E-textbook Rental Market is Growing at a Remarkable Pace owing to increasing Penetration among Youngsters
The global e-textbook rental market was valued at USD 1241.69 Million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 1.2% between 2021 to 2028. E-textbook rentals refer to the utilization of electronic medium to convert the conventional hardcopy textbook into a softcopy textbook that could be read and utilized anywhere and anytime. Over the years the students have been investing money in buying books restricted to the specific periods for their academic curriculum which has now been shifted to having books being rented at a lower cost and without the utilization of physical storage spaces.
The market is driven by the increasing youngster population that prefers saving money and having all the study material just at a click away from them. Even the educational authorities are shifting the academic curriculum from the conventional method to the digital method of learning. Moreover, the e-textbooks can be taken on a rental basis which helps the students to save money and the effective payment method has augmented the market to gain popularity and has built trust.
Moreover, the COVID-19 pandemic has been devastating not only the manufacturing business but has also hampered the educational system across the globe. Educational Institution has shifted to the e-learning concept which has increased the market of e-textbook rentals market as now students are learning from home and has access to all the books digitally.
Furthermore, the growing acceptance of e-textbooks, digital content, and increasing adoption of effective and economic e-textbook rental programs has served as an opportunity for the growth of the market. However, limited or lack of awareness regarding the buying procedure and availability of required books under this project has been a restrain for the growth.
Globally, the North American region is the leader in the e-textbook rental market owing to the presence of major start-ups, key players, and e-textbook rental service providers in the region.
Moreover, Europe and Asia-Pacific are also expected to witness significant growth over the next 5 years owing to the increasing awareness regarding the benefits and utilization of e-textbooks rentals.
Major key players in the e-textbook rental market are Alibris, Half.com, Amazon, and Scribd.