Sales of video game consoles have seemingly been on a downward trend. According to Circana analyst Mat Piscatella, gaming hardware sales in December 2024 have fallen by 29 percent, with spending totalling up to $1.1 billion.
For individual console sales, PS5 sales fell by 18 percent when compared to December 2023, while Xbox Series X/S and the Nintendo Switch each declined by 38 percent. For context, gaming hardware spending in 2024 fell by around 25 percent below what it was in 2023, down to $4.9 billion.
Piscatella then comments about how this decline in console hardware shouldn’t be too surprising since all currently available gaming consoles have been out for long enough that their peak sales periods are well behind them. He also comments on how hardware sales throughout 2024 were still generally higher than in the past.
“No question video game hardware had a rough one,” posted Piscatella on BlueSky. “But it was expected with Switch being in the market for so long and both PS5/XBS past their selling peaks. Total 2024 hardware spend of $4.9B is still significantly higher than the $3.9B seen in 2019. Shrug.”
Piscatella then also explained that, when it comes to lifetime sales in the US market, the PS5 has been doing slightly ahead of the PS4, whereas the Xbox Series X/S have been trailing behind Xbox One. This takes into consideration sales from the first 50 months of the console’s launch.
“Through 38 months in the US (through Dec 2023), PS5 led PS4 by 6% while XBS trailed XBO by 13%,” explained Piscatella.
Going by the trends of gaming console releases from the last couple of generations, we could currently be on track for a hardware refresh. We recently saw this with the more powerful PS5 Pro from Sony, while Microsoft has yet to announce a new console in the Xbox line-up. Nintendo, on the other hand, is seemingly going by its own schedule, getting ready to launch the Switch 2 later this year.
For more details about the Switch 2, check out our coverage of its original announcement from earlier this month. And as for the PS5 Pro, check out our coverage of the best games enhanced for the console here.
