Press Release

A USD 6.8 Billion Global Audiobooks Market to Accelerate at a CAGR of Around 26.4% During 2024-30

The Global Audiobooks Market size was valued at about USD 6.8 billion in 2023 and is projected to reach USD 31.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.4% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the increasing pace of digitalization across the globe along with the surging adoption of devices like smartphones, tablets, laptops, etc., among consumers. The increasing disposable incomes and rise in the middle-class population worldwide are proliferating the adoption of smartphones and other electronic devices, which is leading to the consumer inclination towards audiobook deals and audiobook subscriptions. These devices are easily available to consumers at a nominal price range and have a wide range of features thereby boosting their adoption. Consumers can easily listen to audiobooks from different audiobook providers of their choice at their convenience and at times with these audiobook streaming devices which is increasing the adoption of audiobooks and audiobook streaming services among consumers.

Moreover, features like play, pause, download, forwards, rewind, speed adjustments, etc., further enable consumers to opt for audiobooks due to offered convenience and flexibility as compared to hardcover books. The advancements in digital technologies like AI and IoT are also boosting the adoption of audiobooks and audiobook subscriptions among consumers as they provide real-time data of consumer interest and provide suggestions based on their activities ultimately fueling market growth.

Moreover, the increasing consumer inclination toward emerging audiobook streaming platforms and audiobook applications including Spotify, Google Play Book, Apple Book, etc., is also leading to audiobook deals adoption. The user-friendly experience and audiobook streaming services provided by these platforms include personalized recommendations, downloading options, save later options, etc., which propel their demand among consumers raising market growth. The platforms depict a wide range of audiobooks with various audiobook publishers and audiobook companies, which in turn, provide consumers with a large audiobook pool to choose from, which increases their adoption. Additionally, these audiobook streaming platforms offer different pricing and audiobook subscription models which enable consumers to try audiobooks on a monthly or weekly basis and continue subscriptions for longer durations surging audiobook listening among consumers and augmenting the growth of the audiobook industry, further states the research report, “Global Audiobooks Market Analysis, 2024.”

Global Audiobooks Market Segmentation Analysis

Non-Fiction Segment to Hold a Considerable Market Share

Based on the genre, the market is further bifurcated into fiction and non-fiction. The non-fiction segment is expected to hold a significant market share owing to the increasing demand for real-life stories and non-fictional incidences among consumers. Consumers are increasingly focusing on self-improvement, yoga, meditation, personal development, skill development, knowledge expansion, etc. This, in turn, is leading them to opt for audiobook deals providing this type of information, thereby propelling non-fiction segment growth.

Moreover, the rising demand for educational books with knowledge about history, politics, art, biographies, etc., is further escalating non-fictional segment growth in the market globally. Additionally, popular narrators, actors, politicians, audiobook creators, etc., providing and narrating their own stories and life incidences in their books is leading consumers towards their adoption, as they provide a personal touch and enhance the overall experience of consumers.

North America Leads the Global Audiobooks Market

North America holds a major market share, driven by heightened internet proliferation and shifting consumer preferences toward technology adoption. The establishment of advanced and digitalized technological infrastructure provides easy access to digital platforms for audiobook listening, which in turn is surging the downloads and streaming of audiobooks. Moreover, the working population in North American countries, including the US, Canada, and Mexico, demands audiobooks to sustain their fast-paced and busy lifestyles with no or minimum time to read. The changing habits of consumers to stream audiobooks while traveling, walking, and performing day-to-day chores is surging their adoption among North American consumers, propelling market growth.

Furthermore, the presence of audiobook providers like Apple, Google, Amazon, etc., in the region is driving the expansion of new audiobook production, innovative launches, new subscription models, etc., which is providing consumers with user-friendly experiences and vast audiobook libraries. All this, in turn, is driving consumers toward the adoption of audiobooks, thereby proliferating market growth.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Apple, Amazon Inc., Google LLC, Barnes & Noble Booksellers Inc., Downpour, Rakuten Group Inc., Storytel, W.F. Howes, LibriVox, Bookbeat, Softonic Inc., Kobo, Brilliance Publishing, Learn Out Loud, Chirp Books, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?