In 2024, the gaming console market in Latin America began to mature while continuing to harbor potential for growth. Limited disposable income, combined with high import tariffs, particularly in Argentina and Brazil, impacted the availability and affordability of consoles, constraining market expansion. However, increased investment in broadband infrastructure across the region, led by Colombia and Chile, enabled improved Internet connectivity, critical for the adoption of cloud gaming, a key driver for gaming console demand. Additionally, the evolution of payment methods in e-commerce, notably in Mexico and Brazil, facilitated consumer access to online gaming stores. Simultaneously, a rising middle class and growing youth demographic, particularly in Peru, augmented the demand base for gaming consoles.
Several key trends shaped the industry. The digitalization of gaming products accelerated, as console manufacturers leaned into online distribution channels. This transformation was also driven by the enforcement of consumption taxes on digital services in Mexico, Argentina, and Chile. Partnerships between console manufacturers and local telecom providers also emerged, aiming to optimize data consumption for online gaming. M&A activity was observed in the retail sector, with larger chains acquiring smaller specialized gaming stores, to fortify their market position in a sector increasingly moving toward digital consumption. These dynamics reflect a maturing market that continues to adapt to the socio-economic characteristics of the Latin American region.
