Audio Books Market Overview:
Audio Books Market Size Was Valued at USD 8.26 Billion in 2023 and is Projected to Reach USD 63.29 Billion by 2032, Growing at a CAGR of 25.39% From 2024-2032.
Audiobooks have gained immense popularity in recent years, and the demand for them has only grown stronger during the pandemic-induced lockdowns. This surge in interest can be attributed to the convenience and personalized audio experience they offer. In the US alone, the audiobook publishing industry is projected to reach a value of $1.3 billion in 2021. The US and China are currently the leading economies in the audiobook market, accounting for about one-third of the industry. However, other countries are rapidly expanding their share and catching up. In comparison, the global sales of printed books amount to approximately $145 billion.
Top Key Players in Audio Books Market:
- Storytel (Sweden)
- Audible Inc. (Us)
- Amazon. Co Inc. (Us)
- Rbmedia (Us)
- Playster (Us)
- Google Inc. (Us)
- Lmbpn Publishing Llc (Us)
- Rakuten Inc. (Japan)
- Ibook By Apple Inc. (Us)
- Scribd (Us)
- Librivox & Downpour (Us)
- Overdrive Inc. (Us)
- Hoopla (Us)
- Sag-Aftra (Us)
- Ingram Group Llc (Us)
- Kobo (Canada) And Other Major Players.
Market Dynamics and Factors:
The availability of free audiobooks has become a major attraction for users, offering open access and cost-free options. It eliminates the need to visit bookstores or rely on e-readers to enjoy great literature. Platforms like RollingSlate.com, Loyal Books, and Libri Vox provide access to a vast collection of free audiobooks, making them easily accessible to anyone. Additionally, some platforms offer free audiobook summaries, allowing users to listen to concise versions of books at their convenience. This trend of free audiobooks contributes to the growing market expansion for audiobooks.
The versatility of audiobooks is gaining popularity as customers appreciate the convenience of listening to books while engaging in other activities. Podcasts and audiobooks are already being enjoyed during commutes, in the workplace, on public transportation, and at the gym. However, this is just the beginning, as there are numerous other opportunities to listen to books while traveling, gardening, jogging, knitting, and multitasking in various ways, attracting new listeners. Although some individuals may still be hesitant to try audiobooks, the appeal of versatility is drawing in many new listeners. Furthermore, the availability of free samples or trial options is continuously attracting a growing audience to the world of audiobooks.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
Key Industry Development:
In March 2023, Audible, a leading audiobook platform, formed a partnership with Pratilipi, a digital storytelling platform. Through this collaboration, Audible and Pratilipi join forces to bring their respective content offerings and expertise to a wider audience. Audible, a leading audiobook platform, has formed a partnership with Pratilipi, a digital storytelling platform. Through this collaboration, Audible and Pratilipi join forces to bring their respective content offerings and expertise to a wider audience
In January 2023, Bookwire, a digital distributor of eBooks and audiobooks, joined forces with Google to provide customers with auto-narrated audiobook technology. Through Bookwire's WAY audiobook service, users will have the capability to produce these auto-narrated audiobooks, with Bookwire overseeing the production and ensuring high quality. This collaboration offers a convenient and efficient way for customers to transform written content into engaging audio experiences, expanding the accessibility and reach of audiobooks.
Audio Books Market Report Highlight:
- By Genres, the suspense & thriller segment holds a larger market share as compared to Professional. The genres of Suspense and Thriller are undeniably among the most captivating and engrossing to listen to, as they skillfully build momentum and immerse the listener in a gripping plot.
- By Subscription Types, the smartphone segment is expected to register the highest growth during the projected period Monthly audiobook subscriptions offer convenience and accessibility to readers. Subscribers have access to a vast library of audiobooks that they can listen to at their own pace and convenience.
- By Devices Type, the smartphone segment is expected to register the highest growth during the projected period. Smartphones have emerged as the top choice when it comes to listening to recorded content, capturing the largest portion of the overall market.
- By Platform Type, the Android Segment is expected to register the highest growth during the projected period. Android, being an open-source operating system, is widely used across various smartphones and devices, giving it a larger user base.
- By Age Group, Adult Segment is expected to register the highest growth during the projected period. Audiobooks cater to a wide range of genres that appeal to adult listeners. This includes popular categories like fiction, non-fiction, self-help, business, mystery, and many more.
- By Application, Personal applications Segment is expected to register the highest growth during the projected period. Personal Applications in the audiobook market typically offer features and functionalities that enhance the user experience and provide customization options.
- The North American region is expected to have the highest share of the Audio Books Market over the projected period. The country holds a prominent position, attracting a large number of individuals who engage in reading storybooks.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market roles, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Audio Books Market.
Audio Books Market Segmentation:
By Genres
- Personal Grooming & Motivational
- Fiction
- Historical
- Educational
- Suspense & Thriller
- Miscellaneous
By Subscription Types
- Monthly
- Semi-Annually
- Yearly
By Devices Type
- Desktop, Laptops & Tablets
- Smartphones
- Personal Digital Assistants
By Platform Types
- Android
- iOS
- Windows
- Website
By Age Group
- Adults
- Kids
By Application
- Personal
- Entertainment
- Educational Institutes
- Industries/Commercial Sector
- Book Club
- Learning
For this report, Introspective Market Research has segmented the Audio Books Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2024-2032)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
