For the first 50-60 years of film, new technology is what would bring people to the theatres: "films now have sound", then "films now have color", etc....  At a certain point new technology stopped impressing people.  There was a big push for 3D films which failed and also a push for an ultra wide screen format which also failed.  Eventually the movie makers realized that technology wouldn't be the driving factor anymore, so they had to rely solely on non-technological factors like a good script, good acting, good directing, etc... to make a successful movie.  (And ironically the 3D thing has come back, but it hasn't increased ticket sales).

So will we need new consoles? Yes.  I think that is like asking, "will we need movie theatres?"  But the console makers will have to find other criteria to sell their consoles other than having the best processor or latest graphics.  Nintendo sold quite a few Wii systems even though the graphics were basically the same as the Gamecube.

The largest tech companies nowdays don't rely on hardware to push their profits. In fact, hardware traditionally has much lower margins than software (and software won't plateau nearly as soon as hardware tech). The exceptions are Apple and Samsung, but Google, Microsoft, Amazon, Facebook and such - all of them are primarily software companies.