Companies in the children’s and young adult book market are introducing audiobooks to appeal to reluctant readers
Business Research Company’s Children’s and Young Adult Books market research report expands on key drivers, trends, and opportunities for market growth.
LONDON, September 7, 2022 /PRNewswire/ — Children’s and young adult book companies are increasingly offering audiobooks for children and young adults to get them to enjoy the books and also appeal to reluctant readers. Through audiobooks, children can learn speech patterns, rhythms, voices, and expressions that can be difficult to learn from a physical book. It also gives wider exposure to new words and syntax and lets kids multi-task while listening to their favorite tunes, giving them better convenience. With the recent adoption of smart home speakers and other connected devices, audiobooks are easily integrating into people’s lifestyles. For example, in 2022, according to an American print products company titled Eye-Popping Book and Reading Statistics 2022, the number of audio books published increased from around 6,000 to over 71,000 per year between 2010 and 2020, an increase of 1083.33% in ten years.
The size of the global children’s and young adult books market is expected to grow from $10.82 billion in 2021 for $11.34 billion in 2022 at a compound annual growth rate (CAGR) of 4.9%. The market for children’s and teenagers’ books is expected to reach $13.02 billion in 2026 at a CAGR of 3.5%.
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Growing penetration of digital technology is a major driver for the market
Growing penetration of digital technologies such as tablets and smartphones coupled with increasing internet penetration is expected to drive the market for children’s and young adult books over the forecast period. Growing penetration of digital technology with the help of the internet and growth in the number of smartphone users and tablet users are contributing to the shift of consumers towards online channels for editing and reading books. For example, the number of tablets shipped worldwide increased to 168.8 million in 2021 from 163.5 million in 2020. On top of that, there were 3.6 billion smartphone users in 2020, and it is expected to reach 4.3 billion by 2023.
A decrease in reading habits is expected to be a market constraint
The children’s and young adults’ book industry is facing major issues in reducing the reading habits of children and young adults, limiting the market growth over the forecast period. Consumer behavior is changing, with many people reporting a decline in their reading habits. According to ComfyLiving’s 21 Captivating Reading Facts and Stats for 2021, approximately 80% of teens don’t read for pleasure every day. Another study of New Zealand research also indicates a decline in interest in reading. Moreover, according to a study conducted in Delhi, Indiaonly 20.6% of teenagers prefer to read in their spare time.
Segmentation of the children’s and young adult books industry
The Global Children’s and Young Adult Books Market is Segmented –
- By type: Printed book, Ebook, Audiobook
- Per End User: Children (2-10), Teens (11-17), Young Adults (18-25)
- By distribution channel: online distribution, offline distribution
Learn more about the Children’s and Young Adult Books market report
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