Audiobooks Market

Audiobooks Market by Distribution Channels (Subscription-based and One-time Download), Target Audience (Adults and Kids), Genre (Fiction and Non-fiction), Preferred Devices (Laptops & Tablets, Personal Digital Assistants, Smartphones, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: CG-3469
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 176
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global audiobooks market size was valued at USD 2.50 billion in 2020 and is expected to expand at a CAGR of 24.2% during the forecast period, 2021 – 2028. One of the primary factors driving the market expansion is the simple accessibility of these paperback copies by physically challenged and non-English speaking communities. Over the last two decades, the advent of books-on-tape has radically impacted the accessibility of paperback literature to a wider audience with numerous listening mediums.


Audiobooks Market key takeaways

An audiobook is a voice recording of a book or text that one listens to rather than being read. Audiobooks are abridged versions or can be exact word-for-word versions of books. Audiobooks were originally launched for visually impaired users by the American Foundation in 1932. In the early 2000s, several improvement occurred to audiobooks such as upgrade from books-on-tape and a compact disc with portable media players to smartphones to ensure more convenient experience of listeners. In recent years, the expansion of the Internet has also aided in gaining traction among a wide range of viewers.

The COVID-19 pandemic resulted a positive impact on the market expansion due to increasing use of audio devices as the government imposed strict lockdowns and mandated in-home isolation for the general public. Owing to stay-at-home orders, students and book readers tend towards the digital alternatives specifically audio versions for reading purposes. As universities and physical libraries were also shut down temporarily, the demand for the devices rapidly increased among students. Moreover, several market players are offering multiple products to provide their audiences with unique screen-free entertainment using the devices. For instance, Audible, Inc. launched an online taped books collection of free novels, educational materials, poetry, and fables on their websites with no primary requirement of signing-in and payment information. 

Market Trends, Drivers, Restraints, and Opportunities

  • Wide subscriptions of audiobooks on large scale among the adult audience and high penetration of the Internet on smart devices are key drivers of the market.
  • The ability to access recorded book versions while doing other things as well as the simplicity of downloading audio box sets are anticipated to boost the market growth.
  • A lack of a smooth transition from taped materials to intelligent gadgets is a key challenge estimated to slow down the market growth.
  • Interoperability between the personal digital assistant and audiobook platforms could be a source of frustration for the audiobooks business. Hence, lack of casting options and restriction from connected entertainment developers are likely to limit the market growth.
  • Widespread use of smart home technologies and extensive use of consumer electronic devices especially smartphones has opened up immense potential for growth opportunities of the market.

Scope of the Report

The report on the global audiobooks market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Audiobooks Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Distribution Channels (Subscription-based and One-time Download), Target Audience (Adults and Kids), Genre (Fiction and Non-fiction), and Preferred Devices (Laptops & Tablets, Personal Digital Assistants, Smartphones And Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Amazon.com, Inc.; RBmedia; Playster; Google, Inc.; Rakuten Inc.; iBook’s by Apple Inc.; Storytel; and Audible, Inc.,

 

Audiobooks Market Segment Insights

One-time download segment is expected to grow at a rapid pace

Based on distribution channels, the audiobooks market is bifurcated into subscription-based and one-time downloads. The one-time download segment is expected to grow at a rapid pace during the forecast period as listening and reading devotees prefer purchases of a single high-quality audiobook. Companies also offer discounts and special price packages to entice users to purchase recorded content outright. However, the subscription-based segment is anticipated to hold a key share of the market in the coming years owing to the advent of streaming-books-on-demand models. Patrons buy subscription packages as they provide access to a wide range of titles.


Audiobooks Market by distribution channels

Adult audience segment is projected to expand at a considerable CAGR

On the basis of the target audience, the market is segregated into adults and kids. The adult audience segment is projected to expand at a major market share during the forecast period. The multiple benefits of audiobooks such as providing brain stimulation and relaxation even during hectic schedules or when multitasking are likely to contribute significantly to the segment growth. On the other hand, the kids segment is estimated to register a fast CAGR during the forecast period due to the promotional of educational and entertainment genres for kids using audiobooks.

Non-fiction segment is anticipated to witness a high growth rate

In terms of genre, the audiobooks market is divided into fiction and non-fiction. The non-fiction segment is expected to witness a high growth rate due to rise in popularity of educational materials which parents desire to engross their children and provide them with screen-free time. The fiction segment, on the other hand, is projected to hold a key market share as it includes science, crime thrillers, fantasy, and mysteries. Within the fictional section, science and mystery have arisen as the most popular genres among the target audiences about to retain their dominance over the forecast period.

