Global Audiobooks Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-2030
The Global Audiobooks Market size was valued at around USD 6.8 billion in 2023 and is projected to reach around USD 31.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.4% during the forecast period, i.e., 2024-30. The Global Audiobooks Market is going through significant growth due to multiple drivers like technological advancements and, of course, increasing healthcare needs. The increase in road accidents throughout the country creates a greater demand for X-rays.
Markntel Advisor’s Global Audiobooks Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Global Audiobooks Market drivers, barriers, Global Audiobooks Market Trends, and Key Players in Global Audiobooks Market.
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Global Audiobooks Market Dynamics: 2024-2030
Global Audiobooks Market Challenge:
High Competition from Alternate Channels and Media Forms Impeding Market Growth – The competition from other media forms presents a notable challenge for the audiobook industry. Alternate media forms such as physical books, podcasts, e-books, and on-demand streaming services, significantly challenge the adoption of audiobooks and audiobook deals, in terms of consumer interest and free time. Platforms such as Amazon Prime, Netflix, YouTube, etc., have a significant share of consumer attention, as they are well-established entertainment OTT platforms. Consumers, particularly adults, are increasingly inclined towards these platforms, which restrict their attention to audiobooks and audiobook streaming services, restraining their adoption. Moreover, the burgeoning trend of podcasts is emerging as a significant competitor for audiobooks. It provides an alternative auditory experience with free services and a range of topics seeking consumer interests. The wide variety and in-depth information of podcasts attract consumers towards them, which in turn, limits the adoption of audiobooks among consumers.
Moreover, online books or E-books attract a wide percentage of E-readers. Consumers seeking a reading experience without any hassle of carrying some book drive consumers towards E-books, which further mitigates the market share of audiobooks. Thus, even if the audiobook industry has seen substantial growth in recent years, it shares the stage with these alternative entertainment & information sources. This dynamic competition would pose negative implications for the market in the years ahead, which is expected to restrain the growth & development of the Global Audiobooks Market in upcoming years.
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Global Audiobooks Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
By Genre
-Fiction-Market Size & Analysis, 2019-2030F, USD Million
-Non Fiction- Market Size & Analysis, 2019-2030F, USD Million
By Device Type
-Smartphones- Market Size & Analysis, 2019-2030F, USD Million
-Laptops & Tabs - Market Size & Analysis, 2019-2030F, USD Million
-Personal Digital Assistance- Market Size & Analysis, 2019-2030F, USD Million
By Sales Channel
-Subscription-based- Market Size & Analysis, 2019-2030F, USD Million
-One Time Download- Market Size & Analysis, 2019-2030F, USD Million
By Target Audience
-Kids- Market Size & Analysis, 2019-2030F, USD Million
-Adults- Market Size & Analysis, 2019-2030F, USD Million
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific.
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Top Companies Operating in the Global Audiobooks Market:
Apple, Amazon Inc., Google LLC, Barnes & Noble Booksellers Inc., Downpour, Rakuten Group Inc., Storytel, W.F. Howes, LibriVox, Bookbeat, Softonic Inc., Kobo, Brilliance Publishing, Learn Out Loud, Chirp Books, and others.
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