LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the e-book market in the US is set to surpass USD 13 billion by 2020, growing at a CAGR of close to 14%.
This research report titled ‘E-book Market in the US 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 e-book market in the US into three categories:
The nonfiction segment includes genres such as biography and autobiography, essay, narrative nonfiction, and textbooks. Nonfiction e-books are priced higher than other categories, and owing to this factor, the nonfiction e-book category dominated the market in 2015 with a share of 39.59%. “The market is also driven by strong sales of religious nonfiction e-books. 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 US 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 e-book format has been growing as a percentage of all books purchased. The share of e-books increased to 21% in 2014 from 14% in 2013. With the increasing interest of children in books, especially e-books, at a younger age, the sale of juvenile fiction e-books 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 e-books.
“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 e-books in the country, will exert a positive impact on the growth of this segment over the next five years,” says Brijesh.
The fiction e-book 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 e-books. 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 e-books that are published non-traditionally, including self-published e-books, are available at a low price or even for free. As these books are priced much lower than traditionally published e-books, 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 e-books purchased in the US 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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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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