The global e-book market (henceforth, referred to as the market studied) was valued at USD 18. 13 billion in 2020, and it is expected to reach USD 23. 12 billion by 2026, registering a CAGR of 4. 9%, during the forecast period (2021-2026).
New York, April 15, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "E- Book Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06062846/?utm_source=GNW
- Technical development and sophistication of reading devices that provide a similar experience to that of reading an actual book is the key factor driving the global e-book market. The rising adoption of smartphones and multilingual features of E-books is an advantage which is expected to drive the global demand for e-books.
- The easy access for a wide range of e-book libraries through application or online services are being consumed over the internet, thus emerging as low-cost alternatives to the traditional method of delivery. Services that are available for these e-books such as e-lending has also supported the adoption of e-book across the globe.
- Besides, libraries and publishers are also increasingly receiving responses for e-books. Hachette Book Group, one of the big publishers, has announced that in 2019 the publishing company generated EUR 2.38 billion, which is a 5% increase since 2018.
- Furthermore, the environment protection campaigns from governments across the globe especially for saving trees to reduce the use of paper also increases the demand for e-books.
- Libraries across the country have closed most of their services to mitigate the spread of COVID-19. But many are still offering electronic reading materials. Moreover due to decreasing cost of the e-books, librariers are now able to buy more copies of the e-books, which is aiding in the market growth.
Key Market Trends
Increased Use of Electronic Devices
- Rise in number of portable readable devices such as smart phones and tablets is anticipated to be the major growth factor for the global e-book market. Consumes are preferring e-books over books due to the fragility of books to wear and tear, need of adequate care, and high cost.
- Digitization of books and its accessibility over the internet is expected to create an innovative environment to offer real time experience for readers. E-book readers who posses tablets or e-readers are likely to read e-books on those devices however, consumers having computers or cellphones sometimes turn to those platforms, too.
- While United States consumers are more likely to adopt the digital technology for their reading activities, German population is also seen increasingly using electronic devices for reading purposes. This demand is further supported by the companies operating in the market. For instance, following Apple Inc., Kobo Inc. added a night-time mode that yellows the screen theregy resting the eyes.
- As a result, there is a surge in tablet and e-reader ownership levels and are more prominent in the e-reading scenario.
North America Dominates the Market
- E-books in North America came early as a natural and permanent choice over printed books for consumers when they want speedy access, and portability. Publishers have also rapidly responded to consumers’ fast-growing acceptance of new reading devices by constantly redefining and expanding new concepts of books.
- Furthermore, there is a spike in the ownership of both tablet computers and e-book reading devices such as the original Kindles during the gift-giving season. Moreover, increasing demand for digitalized comic books is projected to drive the market in the region and therefore comic book publishers such as DC Entertainment and MARVEL are expanding their portfolio to follow this trend.
- Additionally, in late 2019, the American Library Association (ALA) and Public Library Association (PLA) announced a public campaign in response to recent efforts to limit library access to e-books. During the 2019 Digital Book World conference, ALA debuted an online petition at eBooksForAll.org for members of the public to urge Macmillan Publishers to reverse the proposed embargo on e-books sold to libraries.
The global e-book market is fragmented with many independent authors and publishers, while certain players account for a majority share in the market. Amazon’s KDP, Apple’s iBooks Author, among others hold a dominant share in the global e-books market. Key players in the market adopt strategies such as joint-ventures and partnerships with small and regional publishers to gain higher market shares.
- June 2020 - Amazon is currently offering two free months of Kindle Unlimited when someone signs up for the service. Kindle Unlimited is Amazon’s subscription service with a collection of more than one million books, as well as select magazines such as Time and National Geographic, and Audible narration on select titles.
- May 2020 - Katha, an Indian organisation that has been producing children’s books since 1988, has partnered with Kindle and has made their 15 books available on the digital platform.Using engaging visuals and imaginative narrations, Katha’s children’s books offer ways of exploring similarities and differences existing in the world.
- December 2019 - Smashwords launched Smashwords Presales, a new book launch tool which leverages patent-pending technology to enable the creation, management and merchandising of ebook presales. An ebook presale allows readers to purchase and read a new book before the public release date.
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