Books Market To Hit Value 4.228 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on March 18th, 2024 San Francisco, 18 March 2024: The ReportBooks MarketSize, Share & Trend Analysis Report By Type (Science, Historical, Mystery, Fantasy, Literary, Contemporary/Realistic, Romance, Educational, Comic, Others), By Format, By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030 The global books market size is expected to reach USD 164.22 billion by 2030, expanding at a CAGR of 1.8% 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. 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. Request sample report of Books Market@https://www.grandviewresearch.com/industry-analysis/books-market/request/rs1 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 been dominated by academic publishers, with non-academic publishing or trade publishing accounting for a rather minuscule share in comparison. Academic publishing houses have a symbiotic relationship with the educational system. A majority of these publishing houses directly cater to schools, colleges, universities, and research institutes that cover technical, medical, and professional education. Books Market Report Highlights
Books have witnessed enormous changes throughout their history. From papyrus scrolls to the introduction of e-books with the advent of digital media and new technologies, the market has adapted itself into various forms, such as e-books and audiobooks. Thus, since reading moved to screens, it has widened the scope of opportunities for publishers as well as readers in the market. Publishers should take into account the digital medium of communication and invest in creating and promoting content across text, audio, and video modes. HarperCollins has taken initiatives since 2013 to form partnerships with companies like Scribd, an online digital library. Publishers can also create an online visual experience for their readers, like J.K. Rowling’s Pottermore. One of the key challenges in the market is the rising prices of print and e-book titles, owing to which consumers are now seeking alternative options rather than purchasing brand-new copies. According to a Voice of the Reader survey, rising book prices are driving buyers to delay purchases. Thus, high book prices result in consumers finding lower-priced alternatives, such as buying used books or downloading free and discounted e-books from discount newsletters. Along with this, the costs of textbooks have also been increasing. The COVID-19 outbreak increased the demand for books quite significantly across the globe, especially in the household sector. The pandemic resulted in a work-from-home situation for hundreds of thousands of people worldwide, which developed a wider scope for leisure activities and self-development among consumers. Books, being one of them, were desired by tens of thousands of consumers during this period of uncertainty and chaos to focus on self-development as well as to spend time at home productively. This, in turn, has boosted the growth of the book market. Books Market Report Scope
The impact of the major players on the market is quite high as a majority of them have vast networks across the globe to reach out to their large customer bases. Companies in the market are focusing on special edition contracts and innovative launches to attract new clients and gain a competitive edge over other publishers. The players are also focused on launching collections with special characters and series in order to connect to a larger audience and bring about affiliation toward renowned characters. The pandemic saw a major shift in reading habits among people around the world, including how, when, and if they read. For instance, while young people are already fluent in digital technology, virtual living has become an even more entrenched part of their lives during shutdowns, with an uptick in e-books, podcasts, audiobooks, and virtual entertainment events. The emphasis on technology and digital experiences is expected to continue even after the pandemic. List of Key Players in Books Market
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