Global Audiobooks Market, By Genre (Fiction, and Non-fiction), By Preferred Device (Smartphones, Laptops and Tablets), By Target Audience (Kids, and Adults), By Distribution Channel, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Nov. 2023
- Report ID: 100980
- Number of Pages: 339
- Format:
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Report Overview
Global Audiobooks Market size is expected to be worth around USD 39.1 Bn by 2032 from USD 4.2 Bn in 2022, growing at a CAGR of 25.7% during the forecast period from 2022 to 2032.
The audiobook market refers to the industry involved in the production, distribution, and sale of audiobooks, which are recordings of books or other written works that are narrated and recorded in audio format. The audiobook market has grown significantly in becoming years owing to the growing popularity of digital media and the widespread use of smartphones and also other mobile devices. This growth has been fueled by the convenience of being able to listen to books while on the go as well as by the growing popularity of podcasts and other forms of audio content.
Note: Actual Numbers Might Vary In The Final Report
Key Takeaways
- The global Audiobooks Market is expected to reach approximately USD 39.1 billion by 2032, growing at a CAGR of 25.7% from 2022 to 2032.
- Increasing Popularity of Digital Media and Podcasts: Audiobooks offer a convenient way to consume books on the go, contributing to the growth of digital audiobook platforms and retailers.
- Limited Availability and Distribution: Some publishers refrain from producing audiobooks due to cost and production time, limiting consumer access.
- By Genre: Non-fiction audiobooks accounted for the largest revenue share in 2022, offering a diverse range of topics including self-help, business, history, and true crime.
- By Preferred Device: Smartphones held the dominant share, owing to their portability and easy access to audiobook apps.
- By Target Audience: Adults constituted the major segment, utilizing audiobooks for entertainment during commuting or multitasking.
- By Distribution Channel: The one-time download segment was the dominant distribution channel, allowing users to own audiobooks without restrictions.
- Investment in Original Content: Collaboration with authors and content creators to develop exclusive audiobook content can help companies stand out in the competitive market.
- Subscription-Based Models: Platforms like Audible and Scribd offer unlimited access to a library of titles, encouraging exploration of new authors and genres.
- Promotion of Diversity and Inclusion: Publishers and distributors are working to ensure audiobooks reflect a wide range of perspectives and experiences.
- North America led the market in 2022, driven by the widespread availability of digital devices and the popularity of subscription-based services. Asia Pacific is expected to be the fastest-growing region, with increasing smartphone adoption and a growing interest in English-language content.
- Major players in the audiobook market include Amazon-owned Audible, Apple Books, Google Play Books, Kobo, and Scribd, each employing unique strategies and pricing models.
Driving Factors
Increasing Popularity of Digital Media and Podcasts
Audiobooks offer a convenient path to consume books while on the go. They enable users to be managing their time more effectively because they may be listened to while driving, working out, or doing other things. More consumers are turning to audiobooks as a practical path to accesses books on their mobile devices as digital media consumption keeps rising.
This has led to the growth of digital audiobook platforms & retailers. The quality of audiobook production has also improved in become years, with professional narrators, sound effects, and other production elements adding to the overall listening experience.
More people are turnout to audiobooks as a path to learn new skills or gain knowledge in a particular area like business or personal development. The growth of subscription-based models like Amazon’s Audible has made it easier & more affordable for people to handle a large library of audiobooks.
Restraining Factors
Limited Availability and distribution
Audiobooks are not available for all books. Some publishers choose to avoid producing audiobooks because of their cost and production time. Audiobooks are often more expensive than printed books or digital versions, which can disapprove some consumers from acquiring them.
Audiobooks are not as universally available as print or digital books, especially in some regions that have limited access to digital technology and audiobook platforms. Audiobooks are only one of many forms of entertainment that compete for the attention of people. They may be overshadowed by other media, such as social media or streaming video.
By Genre Analysis
The Non-Fiction Segment Accounted for the Largest Revenue Share in Audiobooks Market in 2022.
