Books Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 140.49 Billion |
| Market Size (2029) | USD 153.29 Billion |
| CAGR (2024 - 2029) | 1.76 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Books Market Analysis
The Books Market size is estimated at USD 140.49 billion in 2024, and is expected to reach USD 153.29 billion by 2029, at a CAGR of 1.76% during the forecast period (2024-2029).
- The books market is a vibrant industry, encompassing a range of formats such as hardcover books, paperbacks, e-books, and audiobooks. The surge in demand for e-books and audiobooks can be attributed to the convenience of accessing literature in digital formats. This trend empowers readers to enjoy books anytime and anywhere, fueling the market's expansion.
- With reading increasingly migrating to digital platforms, publishers are compelled to embrace this shift, investing in the creation and promotion of content across text, audio, and video formats. For example, since 2013, HarperCollins has been forging strategic alliances with companies like Scribd, a prominent digital library. Furthermore, publishers have the opportunity to provide interactive online experiences for readers, akin to J.K. Rowling's Pottermore platform.
- Platforms such as Amazon's Kindle Direct Publishing have revolutionized the publishing landscape, allowing independent authors to connect with audiences without the constraints of traditional publishing. This democratization has broadened market offerings and intensified competition.
- The emergence of subscription services for e-books and audiobooks grants readers access to vast libraries for a fixed monthly fee, a model that resonates with avid readers and boosts sales. Additionally, online vendors have found success in selling second-hand or used books in readable condition and at competitive prices. This strategy has particularly resonated with students and young enthusiasts. For instance, Kitabay, an Indian platform, offers second-hand books priced at USD 14.
- However, the market grapples with challenges, notably the escalating costs of print and e-book titles. This surge in prices has nudged consumers to explore alternatives instead of buying new titles. A survey by Voice of the Reader highlighted that these rising prices are causing buyers to postpone their purchases. Consequently, there's a noticeable shift towards more affordable options, including used books and free or discounted e-books accessed through newsletters. This trend is further accentuated by significant hikes in textbook prices.
- The COVID-19 pandemic has left an indelible mark on the books market, presenting both hurdles and avenues for growth. As consumers sought content engagement from home, the pandemic hastened the shift to digital formats. Consequently, e-books and audiobooks witnessed a surge in popularity during lockdowns and continue to thrive in the post-pandemic landscape.
Books Market Trends
E-book to Witness Significant Growth
- The global ebook market is set to grow primarily due to the increasing prevalence of portable devices like smartphones and tablets. Consumers are gravitating towards ebooks over traditional hard copies, citing concerns over the fragility of physical books, the care they demand, and their often high costs.
- The digitization of books, coupled with their online accessibility, is paving the way for a more interactive reading experience. Notably, renowned publishers like Marvel and DC are transitioning comic books into digital formats, broadening the appeal of e-reading. In a bid to minimize waste, the American Library Association (ALA) declared that all books in their roster would be digitized.
- As of 2024, Spain leads in e-reader ownership, with China trailing closely. While readers engage with ebooks in diverse settings—from workplaces and public transport to eateries—home remains the favored venue.
- The growing embrace of technology, especially among millennials and Generation Z, is likely to bolster the ebook market. Notably, millennials are more book-engaged than their Gen X and Baby Boomer counterparts, averaging 3.1 ebooks, 3.1 audiobooks, and 5.3 print books monthly, outpacing the general average of 2.4 ebooks.
- Innovative systems like digital education and immersive learning are poised to propel market growth. By integrating cutting-edge hardware, software, and educational content, these systems aim to offer readers a more engaging and real-time experience.
North America is Expected to Hold a Major Share of the Market
- North America's book market stands as a pivotal segment of the global publishing industry, marked by vigorous growth and shifting consumer preferences. With the advent of digital technology, reader engagement has surged, leading many to favor e-readers and mobile devices. Notably, around 75% of North Americans now utilize digital reading devices.
- Moreover, during the holiday season, there's a noticeable uptick in tablet and e-reader ownership, including popular devices like Kindles. Enhanced content mobility has not only broadened book accessibility but also streamlined distribution, resulting in cost savings. With a growing appetite for digital comic books in the region, industry giants like DC Entertainment and Marvel are diversifying their offerings to align with this trend.
- Features such as adjustable fonts, lighting controls, and interactive content enrich the e-book reading experience. The allure of e-books lies in their instant access and portability, allowing readers to effortlessly carry an entire library.
