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Ebooks will do the same. They'll continue to grow for a while longer, stagnate, and then move up again.
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How can this can happen when there are so many people who must read. Maybe we are not the majority but we are a significant market force.
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One thing I haven't seen mentioned in this topic is the fact that paper books belong to the purchaser to do with as they wish but ebooks belong to the publisher/writer and the purchaser has no rights except to read it as is. Ebooks currently may not be sold, traded or even given away. Until or unless this changes I will still buy and keep pbooks along with ebooks.
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By buying both you are the publisher's dream customer. Not exactly an incentive for change.