Audiobooks Market Size Worth $52,941.12 Million By 2032 | CAGR: 26.3%

The global audiobooks market size is expected to reach USD 52,941.12 million by 2032, according to a new study by Polaris Market Research. The report “Audiobooks Market Share, Size, Trends, Industry Analysis Report, By Preferred Device (Smartphones, Laptops & Tablets, Personal Digital Assistants); By Distribution Channel; By Target Audience; By Genre; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Audiobooks have become a popular choice for those interested in self-improvement and personal development, driving the growth of the audiobook market. The quality of audiobooks has improved significantly in recent years, with many featuring professional narrators, sound effects, and music. This has made them more engaging and enjoyable to listen to. Growing market players worldwide are fuelling the market's growth by making innovations. Spotify launched audiobooks in the US in 2022. More than 300,000 audiobook titles will be available for Spotify users in the US to buy and stream.

AI narration in audiobooks is one of the latest trends in the industry and has contributed significantly to the market's growth. AI-powered text-to-speech technology has allowed publishers and authors to create audiobooks more quickly and cost-effectively. Apple has secretly launched a selection of novels read by artificial intelligence, a development that could spell the end for human narrators. Technology businesses compete for a piece of the growing audiobook market due to its explosive popularity in recent years.

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The growing popularity of audiobooks is one of the main drivers behind the growth of the audiobook market. The popularity of audiobooks is rising quickly. Although fewer people commuted, around 131 million individuals listened to an audiobook in 2021, and audiobook sales increased by 17% in the previous year, according to mindstir media. The popularity of podcasts has also contributed to the growth of the audiobook market. Many people who enjoy podcasts are also likely to enjoy audiobooks, as they offer a similar listening experience.

Audiobooks Market Report Highlights

• Smartphones segment is anticipated to grow at a faster rate due to enhanced user experience, integration with voice assistants and increased accessibility.
• One-time download segment accounted for the higher growth as it offered users more flexibility, choice, and control over their audiobook purchasing decisions.
• Adults segment is projected to experience a significant growth rate due to the Increasing serialized content, celebrity-narrated titles and adopting digital audiobooks.
• Non-Fiction Segment is anticipated to grow at a higher rate due to convenient and engaging ways for people to consume educational content.
• North America is expected to witness larger revenue share owing to growing innovations from established market players.
• Asia Pacific is projected to grow at a significant rate due to increasing smartphone penetration and growing middle class population.
• The global players include Amazon, Apple, Audible, Barnes & Noble Booksellers, Downpour, Google, PLAYSTER, Rakuten Group, Storytel AB & W.F.Howes.

Polaris Market Research has segmented the audiobooks market report based on preferred device, distribution channel, target audience, genre, and region:

Audiobooks, Preferred Device Outlook (Revenue - USD Million, 2019 - 2032)

• Smartphones
• Laptop & Tablets
• Personal Digital Assistants

Audiobooks, Distribution Channel Outlook (Revenue - USD Million, 2019 - 2032)

• One-time download
• Subscription-Based

Audiobooks, Target Audience Outlook (Revenue - USD Million, 2019 - 2032)

• Kids
• Adults

Audiobooks, Genre Outlook (Revenue - USD Million, 2019 - 2032)

• Fiction
• Non-Fiction

Audiobooks, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa