What is the global market size of Audiobooks Market?

Audiobooks Market size was valued at USD 4.24 million in 2021 and is poised to grow from USD 5.36 million in 2022 to USD 28.89 million by 2030, growing at a CAGR of 26.3% in the forecast period (2023-2030).

Audiobooks Market Size, Share, Growth Analysis, By Genre(Fiction, Non-Fiction), By Preferred Device(Smartphones, Laptops & Tablets, Personal Digital Assistants, Others), By Distribution Channel(One-time Download, Subscription-based), By Target Audience(Kids, Adults), By Region - Industry Forecast 2024-2031

Report ID: SQSG45B2023 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 115 | Figures: 77

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Audiobooks Market size was valued at USD 4.24 million in 2019 and is poised to grow from USD 5.36 million in 2023 to USD 28.89 million by 2031, growing at a CAGR of 26.3% in the forecast period (2024-2031).

The audiobook industry is facing stiff competition from new entrants. To obtain a competitive advantage over other companies, the market's leading participants are introducing new subscription-based packages to users. As their product portfolios have been updated to incorporate a varied range of content, the giants continue to dominate the industry. Companies are also merging and acquiring to diversify their portfolios and offers. For instance, In July 2020, Storytel strengthened its company by acquiring interests in EARSELECT AB, a cloud-based platform provider for audiobook production. 'Amazon Audible', 'Apple Books', 'Google Play Books', 'Kobo', 'Scribd', 'Audiobooks.com', 'Libro.fm', 'Storytel', 'Rakuten OverDrive', 'Hoopla Digital', 'Downpour', 'AudiobooksNow', 'Chirp', 'Nook Audiobooks', 'BookMate', 'Findaway Voices', 'LearnOutLoud', 'Playster', 'Estories', 'Audible Escape (formerly Audible Romance)'

Audiobooks are becoming increasingly popular among younger age groups and consumers. The rising popularity of audiobooks among the younger generation is expected to drive market growth, as these individuals are likely to encourage and inspire their relatives and friends, resulting in a bigger pool of prospective buyers. Furthermore, audiobook genre needs for different age groups are expected to differ, creating several opportunities for the audiobook industry.

Audiobooks are currently trending towards younger age groups, with a rising user base. This represents a significant positive industrial development for the sector's long-term growth in the next years. This young gang is supposed to encourage their family and, more than likely, convert a non-reader into an audiobook listener. Young participants may also be inspired by their peers, contributing to a larger group of potential customers. This is also predicted to alter production speed and genre, as younger clients may have different listening preferences. Furthermore, another age group of consumers may have distinct genre preferences, offering multiple opportunities for businesses to enter an unexplored market. As a result, listening and purchasing habits will vary by age demographic, raising the sales volume of audiobooks.

North America had the highest revenue share of more than 45.0% in 2021 and is expected to lead the audiobooks market throughout the forecast period due to early and rapid technological adoption to better user experience. The presence of a large number of prominent firms offering audiobooks in the region is driving market growth. Another factor fueling market expansion is the region's significant number of smartphone users. Asia Pacific, on the other hand, is predicted to grow significantly during the forecast period. This is owing to the availability of a diverse selection of audiobooks in a variety of regional languages. In addition, the use of audiobooks in schools, both in English and in regional languages, to improve student performance is fueling market expansion.

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