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.

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.