The audiobooks market is estimated to grow by USD 10.91 billion from 2022 to 2027, growing at a CAGR of 25.32%. The audiobook market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer audiobooks market are Alphabet Inc., Amazon.com Inc., Apple Inc., Barnes and Noble Booksellers Inc., Bonnier, BookLender.com, DOWNPOUR, KUKU FM, Libro.fm SPC., Midwest Tape LLC, Open Culture LLC., Pubmark Inc., RBmedia, Scribd Inc., Spotify Technology SA, Storynory Ltd., Storytel AB, W.F. Howes Ltd., Rakuten Group Inc., and LMBPN Publishings.
- North America is estimated to contribute 35% to the growth of the global market during the forecast period. The US and Canada contribute largely to the growth of the audiobook market in the region. Additionally, some institutions are adopting bring-your-own-device (BYOD) policies in the US, allowing students to gain digital skills while reducing the amount of money institutions spend. Furthermore, the region is home to major companies such as Apple, Downpour, Barnes and Noble Booksellers, Amazon, Alphabet, Rbmedia, and Scribd. Regionally based e-book companies, such as Amazon, are working to provide e-book readers with the ability to play audiobooks. For example, the US version of the Kindle Paperwhite may also support audiobooks. Hence, these factors are expected to drive market growth in the region during the forecast period.
