The Business Research Company's children and young adult books market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON , Sept. 7, 2022 /PRNewswire/ -- Children and young adult books companies are increasingly offering audiobooks for children and young adults to enjoy books and also engage 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 a broader exposure to new words and syntax and allows children to multitask while listening to their favorite titles, giving them better convenience. With the recent adoption of smart home speakers and other connected devices, audiobooks are easily integrated into people's lifestyles. For instance, in 2022, according to a US-based printing products company titled Eye-Popping Book and Reading Statistics 2022, the number of audiobooks published climbed from roughly 6,000 to more than 71,000 per year between 2010 and 2020, a rise of 1083.33% in ten years.
The global children and young adult books market size is expected to grow from $10.82 billion in 2021 to $11.34 billion in 2022 at a compound annual growth rate (CAGR) of 4.9%. The children and young adult books market is expected to reach $13.02 billion in 2026 at a CAGR of 3.5%.
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The Increasing Penetration Of Digital Technology Is A Major Driver For The Market
The increasing penetration of digital technology such as tablets and smartphones coupled with growing internet penetration is anticipated to boost the children and young adult books market during the forecast period. The increasing penetration of digital technology with the help of the internet and growth in the number of smartphone users and tablet users is contributing to the consumer shift towards online channels for book publishing and reading. For instance, the number of tablets shipped worldwide increased to 168.8 million in 2021, from 163.5 million in 2020. In addition to this, there were 3.6 billion smartphone users in 2020, and it is expected to grow to 4.3 billion by 2023.
A Decrease In Reading Habits Is Expected To Be A Market Constraint
The children and young adult books industry is facing major issues of reduced reading habits of children and young adults, limiting the growth of the market in the forecast period. Consumer behavior is witnessing a change, with many people reporting a decline in their reading habits. According to ComfyLiving's 21 Captivating Reading Statistics and Facts for 2021, around 80% of teenagers don't read for pleasure on a daily basis. Another study from New Zealand research also indicates a decline in reading interest. Further, according to a study conducted in Delhi, India , only 20.6% of teenagers preferred reading during their leisure time.
Children And Young Adult Books Industry Segmentation
The global children and young adult books market is segmented -
By Type: Print Book, Ebook, Audiobook
By End-User: Children (2 to 10 years), Adolescents (11 to 17 years), Young Adults (18 to 25 years)
By Distribution Channel: Online Distribution, Offline Distribution
See more on the Children And Young Adult Books Market Report
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