft continue to hold their ground, despite facing some challenges. With new releases and upgraded versions on the horizon, the competition in the gaming console market is expected to remain fierce.