Smartphone segment to increase at a breakneck speed

About preferred devices, the market is distributed into laptops & tablets, personal digital assistants, smartphones, and others. In 2019, the smartphones segment have emerged as the most popular listening device for recorded media, accounting for 43.6 percent of total market revenue as it provides easy accessibility. However, the personal digital assistants segment is anticipated to register healthy growth as the favorable device to be used as a listening device for paperback content using smart speakers. Laptops, tablets, and others are the most popular listening devices are utilized by those who have access to smart technology or constant internet access.  

North America is anticipated to constitute a key market share

In terms of regions, the audiobooks market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is expected to constitute a key share of the market during the projected period as it has appeared to be the early adopter of the latest technologies that audiobooks use. During the projected period, the market of Asia Pacific is anticipated to account for a sizable revenue share, with China and Japan leading the regional market share. The availability of publications in non-English as well as several regional languages presents a key driver that can spur market growth in this region. 


Audiobooks Market  by regions

Segments

Segments Covered in the Report
The audiobooks market has been segmented on the basis of

Distribution Channels

  • Subscription-based
  • One-time Download
Target Audience
  • Adults
  • Kids
Genre
  • Fiction
  • Non-fiction
Preferred Devices
  • Laptops & Tablets
  • Personal Digital Assistants
  • Smartphones
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Amazon.Com, Inc.
  • RBmedia
  • Playster
  • Google, Inc.
  • Rakuten Inc.
  • iBook’s by Apple Inc.
  • Storytel
  • Audible Inc.

Competitive Landscape

Key players competing in the global audiobooks market are Amazon.com, Inc.; RBmedia; Playster; Google, Inc.; Rakuten Inc.; iBook’s by Apple Inc.; Storytel; and Audible, Inc. Some of these key players are consistently focusing for extending their market share through mergers, acquisitions, and partnerships.

Global players, on the other hand, continue to hold sway in this market since their product portfolios have been improved to include a diverse range of content. To keep a competitive edge, industry actors are constantly forming partnerships and mergers with writers and publishing houses to get the copyrights of popular books. To attract their target consumers, they are also stressing collaborations with upcoming authors to launch straight-to-audio works.   

Audiobooks Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Audiobooks Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Audiobooks Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Audiobooks Market - Supply Chain
  4.5. Global Audiobooks Market Forecast
     4.5.1. Audiobooks Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Audiobooks Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Audiobooks Market Absolute $ Opportunity
5. Global Audiobooks Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Audiobooks Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Audiobooks Demand Share Forecast, 2019-2026
6. North America Audiobooks Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Audiobooks Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Audiobooks Demand Share Forecast, 2019-2026
7. Latin America Audiobooks Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Audiobooks Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Audiobooks Demand Share Forecast, 2019-2026
8. Europe Audiobooks Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Audiobooks Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Audiobooks Demand Share Forecast, 2019-2026
9. Asia Pacific Audiobooks Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Audiobooks Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Audiobooks Demand Share Forecast, 2019-2026
10. Middle East & Africa Audiobooks Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Audiobooks Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Audiobooks Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Audiobooks Market: Market Share Analysis
  11.2. Audiobooks Distributors and Customers
  11.3. Audiobooks Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Amazon.Com, Inc.
     11.4.2. RBmedia
     11.4.3. Playster
     11.4.4. Google, Inc.
     11.4.5. Rakuten Inc.
     11.4.6. iBook’s by Apple Inc.
     11.4.7. Storytel
     11.4.8. Audible Inc.

Segments Covered in the Report
The audiobooks market has been segmented on the basis of

Distribution Channels

  • Subscription-based
  • One-time Download
Target Audience
  • Adults
  • Kids
Genre
  • Fiction
  • Non-fiction
Preferred Devices
  • Laptops & Tablets
  • Personal Digital Assistants
  • Smartphones
  • Others
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Amazon.Com, Inc.
  • RBmedia
  • Playster
  • Google, Inc.
  • Rakuten Inc.
  • iBook’s by Apple Inc.
  • Storytel
  • Audible Inc.

Key players competing in the global audiobooks market are Amazon.com, Inc.; RBmedia; Playster; Google, Inc.; Rakuten Inc.; iBook’s by Apple Inc.; Storytel; and Audible, Inc. Some of these key players are consistently focusing for extending their market share through mergers, acquisitions, and partnerships.

Global players, on the other hand, continue to hold sway in this market since their product portfolios have been improved to include a diverse range of content. To keep a competitive edge, industry actors are constantly forming partnerships and mergers with writers and publishing houses to get the copyrights of popular books. To attract their target consumers, they are also stressing collaborations with upcoming authors to launch straight-to-audio works.   

Audiobooks Market by key players

Buy Report