The new report by Expert Market Research titled, ‘Global Audiobooks Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global audiobooks market, assessing the market based on its segments like genres, preferred devices, distribution channels, target audiences, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 0%
There has been significant growth in the global market for audiobooks over the past few years. The growth has been a result of attractive offerings from audiobook service providers, expansion of the range of listening alternatives (smartphones, tablets, desktops, and smart speakers, among others), and an increase in the number of people taking to audiobooks for various reasons.
Audiobooks are especially useful for the visually impaired and for those who like to read but do not have time. Traditionally, audiobooks have been used by teachers and schools to teach second language learners and students with learning disabilities. Audiobooks have provided an effective means to access and enjoy literature. Such aspects are expected to boost the global market of audiobooks.
Industry Definition and Major Segments
A voice recording of a text that can be listened to, is known as an audiobook. Rather than reading, users can listen to the context of the book. An audiobook can be an unabridged version of the text or a complete reading of the text word by word. Audiobooks, like digital video and music, are normally purchased and downloaded; while these can be purchased from online booksellers, there are public domain platforms where audiobooks can also be downloaded for free.
By genre, the market is segmented into:
- Fiction
- Non-Fiction
The preferred devices in the market are classified into:
- Smartphones
- Laptops and Tablets
- Personal Digital Assistants
- Others
By distribution channel, the market is classified into:
- One-time Download
- Subscription-Based
Based on target audience, the market is segmented into:
- Kids
- Adults
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Audiobook listenership has been growing at a significant rate since the past few years. Children’s books form a significant part of audiobook sales. With an increase in children’s smart speaker consumption, the popularity of audiobooks among children has also been reported to increase significantly. One of the key drivers driving the market expansion is the simple accessibility of these paperback copies by physically disabled and non-English speaking communities.
In recent years, the expansion of the internet has aided in gaining momentum amongst the consumers. The widespread use of smart home technologies has created the significant potential for the audiobook industry. The multiple benefits of audiobooks, such as providing brain stimulation and relaxation even during hectic schedules or multitasking, are predicted to play a significant role in the industry’s growth.
Key Market Players
The major players in the market are Amazon Inc., Apple Inc., Audible, Inc., Barnes and Noble Booksellers, Inc., Downpour, Google, and Playster, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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