The gaming console market will generate $66 billion over the next five years as the three major consoles vie for market share, according to a new report by JupiterResearch (via Next-Gen).

The reason for the high numbers is that JupiterResearch believes the so-called video game console war will be more evenly split than previous generations. Sony and Microsoft will be within 10 percent of eachother, while back in 2005, there was a wider margin - 33 percent - between major consoles.

The report says the console market in the US will hit $12.8 billion this year. Household penetration will break 50 percent by 2008.