LONDON--(BUSINESS WIRE)--The e-books market in Europe is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report determines the geographic breakdown of the e-books market in Europe in terms of detailed analysis and impact, which includes key geographies such as the UK, Germany, France, Italy, and rest of Europe.
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Market driver: considerably high prices of printed books
Printed textbooks are usually priced higher than e-books. The cost involved in manufacturing and publishing printed books is eventually added to the retail prices of the textbooks. Prices of books for the higher education segment are also high. This has eventually encouraged the consumers to shift from high-priced books to the digital versions of the same books that are not only convenient to use but also affordable for readers with limited budgets.
According to a senior analyst at Technavio for education technology research, “Over thousands of e-books can be saved on a single device. Readers can check library books on e-readers or mobile devices. Buying a reading device is a onetime investment and aids consumers in cost-cutting by helping them access e-books from anywhere and at any time, unlike printed books. Substantial overhead costs are associated with utilities, office spaces, salaries, and benefits in publishing houses.”
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Market trend: emerging formats for publishing e-books
With the increasing emergence of e-book formats that are compatible with different ebook readers and devices, the popularity of e-books is also anticipated to grow significantly during the forecast period. Emerging publishing formats such as the Mobi, EPUB, and KF8 have been becoming increasingly popular among readers due to convenient and user-friendly interfaces they provide. EPUB2 and EPUB3 are emerging formats among the digital educational publishers with advanced features, including the pre-recorded audio narration, and web standards such as CSS 3 and XHTML 5 with other relevant formats compatible for audio, video, and SVG.
Market challenge: challenges with respect to taxation
The EU has about 28 countries with different tax legislation in each economy. The difference of taxation between print books and e-books is one of the crucial reasons that might contribute to the declining adoption of e-books in the region. According to the EU's tax laws, printed books are granted a special status and taxed at a lower VAT than the e-books. Moreover, in some of the member nations, books are not taxed at all.
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Some of the companies in the market
- Amazon
- Georg Von Holtzbrinck
- Hachette Livre
- HarperCollins Publishers
- McGraw-Hill Education
- Pearson
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