The global Books Market size is anticipated to reach USD 159.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.4% from 2021 to 2028. Penguin Random House, Hachette Book Company, HarperCollins Publishers, Simon & Schuster, Inc., MacMillan Publishers are some of the key industry participants. 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 undergone significant changes over the last decade and has been heading in newer directions. The evolution of the commissioning process, backed by a generation of smart editors. The three major areas involved in commissioning books-marketing, publicity, and sales and distribution-have all been evolving in ways that can profit the market.
For instance, Bloomsbury Publishing has reported record annual profits during the ongoing coronavirus pandemic as more people turned to read books while sheltering at home. The publishing house saw a 14% increase in sales to reach GBP 185 million, while profits were up by more than one-fifth, reaching GBP 19.2 million in 2020. Similarly, in May 2021, a new book distribution company, operating under the Emirates Publishers Association, was formed to enable local publishers to expand their reach into regional and international markets with reduced operating costs.
Based on type, the market is divided into fiction, romance, educational, novels, comics, and others (including classics and biographies). There is more innovative publishing in the fiction books segment, with digital platforms and companies such as Potter more that create a visual and immersive experience for readers. The increasing penetration of audiobooks in developed and developing countries is also anticipated to supplement the growth of various fictional books.
Additionally, the increasing penetration of internet services in developing countries like India and China is anticipated to boost the market growth. The growth of the other books segment has been stunted, as the buying decision for books in this category is often in the hands of government institutes or academic institutes. Additionally, students now prefer to rent their textbooks rather than purchasing them, which is anticipated to further inhibit the growth of the segment.
Different media of selling products and services in the market, with the onset of digital technology in the publishing industry, have paved the way for higher product adoption among consumers. Book royalties emerge from various sources in the current scenario, which include retail, subscription services, digital library providers, and regional stores.
The retail format has a higher reach among global readers, with the usual one-copy purchase business model adopted by players such as Amazon, Apple Books, Barnes & Noble, Google Play Books, and Kobo. Subscription services work in the form of applications or stores that provide unlimited access to books in exchange for a monthly fee, such as Scribd, Bookmate, and Dreame. Digital library providers not only let individuals borrow books but also help institutions like public libraries, schools, universities, or corporate libraries such as OverDrive, Bibliotheca, Mackin, and Odilo.
Key players operating in the market account for a considerable share of the market and are focusing on strategies such as acquisitions, collaborations, and new launches to maximize their share and strengthen their positions. Rapid changes in the industry owing to the shift from traditional methods to digital ownership can help the market players scale newer dimensions and boost adoption. A recent survey of 400 librarians in the U.S. and Canada found that one-third are spending less on physical books, audiobooks, and DVDs, and more on digital versions since the pandemic began.
In September 2020, libraries in the U.K. witnessed a huge uptick in the number of audiobooks and eBooks being loaned out. All branches lent an additional 3.5 million eBooks from 13th March to 14th August, according to a blog by Good e-Reader. Chrys Mellor, General Manager of Libraries at North Yorkshire County Council, stated that the demand for eBooks and audiobooks was up by 78% and 3,000 new members signed up for cards during the lockdown.
Related Press Release@ Books Market Report
Books Market Report Highlights
- The mystery books segment dominated the market and accounted for the largest revenue share in 2020. By 2028, this segment is expected to account for a total market share of 17.5%
- The local book shops segment accounted for the largest revenue of 50.3% in 2020 and was valued at USD 66.5 billion. Whereas in 2020 the online segment generated revenue of USD 38.9 billion and by 2028 is estimated to be valued at 46.9 billion
- The hardcopy segment dominated the market and held the largest revenue share of 78.9% in the year 2020
- North America held the largest revenue share of 32.9% in 2020 on account of the presence of a large number of independent publishers and publishing companies in the region