Based on genre, the market is segmented into fiction and non-fiction. Among these types, the non-fiction segment is expected to be the most lucrative in the global audiobook market, with the largest revenue share of 65% during the forecast period. Owing to the non-fiction segment of the audiobook market being diverse, covering a wide range of genres & topics.
Self-help and personal development audiobooks continue to be popular, along with business and finance audiobooks for professionals. History & biography audiobooks are also popular for those interested in learning about past events and influential figures. True crime audiobooks have seen a surge in popularity in the coming years, with a lot of listeners drawn to the suspense and real intrigue of these stories.
Note: Actual Numbers Might Vary In The Final Report
By Preferred Device Analysis
The Smartphones Segment Holds the Significant Share of the Preferred Device Segment in the Audiobooks Market.
Based on preferred devices, the market is divided into smartphones, laptops and tablets, personal digital assistants, and other preferred devices. Among these, the smartphone segment is dominant in the preferred device segment in the audiobook market, with a market share of 44%.
Smartphones are a popular variety for listening to audiobooks owing to their portability & convenience. More audiobook apps are available for smartphones, and listeners can easily access and download audiobooks on the go.
By Target Audience Analysis
Adults Hold a Significant Share in the Target Audience Segment of the Audiobooks Market.
Based on the target audience, the market is divided into kids and adults. Among these, the adult segment dominates the market with a revenue share of 78% in the forecasted period. Owing to the adult audiobook segment includes audiobooks aimed at adult audiences, with content ranging from popular fiction and non-fiction to specialized genres such as self-help, business, and history. Audiobooks are popular among adults who enjoy reading but may have limited time to devote to reading, as they can listen to books while commuting, working out, or doing other tasks.
By Distribution Channel Analysis
The One-Time Download Segment Holds the Significant Share of the Distribution Channel Segment in the Audiobooks Market.
Based on the distribution channel, the market is divided into one-time download and subscription-based. Among these, the one-time download segment is dominant in the distribution channel segment in the audiobook market, with a market share of 65%.
Owing to One-time download is a traditional distribution channel for audiobooks where listeners purchase or download audiobooks directly from online retailers like Amazon’s Audible or Apple’s iTunes. Once the audiobook is downloaded, the listener owns it forever and can listen to it anywhere without any restrictions. This distribution channel is popular for spectators who prefer to own their audiobooks and have complete control over the content.
Key Market Segments
Based on Genre
- Fiction
- Non-fiction
Based on the Preferred Device
- Smartphones
- Laptops and Tablets
- Personal Digital Assistants
- Other Preferred Devices
Based on Target Audience
- Kids
- Adults
Based on Distribution Channel
- One-time Download
- Subscription-Based
Growth Opportunity
Expansion Into New Markets and Investment in Original Content
The audiobooks market keeps growing, and there is a significant opportunity to expand into the latest markets, especially in regions with low audiobook penetration. Publishers & distributors can translate and adapt existing content to cater to local audiences and spend on marketing & distribution efforts to increase audiobook consumption. With the increase of subscription-based platforms and growing competition among audiobook distributors, investing in original audiobook content can help companies stand out and attract new customers.
Publishers & distributors can collaborate with authors and content makers to develop original audiobook content, including exclusive titles or audio-only content, to discriminate themselves in the market. Audiobooks can also be used in conjunction with other media formats like movies, TV shows, and podcasts to make new revenue streams and cross-promote content. Publishers & distributors can collaborate with content makers across various media formats to develop tie-ins and adaptations like audiobook versions of popular TV shows or podcasts.
Latest Trends
Growth in the use of voice assistants and the production of original content
Subscription-based models are becoming most popular among audiobook listeners, with platforms like Audible, Scribd, and Audiobooks.com offering unlimited access to a library of titles for a monthly fee. This model offers listeners the most flexibility and value for their money & encourages them to explore new authors & genres. This latest trend is driving the evolution of new voice-based features and integrations that make it easier for users to define and listen to audiobooks.
