Audiobooks Market Share, Size, Trends, Industry Analysis Report, By Preferred Device (Smartphones, Laptops & Tablets, Personal Digital Assistants); By Distribution Channel; By Target Audience; By Genre; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM3361
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global audiobooks market was valued at USD 6,487.72 million in 2023 and is expected to grow at a CAGR of 26.3% during the forecast period. The pandemic has increased demand for audiobooks as more people stay at home and look for ways to entertain themselves. With libraries and bookstores closed or operating with limited hours, many people turned to audiobooks to access new books and stories. In addition, with many people working from home or attending school remotely, audiobooks offer a convenient way to multitask and get through their reading list while doing other activities. According to the Deccan Herald, Kannada audiobooks have become more popular since the Covid crisis in 2020. The translation of classic works, narration by well-known Kannada actors, and the creation of original titles are fueling the demand. With more than 200 Kannada audiobooks, Storytel began its Kannada section in 2021.
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The growing sales of audiobooks can be attributed to their convenience, accessibility, diverse content, and improvements in production quality. As more people discover the benefits of audiobooks, the market is expected to grow in the coming years. Audiobooks can be a great option for people who have difficulty reading print or e-books due to visual impairments or reading difficulties.
Industry Dynamics
Growth Drivers
The growth of digital technology has made it easier than ever to access and listen to audiobooks through online platforms and mobile devices. This has led to an increase in the popularity of audiobooks and is expected to drive audiobooks market growth in the coming years. The widespread adoption of smartphones has made it easier and more convenient for users to consume audiobooks. As a result, the audiobook market has experienced significant growth in recent years, and this trend is expected to continue in the coming years. Global smartphone subscriptions currently exceed six billion; in the upcoming years, that number is anticipated to rise by another several hundred million. China, India, and the United States are the countries with the largest populations of smartphone users.
Report Segmentation
The market is primarily segmented based on preferred device, distribution channel, target audience, genre and region.
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By Preferred Device |
By Distribution Channel |
By Target Audience |
By Genre |
By Region |
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Smartphones segment is expected to witness fastest growth during forecast period
The smartphone segment is projected to experience the fastest growth throughout the study period. They have made audiobooks more accessible to a wider audience. With the ability to download audiobooks directly onto a smartphone, users can easily listen to their favorite titles anytime, anywhere. This accessibility has led to a surge in the popularity of audiobooks, especially among people who are always on the go. With the integration of voice assistants like Siri and Google Assistant, users can now easily control their audiobook playback with their voice. This hands-free convenience has made it easier for users to consume audiobooks while engaged in other activities. This is driving the growth of the market in the coming years.
One-time download segment is accounted for the largest market share in projected period
The one-time download segment will witness the largest market share throughout the forecast period. It offers users the ability to purchase individual audiobooks without the need for a subscription. This appeals to many users who may want to avoid committing to a monthly subscription or who only want to purchase a few specific titles. This also offers flexible pricing models that cater to a wide range of budgets. Users can purchase full-length audiobooks, abridged versions, or even short stories, depending on their preferences and budget. This is driving the growth and demand for the audiobook market in the coming years.
Adults segment is expected to hold the significant revenue share during forecast period
The adult segment is expected to hold a significant revenue share during the forecast period. The adult segment typically has a higher disposable income than younger age groups, making them more willing and able to purchase audiobooks. This has created a lucrative market for publishers and authors catering to this segment. This segment is also driving the demand for self-help and wellness audiobooks. These titles cover a wide range of topics, including mental health, mindfulness, meditation, and spirituality, and are in high demand among adults looking to improve their overall well-being. This will create a wide range of opportunities for the market's growth in the coming future.
Non-Fiction segment is expected to witness fastest growth
The non-Fiction segment is projected to experience a growth at a faster pace in upcoming years. Audiobooks offer the convenience of listening to a non-fiction book while doing other things, such as driving, exercising, or household chores. This makes it easier for people to fit in reading time, especially if they have busy schedules. These genre books are becoming popular among readers as they provide information on various topics, including history, science, biographies, and self-help. Audiobooks make it easy for people to consume this information on the go. Audiobooks provide a way for people with visual impairments to access non-fiction books. Audiobooks also make consuming non-fiction content easier for people who struggle with reading. Of this, the market is likely to witness higher growth in the coming years.
The demand in North America is expected to witness significant growth
North America is expected to witness significant growth in the audiobook market throughout the study period. This region has a large and established audiobook market, with many publishers and distributors operating in the region. Additionally, the growing popularity of audiobooks in North America is expected to lead to higher regional growth rates.
Asia Pacific is expected to have a higher growth rate for the audiobook market. This is because the region has a large and growing population, a rising middle class, and increasing internet and smartphone penetration, all contributing to the growth of the digital content market, including audiobooks. The region also has a growing number of publishers and distributors of audiobooks, including local players such as Storytel and Mofibo and global players such as Audible.
Competitive Insight
Some of the major players operating in the global market include Amazon, Apple, Audible, Barnes & Noble Booksellers, Downpour, Google, PLAYSTER, Rakuten Group, Storytel AB & W.F. Howes.
Recent Developments
- In January 2023, Plan B Entertainment and Audible collaborated to create 'A Summer Love Thing,' the initial development by Bradford Young.
- In January 2023, Apple asserted that the recently launched "digital narration" function on its website would make "audiobooks more accessible to all by lowering "the cost & complexity" of doing so for authors & publishers.
Audiobooks Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 8,184.26 million |
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Revenue forecast in 2032 |
USD 52,941.12 million |
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CAGR |
26.3% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments covered |
By Preferred Device, By Distribution Channel, By Target Audience, By Genre, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Amazon, Apple, Audible, Barnes & Noble Booksellers, Downpour, Google, PLAYSTER, Rakuten Group, Storytel AB & W.F. Howes. |
FAQ's
The global audiobooks market size is expected to reach USD 52,941.12 million by 2032.
Key players in the audiobooks market are Amazon, Apple, Audible, Barnes & Noble Booksellers, Downpour, Google, PLAYSTER, Rakuten Group.
North America contribute notably towards the global audiobooks market.
The global audiobooks market expected to grow at a CAGR of 26.3% during the forecast period.
The audiobooks market report covering key segments are preferred device, distribution channel, target audience, genre and region.
