global Audiobooks market size is expected to be worth around US$ 15.01 billion by 2028, according to a new report by Vision Research Reports.
The global Audiobooks market size was valued at US$ 2.64 billion in 2020 and is anticipated to grow at a CAGR of 24.6% during forecast period 2021 to 2028.
The versatility of audiobooks is anticipated to create opportunities as the target audience is able to listen to the content during commute times and while performing daily chores or along their hobbies. According to an annual survey conducted by Audio Publishers Association (APA) in 2018, 74.0% of people listen to paperback content in their cars during their travel time using in-dash or infotainment systems. Also, the survey determined that the proliferation of smart speakers or personal digital assistants thrives well for the market growth in future.
Furthermore, the emergence of digital transformation technologies is anticipated to likely harness innovations. For instance, key market participants are now incorporating Artificial Intelligence (AI) for recommending personalized results to their users based on their listening history. The other attributes offered by AI, such as automating narrations of recorded contents to upgrade the text-to-speech technologies and creating summaries of files with key takeaways, are likely to propel the market growth during the forecast period.
Furthermore, the ongoing COVID-19 outbreak has led to stringent lockdowns in various countries where most of the people worldwide are maintaining social distancing. Shutting down public libraries and schools indefinitely to reduce community gatherings has majorly impacted the conventional print & publishing industry, thereby benefiting the audiobooks market. On account of the ‘stay-at-home’ orders issued by governments worldwide due to this pandemic, public and private libraries are opting for audio as well as video digital resources, including audiobooks and e-books to ensure the active engagement of their audiences.
The non-fiction segment is anticipated to witness faster growth with a CAGR of over 25.01% during the forecast period. This is attributed to the rising popularity of educational material being largely preferred by parents to engross their kids and provide them screen-free time. The segment is bifurcated into fiction and non-fiction genres. The fiction genre primarily includes mysteries, fantasy, crime thrillers, and science. The segment held a higher revenue share of 65.6% of the overall market in 2019 and is likely to retain its dominance over the forecast period. Within the fictional category, science and mystery have emerged as the most popular genres among the target audiences.
the adult audience accounted for the highest revenue share of more than 80% and was valued at over USD 2.00 billion. The various attributes of audiobooks such as offering brain stimulation and relaxation even during packed schedules or while multi-tasking is expected to highly contribute to the growth. Adults and kids are the target audience of the market. While the kids' segment constitutes for the target listeners’ up to 12 years, the adult segment refers to the users above 12 years.
Smartphones have emerged as the most preferred listening device for recorded material accounting for 43.8% revenue share of the overall market in 2019. The portability to access recorded book versions while performing various other tasks and ease of downloading audio box sets are the key factors anticipated to drive this segment. Based on the preferred device, the market is classified into smartphones, laptops and tablets, personal digital assistants, and others.
The others segment includes CDs, portable MP3 players, and Bluetooth connected speakers. While smartphones and tablets are the most preferred listening device, the other devices are used by people who are not yet equipped with smart technologies or uninterrupted internet service. Also, CDs are being preferred by public libraries to provide a unique collection of audible paperback content for their members.
The subscription-based distribution channel is forecasted to expand at the fastest CAGR of 25.7% from 2020 to 2027 due to the advent of Streaming-Books-On-Demand (SBOD) models. Consumers prefer buying subscription packages over one-time downloads as they provide access to a wide range of titles. Also, while subscription models are less expensive, with an average costing of USD 10 to USD 15 per month, the average cost of buying taped books outright is around USD 20 to USD 30. Based on the distribution channel, the market is bifurcated into a one-time download and subscription-based model.
North America accounted for the largest revenue share of close to 45.01% in the global business, and the region is expected to continue dominating over the forecast period. The U.S. captured a revenue share of over 40.0% of the overall market in 2019 as it has emerged as the early adopter of the latest technologies that the audiobooks use. Furthermore, the region is anticipated to retain its uphold as most of the leading companies are based in the U.S.
iBook’s by Apple Inc.
Preferred Device Outlook
Laptops & Tablets
Personal Digital Assistants
Distribution Channel Outlook
Target Audience Outlook
Middle East & Africa
The Audiobooks market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Audiobooks market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Audiobooks market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Audiobooks market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Audiobooks market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Audiobooks capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Audiobooks by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Audiobooks market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Audiobooks market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Audiobooks market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Audiobooks industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Audiobooks market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Audiobooks market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Audiobooks market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Audiobooks market. These factors have benefited the growth of the global market for Audiobooks. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Audiobooks. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Audiobooks are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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