Books Market Overview:
A research team conducted extensive primary and secondary research for the global Books market analysis. Secondary research was carried out to supplement the available data, segment the market, calculate the overall market size, and forecast market size and growth rate.
Consumer books have been called ‘analog’ in the digital age, but books are ubiquitous, inexpensive, and continue to feed the entertainment and information needs of people around the world centuries after the printing press was invented. It is safe to say the market isn’t thought of very much by most adults: they think about books one at a time or not at all. Even though a print book today looks very much like one that had been purchased decades earlier, a perfect storm of changes has been affecting the books market and every player in it.
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Books Market Dynamics:
Industry innovation with the advent of audio and video-based eBooks has attracted consumers in all regions. Easy access to paperback copies by people with disabilities and non-English speaking groups is one of the key factors driving the books market growth. The publishing industry is constantly evolving with the emergence of new categories that are attracting the attention of consumers. The new adult genre is well established in the market. As the popularity of novels and short stories declined, another genre became more prominent than offsetting the decline in fiction sales. Poetry reading gained popularity among U.S. adults, increasing by 76% from 2017 to 2019.
Books Market Segmentation:
With a 73% market share in 2020, the Hardcopy segment dominated the books market by format. This includes young and millennial readers as well as parents who want to restrict the amount of time their children spend in front of a screen due to customers’ desire to do so. There are many benefits to reading on paper as opposed to a screen. It has a certain sturdiness that digital writing, which is a little transitory and easily changed, lacks, and it is easier on the eyes, easier to browse, and more user-friendly. Although there has been fierce competition between books for centuries, many other technologies have been rendered obsolete by more recent developments.
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Books Market Key players:
- Hachette Book Company
- HarperCollins Publishers
- Simon & Schuster, Inc.
- MacMillan Publishers
- Pearson
- Scholastic, Inc.
- MARVEL
- Morris Publishing
COVID-19 Impact on Books market:
The outbreak of COVID-19 has had a significant impact on the Books market. The development of Books production facilities has been halted due to the global economic downturn and a labour shortage. The COVID-19 pandemic has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits to their facilities, limiting the growth of the Books market in 2020. However, given the high demand for Books, COVID-19’s market effects are expected to be transitory. The industry is expected to fully recover by the beginning of 2021.
About Stellar Market Research:
Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company’s products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company’s subject-matter expertise and capacity to provide a workable solution to any research problem.
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