Newark, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the audiobook market will grow to USD 5.85 billion in 2022 and reach USD 57.38 billion by 2032. In just ten years, comprehensive subscriptions of audiobooks on a large scale among the adult audience and the increasing usage of smart home technology are helping to boost the market growth over the forecast period. Moreover, the ability to access recorded book versions while doing other things, as well as the simplicity of downloading audio box sets, are expected to propel market growth over the forecast period.
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Key Insight of the Audiobooks Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in audiobooks. Key factors favouring the growth of the chatbot market in North America include the early & quick technological adoption to enhance user experience. Further, a large number of smartphone users and the availability of a broad range of audiobooks in different regional languages are expected to drive market growth. Additionally, the availability of books in non-English & several regional languages, along with the increasing popularity of audiobooks, is also helping to boost the market growth.
The kids segment is expected to augment the audiobook market during the forecast period.
The target audience segment is divided into kids and adults. The kids’ segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the multiple cognitive benefits of audiobooks for children, like enhanced imagery, enhanced vocabulary, and enhanced story structure.
The laptops & tablets segment is anticipated to dominate the market by 51.08% in 2032.
The preferred devices segment is divided into personal digital assistants, laptops & tablets, smartphones, and others. The laptops & tablets segment is anticipated to dominate the market in the forthcoming years due to increasing customer demand owing to the proliferation of better internet infrastructure.
The non-fiction segment market size was USD 3.05 billion in 2022
The genre segment is divided into non-fiction and fiction. The non-fiction segment market size was USD 3.05 billion in 2022 due to parents' increasing popularity in offering their kids screen-free time regarding educational & recreational materials.
The subscription-based segment is anticipated to dominate the market by 67.01% in 2032.
The distribution channels segment is divided into one-time download and subscription-based. The subscription-based segment is anticipated to dominate the market in the forthcoming years due to the accessibility to a wide range of content users receive while subscribing to a package.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023 to 2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 5.85 billion |
| Market Size in 2032 | $57.38 billion |
| CAGR | 25.64% |
| No. of Pages in Report | 236 |
| Segments Covered | Target Audience, Preferred Devices, Genre, and Distribution Channel |
| Drivers | The rising popularity and customer demand |
| Opportunities | Technological advancements & digital platforms |
| Restraints | The high production costs |
Market Dynamics
Driver: The changing customer lifestyle & preferences:
The increased number of users of e-learning apps and e-readers and the progress of improved display technologies drive market growth. Further, busy cultures and limited time for reading have led to a shift in client preferences toward audiobooks. Audiobooks deliver an alternative way to consume books, catering to individuals who prefer auditory learning or those with visual impairments. Thus, these factors are helping to boost the market growth. Moreover, the rising per capita income levels and increasing purchasing power are helping to stimulate market growth.
Restraint: The limited content availability:
While the number of audiobooks available has risen, the content library still lags after printed books. Some books, particularly niche or older titles, may not have audiobook versions due to the cost & effort needed for production. The limited availability of specific titles can limit the growth of the market. Additionally, the success of an audiobook depends heavily on narration & production quality. Assuring appropriate voice casting, high-quality narration, and skilled audio production can be demanding & impact the overall customer experience.
Opportunity: The growing smartphone and internet penetration:
The widespread adoption of smartphones & increasing internet penetration has raised the potential audience for audiobooks. With smartphones evolving as preliminary entertainment devices, customers can easily access & stream audiobooks via different mobile apps and platforms. However, the collaborations between audiobook publishers, platforms, and authors present opportunities for expanding content libraries & reaching new audiences. Partnerships with celebrities, personalities, or influencers can also help propel awareness and increase audiobook customer interest. Additionally, the general use of smart home technologies & extensive use of consumer electronic gadgets, especially smartphones, are stimulating market growth.
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Some of the major players operating in the audiobooks market are:
• Barnes_Noble Booksellers
• Downpour
• Amazon
• Google
• Scribd
• LibriVox
• Kobo
• OverDrive
Key Segments cover in the market:
By Target Audience:
• Kids
• Adults
By Preferred Devices:
• Personal Digital Assistants
• Laptops & Tablets
• Smartphones
• Others
By Genre:
• Non-Fiction
• Fiction
By Distribution Channels:
• One-Time Download
• Subscription-Based
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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