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The rings market size is forecast to increase by USD 45.2 billion at a CAGR of 8.53% between 2023 and 2028. The market is experiencing significant growth, driven by the fusion of technology and fashion in the form of smart rings. These innovative devices offer functionalities beyond traditional rings, including ECG monitoring, fitness tracking, and health monitoring. IoT devices integrated into smart rings enable contactless payments, adding convenience to daily life.
Furthermore, the integration of smart rings into smart homes enhances user experience and convenience. companies are focusing on brand endorsement to increase market penetration. However, the availability of counterfeit rings in the market poses a challenge to market growth.
The jewelry industry has witnessed a significant transformation with the emergence of rings infused with advanced technology. Traditional wedding rings have evolved into smart rings, integrating sensors and wearable technology to offer more than just adornment. These rings are typically made of valuable metals like gold and are available in various designs for the ring finger. The manufacturing process involves the use of powerful machinery such as blending machines and sophisticated equipment like accelerometers, gyroscopes, and heart rate monitors. These sensors enable features like activity tracking, health and wellness monitoring, timekeeping, navigation, smart home control, and even blood oxygen and ECG monitoring.
Moreover, the bluetooth connectivity allows these rings to sync with smartphones, enabling users to access real-time data and control various functions. Fashion and personalization remain key aspects, with consumers able to choose from a wide range of designs and materials, ensuring a perfect blend of technology and style.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The offline segment is estimated to witness significant growth during the forecast period. The market encompasses the sale of valuable metal bands adorned with gemstones, including popular choices such as Platinum and Sapphires. Ring designs and materials vary greatly, catering to diverse customer preferences. Traditional offline distribution channels, including specialty stores, department stores, exclusive brand outlets, multi-brand retailers, and premium fashion boutiques, dominate the market, accounting for a substantial revenue share. companies strategically position their organized retail stores based on customer demographics, geographical markets, cultural sensitivities, production capabilities, and logistics. However, the offline distribution channel's revenue has been gradually diminishing due to the increasing trend towards online shopping.
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The offline segment was valued at USD 59.50 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific region is experiencing significant growth due to the high demand for valuable metal rings, particularly wedding bands. Among the valuable metals, Platinum and Gold are the most preferred choices. Sapphires and other Gemstones are often incorporated into ring designs to add elegance and value. India, China, and Japan are the major contributing countries to this market, with a strong cultural tradition of wearing gold rings for various occasions, including weddings and other ceremonies. The adoption of gold rings as an investment option is also prevalent in these countries. As modernization and customer awareness increase, the preference for Western ring designs is on the rise. Moreover, this trend is driving companies to offer modern and Western-inspired ring designs that cater to the growing demand for cross-cultural styles.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for wedding rings is the key driver of the market. The jewelry industry experiences significant demand for rings, particularly during wedding celebrations. Wedding rings, specifically engagement rings, are highly sought after by consumers. The increasing spending on bridal collections is projected to fuel the expansion of The market in the upcoming years. India is a significant market for wedding rings, with the expenditure on bridal rings escalating due to the increasing budgets of wedding functions. This trend is primarily driven by the expanding middle-class population and their growing disposable income, enabling them to allocate more resources towards weddings and those of their loved ones. The market is characterized by the utilization of ethical materials and the employment of powerful machinery such as blending machines in the metalworking process, producing gold and other precious metals for the creation of these cherished pieces of jewelry.
The growing focus of companies on brand endorsement is the upcoming trend in the market. In the jewelry industry, ethical use of materials is a significant concern for consumers when purchasing rings for special occasions, such as weddings. companies in this sector employ various marketing strategies to attract customers, with brand endorsement being a popular approach. Celebrity endorsements lend a familiar face and personality to a jewelry brand, generating consumer interest and fostering trust in the quality of the products. This strategy is not limited to television advertisements but extends to social media platforms as well. Renowned jewelry brands, such as Malabar Gold and Diamonds, Titan, and Pandora, have effectively utilized celebrity endorsements for decades to boost their sales and establish a strong brand image. Moreover, the powerful machinery used in jewelry production, such as blending machines, transforms raw metals like gold into exquisite rings for the ring finger.
Availability of counterfeit rings in market is a key challenge affecting the market growth. The jewelry industry, specifically the market for wedding rings, faces a significant challenge from the prevalence of counterfeit products, particularly rings. This issue creates an uneven competitive landscape, as counterfeit companies sell their items at significantly lower prices than branded products. The Asia-Pacific (APAC) region has a higher incidence of counterfeit jewelry, including rings, due to the presence of powerful machinery, such as blending machines, in countries like China. These machines facilitate the production of large quantities of fake jewelry, which are then exported to developed markets, such as the US, leading to market share erosion and price standardization for ethical material like gold rings in the ring finger.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Brilliant Earth LLC: The company offers rings such as fashion rings, stacking rings, anniversary rings, promise rings, diamond rings, and mens rings.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market in the jewelry industry is witnessing significant growth due to the increasing popularity of ethical materials and unique ring designs. Traditional wedding rings made of gold and platinum continue to dominate the market, but contemporary wedding rings made of alternative metals and colorful gemstones like sapphires, rubies, and diamonds are gaining traction. Ring designs are evolving, with blending machines and powerful machinery used to create intricate patterns and textures. Rings are not just accessories anymore; they are becoming functional with the integration of sensors and wearable technology. Smart rings are emerging, featuring heart rate monitors, gyroscopes, accelerometers, GPS tracking, stress monitoring, and even contactless payments. These rings offer health and wellness features, timekeeping, navigation, smart home control, and fashion and personalization. With the increasing adoption of IoT devices, smartphones, and wearable technology, the market is expected to grow further.
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.53% |
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Market growth 2024-2028 |
USD 45.2 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.72 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 51% |
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Key countries |
China, US, India, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Brilliant Earth LLC, Charles and Colvard Ltd., Chow Tai Fook Jewellery Group Limited, Compagnie Financiere Richemont SA, David Yurman Enterprises LLC, GIVA Jewellery, Malabar Gold and Diamonds, Pandora Jewelry LLC, PC Jeweller Ltd., ROBBINS BROS, Signet Jewelers Ltd., Swarovski AG, Tata Sons Pvt. Ltd., The LVMH group, The Swatch Group Ltd., and Tiffany and Co |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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