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Audiobooks Market - By Genre (Fiction, Non-Fiction), By Device (Smartphones, Laptops & Tablets, Personal Digital Assistants), By Distribution (One-Time, Subscription-based), By Audience (Kids, Adult) & Global Forecast, 2023 – 2032

  • Report ID: GMI5576

Audiobooks Market size was valued at over USD 5 billion in 2022 and is expected to grow at a CAGR of over 25% during the forecast period. Audiobooks have gained popularity among people for their benefits such as listening and multitasking on the go. From portable media players, Compact Discs (CDs), and tape recorders in the early 2000s to today's ubiquitous smartphones, the audiobook market has grown steadily with the introduction of new listening methods. The widespread use of smart home technology has opened many business opportunities.
 

Audiobooks Penetration, By Devices

The audiobooks market will be driven by factors such as the increasing demand for digital content and the growing number of e-book readers, smartphones, and tablets. The rising demand for audiobooks among young people, the growing access to smartphones, and increasing tablet use have fueled industry expansion in recent years. The surging demand for e-books is also driving the audiobooks market share. The development of new technologies, such as voice assistants and virtual reality, provides entrepreneurs with various growth opportunities in this market.

 

Global Smartphone Users

The quality of audiobooks depends on the narrator. Weak & inappropriate speech without proper breathing and volume control can dissatisfy the customer, which, in turn, can restrict market growth. However, companies are focusing on using advanced technologies, such as Artificial Intelligence (AI), for the development of text-to-speech functions including automatic identification of recorded data and providing a summary of the content.
 

The smartphone segment is expected to grow significantly during the forecast period. The ability to access recordings and the ease of downloading recordings while performing other tasks will propel the segment. According to a study conducted by Ericsson, the number of smartphone users worldwide exceeds six billion and is expected to increase by hundreds of millions over the next few years. China, India, and the U.S. are the countries with the most smartphone users. Certain apps for Android and iOS smartphones, such as Amazon Kindle, provide free access to audiobooks. Thus, the overall market growth is attributed to the increased adoption of smartphones by students and professionals for experiencing high-quality content.
 

Based on the target audience, the adult segment holds a significant audiobooks market share. The rise of audiobooks among the youth is expected to proliferate business growth as these individuals will attract more customers by supporting their families and friends in opting for audiobooks. Different age groups have different audiobook information needs, leading to different expectations from the audiobook industry. The emergence of car entertainment systems that allow users to access a variety of audiobooks while driving or engaging in other activities is supporting market trends.
 

North America audiobooks market is expected to gain a significant market share during the assessment period owing to the presence of many major players providing audiobooks along with the increasing number of smartphone users in the region. The adoption of audiobooks in English and regional languages by schools to improve student performance is fueling business statistics.
 

Some major audiobooks market players include Amazon.com, Inc., Apple Inc., Audible, Inc, Barnes & Noble Booksellers, Inc., Downpour, Google LLC, Playster (Softonic International S.A.), Rakuten Group, Inc., Storytel AB, and W. F. Howes Ltd. These players offer new packages to customers to gain a competitive advantage in the market. Global players continue to dominate this market as their products are updated to include more content. These companies also undertake mergers & acquisitions to strengthen their portfolios and offerings.
 

The audiobooks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

By Genre

  • Fiction
  • Non-fiction

By Device

  • Smartphones
  • Laptops & tablets
  • Personal digital assistants
  • Others

By Distribution

  • One-time download
  • Subscription-based

By Target Audience

  • Kids
  • Adults

The above information has been provided for the following regions and countries:

  • North America:
    • U.S.
    • Canada
  • Europe:
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
  • Asia Pacific:
    • China
    • India
    • Japan
    • South Korea
  • Latin America:
    • Brazil
    • Mexico
  • MEA:
    • South Africa
    • UAE
       

 

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2023 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Frequently Asked Questions (FAQ) :

Market size for audiobooks was valued at over USD 5 billion in 2022 and will record over 25% CAGR from 2023-2032 with the rising importance of new listening methods.

Audiobooks industry size from the smartphone segment will grow significantly between 2023 and 2032 owing to the growing need for easily downloaded recordings.

North America audiobooks size will record significant traction through 2032 due to the strong presence of multiple major players and the increasing number of smartphone users in the region.

Amazon.com, Inc., Apple Inc., Audible, Inc, Barnes & Noble Booksellers, Inc., Downpour, Google LLC, Playster (Softonic International S.A.), Rakuten Group, Inc., Storytel AB, and W. F. Howes Ltd. are some well-known audiobook companies.

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