Scope of the report
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005802/en/
Technavio has announced its latest market research report titled Global Luxury Pen Market 2020-2024 (Graphic: Business Wire)
This report provides a detailed analysis of the luxury pen market by product (fountain pens, ballpoint pens, rollerball pens, fineliner pens, and others), distribution channels (offline and online), and geography (Europe, North America, APAC, South America, and MEA). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including A. T. Cross Co. LLC, Bespoke British Pens Ltd., C. Josef Lamy GmbH, Compagnie Financière Richemont SA, Elmo Montegrappa Spa, Faber-Castell Aktiengesellschaft, Grayson Tighe, Newell Brands Inc., PILOT Corp., and S.T. Dupont SA. High preference for corporate gifting is a key trend in the global luxury pen market which will lead to significant market growth. There is a growing demand for luxury pens as gifts among corporates that intend to promote their identity. This is encouraging vendors to offer a wide range of luxury pens to capitalize on the expanding customer base and stay competitive in the market. All these factors are leading to a positive outlook for the luxury pen market.
To learn more about the global trends impacting the future of market research, download a free sample now
Luxury Pen Market: Segmentation by Geography
The market is segmented into five regions encompassing Europe, North America, APAC, South America, and MEA. Europe was the largest market for luxury pens in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 33% of the market's growth will originate from Europe during the forecast period. Europe is home to many habitual luxury pen users. This is encouraging vendors to offer a wide range of luxury pens and accessories such as inks and refills, which is driving luxury pen market growth in Europe. The UK and France are the key markets for luxury pens in Europe.
Luxury Pen Market: Segmentation by Product
The luxury pen market is segmented into five segments based on the product comprising of fountain pens, ballpoint pens, rollerball pens, fineliner pens, and others. The market witnessed an increased demand for luxury fountain pens in 2019. The nibs of these pens are made of gold, platinum, steel, other precious materials that give them a luxury feel. Besides, many customers in countries such as the US and China prefer gifting luxury fountain pens. These factors are creating significant growth potential in the segment.
Technavio's in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Luxury Pen Market: Growth Drivers
Increase in customization and personalization of pens will drive market growth. Business enterprises use personalized luxury pens as promotional tools or gifts to their business partners and employees. Companies also use these pens as giveaways in trade shows, corporate events, seminars, and conferences to increase their brand presence. This trend has encouraged market vendors to incorporate a range of personalization options such as logo, name, or text on their products. For instance, A. T. Cross Co. LLC offers custom engraving on most of its luxury pens, especially on the barrel. The company offers a choice of engraving designs, names, and messages in various fonts with a limit on the number of words. Such personalization options are increasing the adoption of luxury pens, thereby driving the growth of the market.
Luxury Pen Market: Market Overview
The luxury pen market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. A. T. Cross Co. LLC, Bespoke British Pens Ltd., and C. Josef Lamy GmbH are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the availability of counterfeit products will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Market Sizing Methodology
Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years).
Luxury Pen Market: Parent Market Overview
Technavio categorizes the global luxury pen market as a part of the global office services and supplies market within the global commercial services and supplies market. The global office services and supplies market covers providers of office services and manufacturers of office supplies and equipment.
Growth in the global office services and supplies market will be driven by the growing emphasis on omnichannel retailing.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
View market snapshot before purchasing
Technavio Best Practices
Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Our focus is on emerging markets and technologies, providing insights not available anywhere else. We report on the latest innovations and trends in all the industries we cover. We also create value for our clients by offering a blend of off-the-shelf research reports and customized research, allowing you to get the information you need when you need it.
Who should purchase this report?
Our research and analysis focus on emerging market trends to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Our research reports are designed to provide actionable insights so that you can make quick, effective, and sound decisions.
Are you looking for data that are tailored specifically for your company? You can rely on Technavio Custom Research Solutions which provide research and insights developed to your exact specifications. We provide flexible engagement models such as on-demand research, a dedicated analyst, an annual research framework, an unlimited program, and more.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005802/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com
