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There's no need for it. It's not like all 3 territories went:
Japan: Alright, so we're going to drop Sega and we've decided to open up a new position for Sony and Nintendo as competitors. Who wants it?
America: I'll take it!
Japan: Alright, it's settled. America will also make a console, sorry Europe. You'll have to wait until I get bored of one of my companies and drop it before you can enter the console race.

There's no need for a European console maker. And even if there was a position for a new console to crop up, chances are it'd be from either Japan or America anyway