The book publishers market is predicted 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.
As the number of readers worldwide has increased, so has the demand for a variety of instructional, fiction, non-fiction, and books from various other genres. One of the main reasons for rising book sales across a wider demographic is due to this. These factors will cause the global market for book publishers to grow more quickly.
Reading for pleasure and relaxation is becoming more popular, which is good for people’s health and wellbeing. Reading is also thought to increase one’s chances of climbing the social ladder by fostering relationships and social ties. These qualities promote reading, which provides book publishers with opportunities to boost sales.
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.
“As social and technological changes emerge, business competition among book publishers around the world is heating up. A few market participants are starting seed funds rather than purchasing author services, while others are collaborating with the recently acquired author services company or acquiring a rival, according to an FMI analyst.
Impact of COVID-19 on the Market
The new coronavirus pandemic has caused changes in the book market. The number of hard copies of books sold during the first lockdown in 2020 will depend on how easily people can leave their homes and travel to bookstores.
The demand for e-books and audiobooks is growing, though, as they are the most effective means for readers to adopt new trends. Systems like immersive learning and online education also encourage market expansion.
It is likely that the release of the newest software, hardware, and educational resources will provide readers with a platform for practical experience. After finishing their work during the pandemic, people had free time, and many of them developed the habit of reading books and novels.
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.
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