Books Market Is Expected To Reach $159.3 Billion By 2028 Based On Easy Accessibility of Paperback Copies For Differently-Abled And Non-English Speaking Groups | Grand View Research, Inc.

May 10 06:24 2022
Books Market Is Expected To Reach $159.3 Billion By 2028 Based On Easy Accessibility of Paperback Copies For Differently-Abled And Non-English Speaking Groups | Grand View Research, Inc.
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According to a new report published by Grand View Research, the new adult genre has taken a foothold in the books industry and is expected to further growth in the years to come.

Books Industry Overview

The global books market size was valued at USD 132.1 billion in 2020 and is anticipated to reach USD 159.3 billion by 2028, expecting to expand at a compound annual growth rate (CAGR) of 2.4% during forecast period. 

Technological innovations in the industry, with the advent of audio- and video-based e-books, are attracting consumers across regions. Easy accessibility of paperback copies for differently-abled and non-English speaking groups are some of the key factors driving the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Books Market

The publishing landscape is always evolving with the emergence of newer categories that are gaining consumers’ attention. The new adult genre has taken a foothold in the industry and is expected to further grow in the years to come. As the popularity of novels and short stories is waning, another genre has gained traction, more than making up for the decline in fiction book sales. According to Penguin Random House, revenue from non-fiction titles soared by nearly 30% in 2017, over the preceding five years. Furthermore, poetry reading gained popularity among U.S. adults, increasing by 76% from 2012 to 2017.

Rising consumer spending, coupled with an increased focus on self-development, drives the market for books. Nowadays, consumers are more likely to spend on hobbies they like to pursue and their areas of interest. Moreover, higher importance is being given to leisure activities, resulting in an increased number of readers. This has led to greater momentum in the market. With a surge in purchasing power, consumers are more willing to spend on various products and services in line with their hobbies and interests.

North America Books Market size, by type, 2018-2028 (USD Billion)

The impact of COVID-19 on different industries has varied widely. However, book publishers, on the whole, have performed well in 2020, escaping many of the COVID-inflicted disruptions faced by several other sectors. According to a research study by Springer Nature Switzerland AG, in February 2021, overall retail sales of books changed only slightly in 2020; however, there were huge swings month-to-month. April sales were down by 14.7% from March but were followed by an 18.3% jump in May. November retail sales dropped by 1.1% from October but were up by 4.1% from November 2019. Furthermore, trade sales in 2020 were almost uniformly ahead of 2019, and in several categories, unit sales were up over 20% through mid-December.

Books have witnessed enormous changes throughout their history. From papyrus scrolls to the introduction of e-books with the advent of digital media and new technologies, the market for books has adapted itself into various forms such as e-books and audiobooks. Thus, since reading moved to screens, it has widened the scope of opportunities for publishers as well as readers in the market.

Books Market Segmentation

Based on the Type Insights, the market is segmented into science, historical, mystery, fantasy, literary, contemporary/realistic, romance, educational, comic and others (classic, biographies).

  • The mystery books segment dominated the market for books and accounted for the largest revenue share of 16.7% in 2020. The dominance of this segment can be attributed to the trend that crime/mystery and thriller is one of the most liked fiction book categories worldwide, as readers are flocking to buy books in this genre.
  • Science books are usually a work of non-fiction and could be related to a science or non-science-based person. Authors of popular science books have historically been well-known scientists, such as Charles Darwin, Albert Einstein, Carl Sagan, Richard Dawkins, Bill Nye, and Neil deGrasse Tyson. Female scientists and science writers such as Rachel Carson and Jane Good all have also had a significant impact on their respective fields and through their writing.

 

Based on the Distribution Channel Insights, the market is segmented into online, local book shops, retail shops and specialty stores.

  • The local book shops segment dominated the market for books and accounted for the largest revenue share of 50.3% in 2020.
  • Retail shops offer a variety of consumer utility goods. Books are usually sold at these stores to promote a new book or a new publishing brand. The retail store concept encompasses departmental stores, convenience stores, and supermarkets, where every day, irrespective of a weekend or a weekday, there is huge consumer footfall.
  • New authors or newly launched books are usually placed in these stores as a part of the promotion strategy.
  • Online segment generated revenue of USD 36.9 billion and by 2028 is estimated to be valued at 46.9 billion. Amazon set foot in the e-commerce sector as an online bookstore in July 1995, as the first-ever online bookstore.

 

Based on Format Insights, the market is segmented into hard copy, e-book and audiobooks

  • The hardcopy segment dominated the market for books and held the largest revenue share of 78.9% in 2020 on account of consumers been wanting to reduce screen time; this includes young and millennial readers as well as parents who want to limit the amount of time their children spend in front of a screen.
  • The e-book segment is estimated to ascend at a CAGR of 3.0% from 2021 to 2028. The segment is expected to be valued at USD 27.1 billion by 2028.
  • Audiobooks segment is estimated to ascend at a CAGR of 3.5% from 2021 to 2028. The segment is expected to be valued at USD 8.4 billion by 2028.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central and South America, and Middle East & Africa

  • North America dominated the market and held the largest revenue share of 32.9% in 2020 on account of the presence of a large number of independent publishers and publishing companies in the region is anticipated to boost the market.
  • Asia Pacific is estimated to be the second-largest and fastest-growing region. The region is dominated by local publishers and the demand for international books is anticipated to increase. In Asia Pacific, the market is estimated to grow fast over the forecast period.

 

Market Share Insights:

  • February 2021: Overall retail sales of books changed only slightly in 2020; however, there were huge swings month-to-month. 
  • November 2019: November retail sales dropped by 1.1% from October but were up by 4.1%.

 

Key Companies Profile:

The market is characterized by the presence of several well-established players such as Penguin Random House, Hachette Book Group, HarperCollins, Simon & Schuster, Macmillan, and Pearson. These players account for a considerable market share, have diverse product portfolios, and have a strong presence across the globe. The impact of the major players on the market is quite high as a majority of them have vast networks across the globe to reach out to their large customer bases.

Some of the prominent players in the books market include:

  • Penguin Random House
  • Hachette Book Company
  • HarperCollins Publishers
  • Simon & Schuster, Inc.
  • MacMillan Publishers
  • Pearson
  • Scholastic, Inc.
  • MARVEL
  • Morris Publishing
  • IDW Publishing

 

Order a free sample PDF of the Books Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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