Audiobooks Market Size, Share & Trends Analysis Report By Genre (Fiction & Non-Fiction), By Preferred Device, By Distribution Channel, By Target Audience (Kids Mode, Adult), By Region, And Segment Forecasts, 2024 - 2030

Audiobooks Market Size, Share & Trends Analysis Report By Genre (Fiction & Non-Fiction), By Preferred Device, By Distribution Channel, By Target Audience (Kids Mode, Adult), By Region, And Segment Forecasts, 2024 - 2030

Audiobooks Market Growth & Trends

The global audiobooks market size is expected to reach USD 35.04 billion by 2030, growing at a CAGR of 26.2% from 2024 to 2030, according to a new study by Grand View Research, Inc. The convergence of artificial intelligence (AI) and natural language processing (NLP) has revolutionized the audiobook market, enabling personalized recommendations, dynamic narration, and enhanced accessibility features.

The surge in demand for audiobook services from public libraries, retail bookstores, and online subscriptions is a significant driver for market expansion. Companies are constantly leveraging subscription-based audiobook services to cater to the increasing demand for convenient and comprehensive digital reading experiences. For instance, in February 2024, Rakuten Kobo unveiled its Kobo Plus subscription service to Taiwan and Hong Kong after launching it in the United States and Europe. The service includes features such as personalized recommendations and the ability to adjust narration speed, making the audiobook experience more engaging and user-friendly.

One of the key trends driving market growth is the increasing demand for audiobooks among different segments, including adults and kids. The convenience and accessibility offered by audiobooks make them a popular choice for consumers looking to enjoy literature on the go or while engaging in other activities. In addition, the availability of various types of audiobook formats such as MP3, Windows Media Audio, Advancaterdio Coding, and solid-state preloaded digital devices caters to diverse consumer preferences, further fueling market growth.

Moreover, technological advancements have enhanced the performance of audiobook services, making them more widely used across various end-user groups. Factors such as consumer behavior analysis and market dynamics, such as the growing popularity of online subscriptions and retail bookstores, are propelling the market expansion.

Audiobooks Market Report Highlights

• Based on the genre, the fiction segment dominated the market in 2023. This can be attributed to self-publishing trends, subscription models, audiobooks and podcasts, sustainable printing practices, and diversity and inclusion initiatives.
• Based on the preferred device segment, smartphone segment dominated the market in 2023. The growth of the segment is attributed to its widespread accessibility to audiobook platforms and libraries through dedicated apps or web browsers.
• Based on the distribution channel segment, the one-time download segment dominated the market in 2023. One-time downloads allow consumers to make individual purchases as and when they desire, giving them more control over their spending and contributing to segmental growth.
• Based on the target audience, adult segment dominated the market in 2023 owing to the diverse range of content available that caters specifically to adult audiences.
• Based on region, North America dominated the market in 2023, owing to its advanced technological infrastructure and digital transformation initiatives.
• In June 2023, Storytel, in partnership with ElevenLabs, an AI speech software provider, launched the VoiceSwitcher feature. This feature allows for enhanced personalization of the Storytel service through AI-narrated audiobooks, offering a unique listening experience tailored to individual preferences.

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