Books Market: Online Channel Is Anticipated To Register Faster Growth With A CAGR Of 2.9%
Books Industry Overview
The global books market size was valued at USD 138.35 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 1.9% from 2022 to 2030. Increasing consumer spending on books supported by rising incomes and interest, as well as continued innovations in the format that have enhanced the overall reading experience, are among the key factors boosting the market. The market has been dominated by academic publishers, with non-academic publishing or trade publishing accounting for a rather minuscule share in comparison. Academic publishing houses have a symbiotic relationship with the educational system. A majority of these publishing houses directly cater to schools, colleges, universities, and research institutes that cover technical, medical, and professional education.
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 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. Publishers should take into account the digital medium of communication and invest in creating and promoting content across text, audio, and video modes. HarperCollins has taken initiatives since 2013 to form partnerships with companies like Scribd, an online digital library. Publishers can also create an online visual experience for their readers, like J.K. Rowling’s Pottermore.
Gather more insights about the market drivers, restrains and growth of the Global Books market
One of the key challenges in the market is the rising prices of print and e-book titles, owing to which consumers are now seeking alternative options rather than purchasing brand new copies. According to a Voice of the Reader survey, rising book prices are driving buyers to delay purchases. Thus, high book prices result in consumers finding lower-priced alternatives such as buying used books or downloading free and discounted e-books from discount newsletters. Along with this, the costs of textbooks have also been increasing.
The COVID-19 outbreak increased the demand for books quite significantly across the globe, especially in the household sector. The pandemic resulted in a work-from-home situation for hundreds of thousands of people worldwide, which developed a wider scope for leisure activities and self-development among consumers. Books, being one of them, were desired by tens of thousands of consumers during this period of uncertainty and chaos, to focus on self-development as well as to spend time at home productively. This, in turn, has boosted the growth of the book market.
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Books Market Segmentation
Grand View Research has segmented the global books market based on type, format, distribution channel, and region:
Books Type Outlook (Revenue, USD Million, 2017 - 2030)
- Science
- Historical
- Mystery
- Fantasy
- Literary
- Contemporary/Realistic
- Romance
- Educational
- Comic
- Others
Books Format Outlook (Revenue, USD Million, 2017 - 2030)
- Facial Hard Copy
- E-Books
- Audiobooks
Books Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- Online
- Local Book Shops
- Retail Shops
- Specialty Stores
Books Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- November 2020: Pearson announced the creation of a new direct-to-consumer division as it looks to further strengthen its focus on building a direct relationship with learners around the world
- November 2020: Scholastic Inc. announced a new multi-book publishing program with civil rights hero and national treasure, Ruby Bridges.
Key Companies profiled:
Some of the key players operating in the global books market include:
- Penguin Random House
- Hachette Book Group
- HarperCollins Publishers
- Simon & Schuster, Inc.
- Pearson
- Macmillan Publishers
- Scholastic Inc.
- Marvel Comics
- 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, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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