In a global publishing industry that has been struggling in recent years, e-books are king of the hill. Being able to access digital content anywhere, using a handheld device is one of the main reasons e-books are the fastest growing segment in the publishing industry.
In fact, in 2013, e-books only accounted for 11.9 percent of the total book publishing market, but are expected to account for a whopping 26.3 percent of the market by 2018.
The Global e-Book Market itself grew by a stunning 35.51 percent in 2013 and is expected to grow at a CAGR of 19.81 percent from 2013-2018, thanks to a variety of factors like the ubiquity of the aforementioned portable devices, consumer preference gravitating towards digital formats and the penetration of e-books into new markets.
TechNavio analysts have whittled down some market trends in the Global e-Book Market that are expected to contribute to strong market growth over the projected period.
Self-publishing
Self-publishing is a reasonable option for authors and small publishers looking to circumvent large publishing costs. The reasonable price and customized services offered by vendors in this segment is a main reason for growth in this segment.
Different Pricing Strategies
Pricing strategies for e-books used to be based on the price of the physical books, as publishers in the relatively new industry weren’t aware that the same prices would not work for different regions. The pricing strategy for e-books is now evolving in order to target specific markets. In addition, vendors are now listing several currencies in the price in an attempt to appeal to a wider range of customers.
Move Toward Digital e-Books
With increased penetration of the internet and changes in consumer preferences, the Global Book Market is experiencing a rapid move toward digital reading. Online retailers are now using this opportunity to increase sales of e-books.
The availability of low-priced tablets and e-readers has made e-books more accessible for consumers. These devices provide an opportunity to publishers to use color pictures, videos, and music in books to give a novel experience to e-book readers. In turn, these technological advances are attracting more e-book readers and providing a bit of a boost to the overall market.
Geographical Expansion by Vendors
The market reach for e-books is increasing significantly, with vendors like Amazon, Apple, Kobo, and others are adding new channels of distribution and opening specialized stores in every country they operate in. European publishers are expected to benefit the most due to easy accessibility of distributors and a rise in demand for e-books in the European market.
Increase in Sales of Adult Fiction
Adult fiction e-books are in high demand, with e-books accounting for 25 percent of consumer spending on books. This growth was mainly driven by the increase in adult fiction titles from 33.33 percent (including both print and digital) in 2012 to 40 percent in 2013.
