Insight: Q1 2024 Game Console Results - Sony Captures Record 62% Share as the Market Enters a Mid-Cycle Dip
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The global game console market enjoyed a strong rebound in 2023, growing by more than 10% year-on-year (YoY) to 45 million units. Improvements in the supply chain, which had hampered vendors in 2022, helped Sony to meet the pent-up demand. However, the market saw a weak start to 2024 as shipments declined by 31% year-on-year to 7.1 million units in Q1 2024. This represents the lowest first-quarter shipments since 2020 when volumes dropped to 4.8 million, reflecting a maturing of the latest console generation cycle, a normalizing of the supply chain, and soft consumer demand in anticipation of hardware upgrades later this year and in 2025.
