PS5 Expected to Extend Lead Over Xbox Series X|S, While New Nintendo Console Set for 2024 Launch

A new report from Ampere Analysis sheds light on the current state of the video game industry and its overall market size and health. The report suggests that the PlayStation 5 is expected to widen its lead over the Xbox Series X|S in the coming months, with 30 million units sold as of the end of 2022 compared to 18.5 million for the Xbox Series X|S. While Microsoft no longer shares Xbox sales numbers, Ampere's estimates indicate that the PS5 is currently leading the console race.

Supply chain issues affected both the PS5 and Xbox Series X|S in 2022, but the Xbox Series S was more readily available, allowing Microsoft to gain a little market share. However, PS5 supply has since rebounded significantly, and Ampere expects the gap between PS5 and Xbox Series X|S sales to widen in the first half of 2023.

Despite their impressive sales figures, both the PS5 and Xbox Series X|S are still far behind the Nintendo Switch, which sold over 122.5 million units as of December 31, 2022. The report also predicts that a new Nintendo console will launch in 2024, but no details were provided on its features.

There have been rumors of a more powerful Switch model for a while now, but Nintendo has yet to confirm its existence. Nintendo has confirmed, however, that it will launch a new console before the year 2100. In recent years, Nintendo has released new Switch models such as the Lite and OLED, but the highly anticipated Switch "pro" model has yet to be announced.

According to Ampere's report, total spending on video games dropped by 7.8% year-over-year to $56.2 billion in 2022 due to the delay of major game releases and a lack of availability for the PS5 and Xbox Series X. Nevertheless, compared to pre-pandemic levels from 2019, global spending on video games was up by 18%, indicating that the video game industry is still growing despite recent setbacks.