The book publishers market is projected to reach nearly US$ 93 billion in 2022 and US$ 136.1 billion by 2032, with a CAGR of 2.6% from 2017 to 2021.
The demand for diverse instructional, fictional, non-fictional, and books from various other genres has increased as the number of readers throughout the world has increased. This is one of the main causes of increased book sales among a wider demographic. The growth of the worldwide book publishers market will accelerate as a result of these causes.
increasing numbers of individuals are reading for leisure and relaxation, which is good for their health and wellbeing. Reading also helps people form relationships and social ties, which is thought to boost one’s chances of moving up the social ladder. These characteristics are encouraging reading, which is opening up opportunities for book publishers to increase sales.
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Key Takeaways from the Book Publishers Market Study
- North America dominated the market and held the largest revenue share of in 2021 on account of the presence of a large number of independent publishers and publishing companies.
- In terms of books type, the friction books are estimated to account for the highest value share in the book publishers market.
- East Asia and South Asia are estimated to dominate the book publishers market.
“With emergence of social and technological changes, the rivalry between firms in the global book publishers market is becoming more intense. A few players in the market are creating a seed fund instead of buying author services, while others are partnering with the newly acquired author services company or merging with a competitor,” says an FMI analyst.
Impact of COVID-19 on the Market
The books market has shifted as a result of the new coronavirus pandemic. People’s ability to leave their homes and get closer to bookstores during the first lockdown in 2020 will have an impact on how many hard copies of books are sold.
However, as the greatest way for readers to adopt new trends, the demand for e-books and audiobooks is rising. Additionally, systems like online education and immersive learning promote market expansion.
It is presumable that the introduction of the newest software, hardware, and educational resources will offer a platform for readers to have a real-world experience. As people had free time after finishing their work during the pandemic, many people formed the habit of reading books and novels.
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Who is winning?
Leading manufacturers of books are focused on aggressive promotional strategies and advertisements that have driven sales growth of books globally. Major players present in the book publishers market are IDW Publishing, Morris Publishing, MARVEL, Scholastic Inc., Penguin Random House, Houghton Mifflin Harcourt., Pearson, MacMillan Publishers, Simon & Schuster, Inc., HarperCollins Publishers, Bertelsmann SE & Co. KGaA, Hachette Book Group, Planeta, and China South Publishing & Media Group Co., Ltd. among others.
Global Book Publishers Market by Category
By Books Type, Global Book Publishers Market is segmented as:
- Science Friction & Fantasy
- Religion & Inspiration
- Others (Horror, Comic, Biographies etc.)