There is increasing awareness in the audiobook industry of the requirement to promote diversity and inclusion, both in terms of the authors & narrators featured, and the content itself. Publishers & distributors are working to ensure that audiobooks reflect a vast range of panoramas and experiences and that listeners can find content that speaks to them.
Regional Analysis
North America Accounted for the Largest Revenue Share in Audiobooks Market in 2022.
North America will be the dominant region in the global audiobook market. North America is recently the largest market for audiobooks, with the USA leading the path in terms of revenue & consumption. The market is driven by the universal availability of smartphones, tablets, and other digital devices as well as the popularity of subscription-based services such as Audible & Scribd.
Asia Pacific is Expected to be the Fastest Growing Region in the Projected Period of the Audiobooks Market.
The Asia Pacific region is a repeatedly growing market for audiobooks, with strong requirement in countries like China, Japan, and India. The market is driven by the growing adoption of smartphones and other digital devices as well as growing interest in English-language content and a wish for a more convenient and engaging path to consume books.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
In the audiobook market, there are several key players that are vying for market share and trying to differentiate themselves through various strategies. In the audiobook market, some of the key players include Amazon-owned Audible, Apple Books, Google Play Books, Kobo, and Scribd. Each of these players has a unique approach to the market, with different pricing models, content libraries, and target audiences.
Market Key Players
- Apple Inc.
- Audible Inc
- Barnes & Noble Booksellers Inc.
- com
- Google LLC
- PLAYSTER
- Rakuten Group Inc.
- Storytel AB
- F.Howes Ltd.
- Other Key Players
Recent Developments
- In December 2021, Rakuten launched a new business division called Rakuten Insurance, which offers various insurance products and services to its customers in Japan.
- November 2021, Rakuten announced the acquisition of LIFULL Co., Ltd., a Japanese real estate information and transaction platform, to expand its services in the real estate industry.
Report Scope
Report Features Description Market Value (2022) USD 4.2 Bn Forecast Revenue (2032) USD 39.1 Bn CAGR (2023-2032) 25.7% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Genre-Fiction, and Non-fiction; By Preferred Device-Smartphones, Laptops and Tablets, Personal Digital Assistants, and Other Preferred Devices; By Target Audience-Kids, and Adults; By Distribution Channel- One-Time Download, and Subscription Based; Regional Analysis North America – The U.S. & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands & Rest of Europe; APAC- China, Japan, South Korea, India, Australia, New Zealand, Singapore, Thailand, Vietnam & Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- South Africa, Saudi Arabia, UAE & Rest of MEA Competitive Landscape Amazon.com Inc., Apple Inc., Audible Inc, Barnes & Noble Booksellers Inc., Downpour.com, Google LLC, PLAYSTER, Rakuten Group Inc., Storytel AB, W.F.Howes Ltd., Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
How much is the Global Audiobooks Market worth?Global Audiobooks Market market size is Expected to Reach USD 39.1 Bn by 2032.
What was the Market Segmentation of the Audiobooks Market ?By Genre-Fiction, and Non-fiction; By Preferred Device-Smartphones, Laptops and Tablets, Personal Digital Assistants, and Other Preferred Devices; By Target Audience-Kids, and Adults; By Distribution Channel- One-Time Download, and Subscription Based.
What is the CAGR of Audiobooks Market ?The Audiobooks Market is growing at a CAGR of 25.7% during the forecast period 2022 to 2032.
Who are the major players operating in the Audiobooks Market ?Amazon.com Inc., Apple Inc., Audible Inc, Barnes & Noble Booksellers Inc., Downpour.com, Google LLC, PLAYSTER, Rakuten Group Inc., Storytel AB, W.F.Howes Ltd., Other Key Players
Which region will lead the Global Audiobooks Market?North America is estimated to be the fastest-growing region during the forthcoming years.
- Apple Inc. Company Profile
- Audible Inc
- Barnes & Noble Booksellers Inc.
- Amazon.com, Inc. Company Profile
- Google LLC
- PLAYSTER
- Rakuten Group Inc.
- Storytel AB
- F.Howes Ltd.
- Other Key Players
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