Books Market Expected To Reach $164.22 Billion By 2030, Based On Increasing Consumer Spending
Books Industry Overview
The global books market size was valued at USD 138.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 1.9% from 2022 to 2030.
Increasing consumer spending on books supported by rising incomes and interest, as well as continued innovations in the format that have enhanced the overall reading experience, are among the key factors boosting the market. The market has been dominated by academic publishers, with non-academic publishing or trade publishing accounting for a rather minuscule share in comparison. Academic publishing houses have a symbiotic relationship with the educational system. A majority of these publishing houses directly cater to schools, colleges, universities, and research institutes that cover technical, medical, and professional education.
Gather more insights about the market drivers, restrains and growth of the Global Books Market
Books have witnessed enormous changes throughout their history. From papyrus scrolls to the introduction of e-books with the advent of digital media and new technologies, the market has adapted itself into various forms such as e-books and audiobooks. Thus, since reading moved to screens, it has widened the scope of opportunities for publishers as well as readers in the market. Publishers should take into account the digital medium of communication and invest in creating and promoting content across text, audio, and video modes. HarperCollins has taken initiatives since 2013 to form partnerships with companies like Scribd, an online digital library. Publishers can also create an online visual experience for their readers, like J.K. Rowling’s Pottermore.
One of the key challenges in the market is the rising prices of print and e-book titles, owing to which consumers are now seeking alternative options rather than purchasing brand new copies. According to a Voice of the Reader survey, rising book prices are driving buyers to delay purchases. Thus, high book prices result in consumers finding lower-priced alternatives such as buying used books or downloading free and discounted e-books from discount newsletters. Along with this, the costs of textbooks have also been increasing.
The COVID-19 outbreak increased the demand for books quite significantly across the globe, especially in the household sector. The pandemic resulted in a work-from-home situation for hundreds of thousands of people worldwide, which developed a wider scope for leisure activities and self-development among consumers. Books, being one of them, were desired by tens of thousands of consumers during this period of uncertainty and chaos, to focus on self-development as well as to spend time at home productively. This, in turn, has boosted the growth of the book market.
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Audiobooks Market - The global audiobooks market size was valued at USD 2.67 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 24.4% from 2020 to 2027. Audiobooks refer to the recordings that are being narrated by the authors or any other voiceover artists.
Print Newspapers & Magazines Market - The global print newspapers & magazines market size was valued at USD 123.93 billion in 2021 and is expected to decline at a compound annual growth rate (CAGR) of -2.3% from 2022 to 2028. Newspapers and magazines have been gradually losing customers for years.
Books Market Segmentation
Grand View Research has segmented the global books market based on type, format, distribution channel, and region:
Books Type Outlook (Revenue, USD Million, 2017 - 2030)
Science
Historical
Mystery
Fantasy
Literary
Contemporary/Realistic
Romance
Educational
Comic
Others
Books Format Outlook (Revenue, USD Million, 2017 - 2030)
Facial Hard Copy
E-Books
Audiobooks
Books Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Online
Local Book Shops
Retail Shops
Specialty Stores
Books Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
Market Share Insights
November 2020: Pearson announced the creation of a new direct-to-consumer division as it looks to further strengthen its focus on building a direct relationship with learners around the world.
November 2020: Scholastic Inc. announced a new multi-book publishing program with civil rights hero and national treasure, Ruby Bridges.
Key Companies profiled:
Some prominent players in the global books market include
Penguin Random House
Hachette Book Group
HarperCollins Publishers
Simon & Schuster, Inc.
Pearson
Macmillan Publishers
Scholastic Inc.
Marvel Comics
Morris Publishing
IDW Publishing
Order a free sample PDF of the Books Market Intelligence Study, published by Grand View Research.