- In the U.S. book market, print remains the primary revenue generator. While print media's luster has dimmed over the years, printed books continue to thrive, defying popular belief. They enjoy robust popularity not just in the U.S. but also in other major global markets. According to Circana, the printed book market showcased its strength in 2023, with sales reaching a notable 767.36 million units across various outlets.
- Even with the surge of online shopping, local bookstores maintain their significance, capturing over half of the market's revenue share. Beyond sales, these bookstores nurture local literary talent, hosting events and book clubs that enrich the community.
Books Industry Overview
The Books market is highly competitive and fragmented, primarily driven by the presence of major players. These key players employ strategies such as mergers, acquisitions, and product innovations to maintain a competitive edge and broaden their global footprint. Key player include Pearson PLC, McGraw-Hill Publications, Penguin Random House LLC and others.
The books market is characterized by strong demand driven by technological advancements, changing consumer preferences towards digital formats, and a growing interest in self-publishing. While challenges such as competition from alternative media and market saturation exist, the overall outlook remains positive as consumers continue to embrace both traditional and digital reading experiences. Understanding these dynamics will be crucial for stakeholders aiming to navigate this evolving market effectively.
Books Market Leaders
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Pearson PLC
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McGraw-Hill Publications
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Penguin Random House LLC
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Hachette Livre
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Elsevier Foundation
*Disclaimer: Major Players sorted in no particular order
Books Market News
- May 2024: Extu, a pioneering force in channel marketing technology, unveiled its latest offering: an ebook titled "Step on It: SMB & Mid-Market Sales Acceleration." This resource is tailored to elevate small to medium-sized businesses (SMBs) and mid-market enterprises, equipping them with advanced strategies and deep insights to accelerate sales.
- April 2024: Rakuten Kobo announced its first-ever color E Ink eReaders with the new Kobo Libra Colour and Kobo Clara Colour, offering a new element to the digital reading experience Kobo fans. Kobo Libra Colour and Kobo Clara Colour feature a Kobo-optimized color E Ink Kaleido 3 display, presenting a nuanced palette while preserving the advantages of E Ink technology, now available in color.
Books Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of macroeconomic trends
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rise of Digital Formats, including E-books and Audiobooks
5.1.2 Rising Literacy Rates
5.2 Market Restraints
5.2.1 Increasing Competition From Alternative Entertainment Sources
6. MARKET SEGMENTATION
6.1 By Format
6.1.1 Hard Copy
6.1.2 e-books
6.1.3 Audiobook
6.2 By Distribution Channel
6.2.1 Online
6.2.2 Offline
6.3 By Geography***
6.3.1 North America
6.3.2 Europe
6.3.3 Asia
6.3.4 Latin America
6.3.5 Middle East and Africa
6.3.6 Australia and New Zealand
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Pearson PLC
7.1.2 McGraw-Hill Publications
7.1.3 Penguin Random House LLC
7.1.4 Hachette Livre
7.1.5 Elsevier Foundation
7.1.6 HarperCollins Publishers LLC
7.1.7 Bloomsbury Publishing PLC
7.1.8 Scholastic Corporatio
7.1.9 Simon & Schuster LLC
7.1.10 Macmillan Publishers
7.1.11 John Wiley & Sons, Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Books Industry Segmentation
A book is a medium for recording information in the form of writing or images. Modern books are typically in codex format, composed of many pages that are bound together and protected by a cover. The study forecasts revenue growth at the regional levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments.
The books market is segmented by format (hard copy, e-books, audiobook), by distribution channel (online, offline), geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Format | |
| Hard Copy | |
| e-books | |
| Audiobook |
| By Distribution Channel | |
| Online | |
| Offline |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Latin America | |
| Middle East and Africa | |
| Australia and New Zealand |
Books Market Research FAQs
How big is the Books Market?
The Books Market size is expected to reach USD 140.49 billion in 2024 and grow at a CAGR of 1.76% to reach USD 153.29 billion by 2029.
What is the current Books Market size?
In 2024, the Books Market size is expected to reach USD 140.49 billion.
Who are the key players in Books Market?
Pearson PLC, McGraw-Hill Publications, Penguin Random House LLC, Hachette Livre and Elsevier Foundation are the major companies operating in the Books Market.
Which is the fastest growing region in Books Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Books Market?
In 2024, the North America accounts for the largest market share in Books Market.
What years does this Books Market cover, and what was the market size in 2023?
In 2023, the Books Market size was estimated at USD 138.02 billion. The report covers the Books Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Books Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Books Industry Report
Statistics for the 2024 Books market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Books analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
