Yes, it was. Arguably, it was a turning point in the whole console industry, moving from mostly shovelware to games people actually want to buy and play. It birthed the "third generation" of consoles, i.e. the 8-bit era, the original NES and Sega Master System. This was followed by the fourth generation, i.e. the 16-bit era. SNES and Sega Mega Drive/Genesis were all the rage, and portable gaming (being more than just simple single-game disposable junk) was born too, GameBoy being the most prominent/successful. The fifth generation brought us the original Playstation and N64, Sega Saturn too I suppose to an extent. Now you many be complaining that I've been up until ignoring the runner-ups - which is because in the large scheme of things, they really were a side note in history. But OK, there were Atari Jaguar and 3DO too in this era. Remember those? Me neither.
It wasn't until the sixth generation that a non-Japanese company would have any major foothold in the console market since the 1983 crash, and while the original Xbox did ok I guess, the generation was utterly dominated by PS2. I don't think those sales numbers will be ever broken, especially for a non-portable console. Gamecube did ok too, although not as well as Nintendo surely would have hoped. Dreamcast... Sega, it was nice to know you. So long and thanks for all the fish (that fishing game with a dedicated fishing controller on a Dreamcast was just so much stupid fun).
Then we enter Sony's "Vegas Elvis"-phase, that is PS3. It was a gamble, it was arrogant, it didn't pay off and almost bankrupted the whole company. Here Microsoft actually was in the lead for a very long time in their battle against Sony (although in the end globally 360 and PS3 sales ended up pretty much tied). However, the obvious winner was Nintendo with the Wii. Yes, it was cheaper, yes, the attachment rate may have been low - but in terms of consoles sold, there's no contest, Nintendo won.
Which brings us to the current generation, where Sony is outselling Microsoft 2:1, and Nintendo, while struggling quite a bit with WiiU, seems to be making a tremendous comeback with the Switch. And let us not forget, ever since its conception (ignoring gaming on smartphones, which is a rather new phenomenon), Nintendo has pretty much dominated the handheld gaming market.
So, there's a recap of consoles for the past 35 years. Now your original argument was "If we talk about traditional consoles, pretty much the industry and the gamers are a majority of european heritage". I'm not going to comment on gamers, but if we're talking about the "industry" - in those 35 years since the crash, there has been a
single generation where a non-Japanese console manufacturer has been even relatively close to being at the top in terms of units sold (and was still quite far off). So I'd argue that the industry is very much of not European heritage (at least not entirely, obviously corporations employ people all over the world).
Unless you mean "traditional consoles" as in Atari 2600 and the like, in which case, sure; but you're ignoring a large part of history then.