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Books Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global books products market was valued at USD 43.6 billion in 2022 and is projected to expand at a CAGR of 3.5% from 2023 to 2030. The market is driven by the rising popularity of e-books, increasing demand for audio books, and the emergence of online bookstores. Additionally, the growing trend of online shopping has increased the availability of books products to a larger customer base.
Moreover, the rise in the number of libraries and book clubs is further propelling the market growth. For instance, in 2021, the Ministry of Education in Singapore launched the My [email protected] program to increase the access to books and to promote reading among the youth. This initiative is expected to increase the sales of books products in the coming years.
Furthermore, the growth of the market is attributed to the increasing popularity of the subscription-based business model. Several companies are offering subscription-based services, allowing customers to access a variety of books and other reading materials. For instance, Amazon launched Amazon Prime Reading in October 2021, which offers access to a wide selection of books, magazines, comics, and more at no additional cost for Amazon Prime members.
In addition, publishers have been launching new titles to attract consumers and expand their customer base. For example, in May 2021, Penguin Random House launched a new series of books, called The Very Hungry Caterpillar and Other Stories, targeting the young readers. The series consists of five classic tales and has been released in paperback, board book, and audio book formats.
Moreover, the growth of the market is also attributed to the rising demand for digital books. The growing penetration of smart devices and the availability of e-reading applications are boosting the demand for digital books. For instance, in November 2021, Amazon launched Amazon Kindle Kids Edition, a bundle of digital books and other e-reading materials for children. Such initiatives are expected to drive the market in the coming years.
Product Insights
The educational books segment is projected to dominate the market during the forecast period and is estimated to account for the largest share in 2022. Growing demand for educational books, especially among school and college students, is a major factor driving the market. According to a survey conducted by The National Center for Education Statistics (NCES) in 2019, around 29.9 million students were enrolled in elementary and secondary schools in the United States, out of which 19.3 million were enrolled in grades 1-12. Furthermore, rising disposable income, increasing literacy rates, and the growing popularity of e-books are some of the factors that are expected to fuel the growth of the segment.
The fiction and non-fiction books segment is expected to register the fastest CAGR of 6.7% during the forecast period. Growing demand for informational and entertaining content among readers is one of the key factors driving the growth of the segment. Moreover, the emergence of digital platforms and rising popularity of e-books are expected to further boost the demand for fiction and non-fiction books over the forecast period.
Distribution Channel Insights
The bookstores segment held a major share of the market in 2020, owing to the presence of a wide variety of books in bookstores and the customers’ preference for physical copies of books. Furthermore, the bookstores segment is anticipated to expand at a CAGR of over 7.0% during the forecast period. This can be attributed to the growing number of bookstores worldwide and the increasing demand for physical copies of books.
The online segment is anticipated to expand at the highest CAGR of 12.5% over the forecast period. The growth of the segment can be attributed to the increasing penetration of the internet and the growing popularity of e-commerce websites. Furthermore, the emergence of various online bookstores such as Amazon, Barnes & Noble, and Flipkart is providing customers with convenience and access to a wide variety of books. In addition, customers have the option of comparing prices and reading customer reviews before purchasing a book.
Type Insights
The physical books segment accounted for the largest share in the market in 2022. The increasing usage of physical books in educational institutions, such as libraries and schools, is driving the segment’s growth. The increasing penetration of the internet and digital devices, such as smartphones, tablets, and laptops, has made physical books the preferred choice for readers. Furthermore, the increasing availability of physical books at retail outlets and online stores are further driving the segment’s growth.
The e-books segment is expected to expand at the highest CAGR of 10.6% over the forecast period. The increasing penetration of the internet in developing countries, such as India, China, and Brazil, coupled with the availability of low-cost smartphones, has enabled readers to access e-books easily. Furthermore, the increasing availability of e-books online and in app stores, such as Apple App Store, Google Play Store, and Amazon Kindle Store, has made them more accessible to the readers. Additionally, e-books are relatively cheaper than physical books and are easier to store and carry.
Regional Insights
North America dominated the market and accounted for the largest revenue share of over 33.4% in 2022. The rising popularity of e-books, along with the easy availability of books in multiple formats and languages, is the major factor driving the growth of the market in the region. Moreover, the presence of a large number of online booksellers, such as Amazon and Barnes & Noble, is further expected to drive the growth of the market.
Europe is expected to witness the second-fastest growth in the coming years. An increasing number of book festivals and literary events, such as the Frankfurt Book Fair, is driving the regional demand for books. Moreover, the presence of major publishers, such as Penguin Random House and HarperCollins in the region, is further expected to drive the market growth. For instance, in May 2021, Penguin Random House launched The Penguin Classics Library in the U.K., which offers access to more than 1,000 classic titles.
Financial Projections
In this part of the books products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your books products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a books products business comes from the sale of books, subscription services, and advertising. Here you will find a list with a description of each of them and other possible sources of profit such as affiliate programs, physical products, and digital products.
Projecting Expenses
In this section, all the regular expenses related to keeping the books products business running will be described. The list of operating expenses includes web hosting, software subscriptions, accounting and legal fees, wages, marketing, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the books market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Amazon Inc. launched Kindle Unlimited, a subscription service that allows readers to access a vast catalog of books and magazines.
– In August 2022, Barnes & Noble Inc. launched its Nook line of e-readers, offering an extensive selection of books, magazines, and newspapers.
– In October 2022, Apple Inc. launched its Apple Books service, featuring a library of more than 2 million books.
Some of the prominent players in the books market include:
– Amazon Inc.
– Barnes & Noble Inc.
– Apple Inc.
– Google LLC
– Kobo Inc.
– Ingram Content Group
– HarperCollins Publishers
– Hachette Book Group
– Penguin Random House LLC
– Macmillan Publishers
Global Books Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global books products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Fiction
– Non-Fiction
– Children’s Books
– Educational Books
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Retail Stores
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Growth Drivers of the Books Products Market?
[A]: The growth of the books products market is driven by increasing literacy rates and the increasing popularity of digital books. Additionally, the increasing demand for educational and professional books, the growing trend of online shopping, and the increasing adoption of e-books are some of the major factors driving the growth of the books products market.
[Q]: What are the Major Segments of the Books Products Market?
[A]: The books products market is segmented into fiction, non-fiction, and educational books. Fiction books are expected to account for the largest market share, followed by non-fiction and educational books.
[Q]: Who are the Key Vendors in the Books Products Market?
[A]: The key vendors in the books products market are Amazon, Barnes & Noble, Apple, Google Play, and Kobo.
[Q]: What are the Major Challenges Faced by the Books Products Market?
[A]: The major challenge faced by the books products market is the increasing popularity of digital books and e-readers, which has led to a decrease in the sales of physical books. Additionally, the high cost of printing books is also a key challenge.
[Q]: What is the Potential of Product Innovation in the Books Products Market?
[A]: Product innovation is expected to be a key factor driving the growth of the books products market. Vendors are introducing new products to meet the changing needs of their customers. Additionally, companies are also investing in new technologies and digital distribution channels to enhance their product offerings.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. 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. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
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. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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