The global books market size is expected to reach USD 164.22 billion by 2030, expanding at a CAGR of 1.9% during the forecast period, according to a new report by Grand View Research, Inc. Increasing consumer expenditure on books, fueled by rising incomes and interest, as well as ongoing format improvements that have improved the entire reading experience, are among the primary reasons driving the book business forward. Independent publishers have been on a rise in the recent past. According to Linchpin SEO, there were approximately 69,709 independent publishers in the book industry as of 2020. In response to the apparent monopoly in traditional publishing, excluded individuals have turned to independent publishers not associated with large publishing houses.
Books Market Report Highlights
- North America is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. The existence of a high number of independent publishers and publishing companies in the region is expected to spur regional market growth. A wide network of wholesalers and distributors around the region also makes it easier for readers to find books in various forms
- The fantasy segment is projected to register growth during the forecast period with a CAGR of 2.3% from 2022 to 2030. For many readers, literary fiction provides a much-needed escape from everyday life. This effect is even more pronounced in the fantasy genre, where—untethered from scientific and societal laws are limited only by their imagination—fantasy authors explore themes by creating their worlds
- During the forecast period, the local book shops segment is expected to account for the largest market share. Independent bookstores play an important role in the communities they serve, serving a safe haven for children after school to a fun way for a group of friends to spend a Saturday afternoon. According to an article released by indigo9digital, the number of independent bookshops in the United States declined by 40% between the mid-1990s and 2009.
Gain deeper insights on the market and receive your free copy with TOC now @: Books Market Report
While traditional publishing companies seek to corner the market, independent publishers provide an opportunity for diversity and inclusion among authors and niches. These publishers are smaller and, in some cases, completely digital and that is the key behind their numbers increasing year on year. Along with this, most large publishers are privately owned. So, it is difficult to assess the number of books being sold globally and the revenue that is generated from it.
The growing trend of the reverse supply chain, also known as re-commerce, offers new opportunities for selling used books. Re-commerce exemplifies the growing trend toward transforming consumption through reuse. Thus, re-commerce retailers such as Momox, reBuy, and Quoka.de are the biggest drivers of the industry. While printed books are irreversibly on a path of decline, it remains an extremely large market for print. Business model changes have shifted control over the value chain to authors and retailers, making demand unpredictable. Digital production inkjet print technology opens the window for book manufacturers to respond to compressed patterns of demand through labor and inventory cost savings.
Offset and digital production printing will coexist for the foreseeable future, but few book manufacturers will be able to justify reinvestment in offset printing technology; most will not have a choice but to invest in digital production printing systems if they are to survive and grow. A changing retail distribution landscape will further force the adoption of more automated and flexible book printing and manufacturing. As booksellers adapt to online business models in a fraught global economic moment, 2021 could determine whether independent bookstores survive. Owners say that it is not just their solvency at stake but also the role of books across global communities.
In terms of the supply chain, the production process in the entire industry has slowed due to the coronavirus outbreak. For instance, Amazon has been experiencing changes in its ability to ship products worldwide from the U.S. This has affected Kindle Direct Publishing’s ability to fulfill orders for proof and author copies.
Books Market Insights By Age Group
Despite the onslaught of new technologies, all generations still prefer reading physical books to digital or e-books. Kids ages 5-8 years are the most important group in terms of market share, enjoyed the highest overall sales volume. 65+ age group recorded the highest population of print book readers. Millennials had developed keen interest in books as 80% of Millennials having read a book in the last 12 months. Thus becoming the target audience for book publishing and distribution companies. Moreover, 55% of Gen Z now read every week, and 40% read daily and prefer fiction & comic books. Millennials prefer reading print books over e-books and 53% of Millennials have at least used a public library or bookmobile in the last 12 months.
Books Market Insights By Region
North America made the largest contribution to the global market. The presence of a large number of independent publishers and publishing companies in the region is anticipated to boost market growth. The penetration of e-books is also anticipated to increase in the region. A large number of physical retail bookstores have been facing challenges with a rising number of readers switching to online shopping or opting for subscription-based e-books. Amazon is the largest book retailer in North America, followed by Barnes & Noble. Asia Pacific is expected to witness a healthy CAGR. The region is dominated by local publishers and the demand for international books is anticipated to increase. However, many diverse languages are prevalent in this region and thus, the demand for books in regional languages is higher compared to English books.
Competitive Analysis By Major Publishers
The books market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retail about products to enhance their portfolio offering in the market. 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
For More Details or Sample Copy please visit link @: https://www.grandviewresearch.com/industry-analysis/books-market/request/rs5
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)
- Books Format Outlook (Revenue, USD Million, 2017 – 2030)
- Books Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Books Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Books Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/special-pricing/4927/rfsp2
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com