Press Release: Ebook Market in the U.S. to Surpass $13 Billion by 2020, According to Technavio
LONDON — April 11, 2016 — According to the latest market study released by Technavio, the ebook market in the U.S. is set to surpass $13 billion by 2020, growing at a CAGR of close to 14%.
This research report titled ‘ebook Market in the U.S. 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on the type of product, Technavio analysts have segmented the ebook market in the U.S. into three categories:
The nonfiction segment includes genres such as biography and autobiography, essay, narrative nonfiction, and textbooks. Nonfiction ebooks are priced higher than other categories, and owing to this factor, the nonfiction ebook category dominated the market in 2015 with a share of 39.59%. “The market is also driven by strong sales of religious nonfiction ebooks. While young adults prefer reading fiction over nonfiction, the older population of the country, aged 55 and above, mostly opts for nonfiction books,” says Brijesh Kumar Choubey, a lead analyst at Technavio for retail goods and services.
The population segment aged 65 years and above accounted for 14.5% of the total population of the country in 2014. Between 2012 and 2050, the U.S. will likely experience considerable growth in its older population, and the projected population aged 65 years and over is 83.7 million for 2050, which is almost double the population of 43.1 million in 2012. This shift in the demography of the country toward the older population will likely increase the demand for nonfiction books.
In recent years, the ebook format has been growing as a percentage of all books purchased. The share of ebooks increased to 21% in 2014 from 14% in 2013. With the increasing interest of children in books, especially ebooks, at a younger age, the sale of juvenile fiction ebooks is on the rise. The rising demand for high-quality graphical content, especially for children’s books, has further augmented the penetration and use of tablets, iPads, Barnes & Noble's NOOK, and Amazon's Kindle Fire. Usborne Publishing is a popular publisher of children's ebooks.
“Book brands like Beast Quest, Young Bond, and Arthur Quinn have their own dedicated websites with features like activities, downloads, and online fan clubs. These initiatives, as well as the growing popularity of ebooks in the country, will exert a positive impact on the growth of this segment over the next five years,” says Brijesh.
The fiction ebook segment includes genres like drama, classic, horror, humor, mystery, science fiction, and fairy tales. Sales in this segment are driven by factors such as a wider customer base and high demand for romance ebooks. Publishers focus more on science fiction, fantasy, mystery, and romance fiction, owing to their high popularity in the country. In 2012-2013, Random House and HarperCollins launched their first digital-only imprints; all of them are focused on fiction.
However, many fiction ebooks that are published non-traditionally, including self-published ebooks, are available at a low price or even for free. As these books are priced much lower than traditionally published ebooks, the growth of this section is slow, which could hinder market growth over the next five years. These non-traditionally-published books made up approximately 60% of all Kindle ebooks purchased in the U.S. in 2015, but generated only 40% of the total revenue.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Barnes & Noble
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