Rings Market by Distribution Channel and Geography - Forecast and Analysis 2020-2024
- Published: Jan 2020
- Pages: 139
- SKU: IRTNTR40696
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The rings market size has the potential to grow by USD 45.26 million during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and distribution channel (offline and online).
Rings Market Share
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Who are the Major Rings Market Vendors?
This rings market analysis report provides information on the production, sustainability, and prospects of several leading rings manufacturers, including:
- CHANEL Ltd.
- Chow Tai Fook Jewellery Group Ltd.
- Compagnie Financière Richemont SA
- Kering SA
- LVMH Moët Hennessy - Louis Vuitton
- Pandora AS
- Rajesh Exports Ltd.
- Signet Jewelers Ltd.
- The Swatch Group Ltd.
- Tiffany & Co.
The market is currently concentrated, and the degree of concentration will decrease during the forecast period. Market vendors are adopting brand endorsement as an active marketing strategy to garner consumers’ interest, create a positive brand image, and increase the sales of jewelry, such as rings. This rings market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.
Although 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 increasing rings market size, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Which are the Key Markets for Rings?
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APAC was the largest market for rings in 2019, and the region will offer the maximum growth opportunities to market vendors during the forecast period. Factors such as demand for gold rings for various occasions, growing preference for western designer rings and cross-cultural ring designs, and increasing celebrity brand endorsement for jewelry products are responsible for rings market growth in this region.
Over 57% of the market’s growth will originate from APAC during the forecast period. China and India are the key contributors to the rings market share of APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
What are the Major Distribution Channel Segments in the Rings Market?
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Market vendors are investing in organized retail stores and adopting various technologies to increase their sales. The growth of the organized retailing sector will increase the visibility of branded rings and consequently fuel the growth of the rings market in the offline segment.
However, market growth in this segment will be slower than the growth of the market in the online segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the rings market size.
What are the Key Rings Market Drivers and Trends?
The growing preference for ring customization will be a significant factor driving the growth of the rings market size. The rising trend of customization and personalization of jewelry pieces has encouraged several market vendors to offer customization options to their customers. Many vendors are offering a separate option for personalization on their website where customers can customize their rings in terms of the type of material and gemstone and the shape and design of rings. For instance, Tiffany provides options for customizing gemstone type and ring designs and guides about the clarity and carat of gemstones and colors of the final ring on their website. The ability to actively customize their rings using various customization options will help in attracting more customers and consequently fuel the demand for rings during the forecast period.
- Various e-commerce players are integrating augmented reality (AR) in their platforms to help buyers make informed decisions before purchasing any ring.
- The use of AR technology will allow customers to try jewelry pieces virtually before making a purchase.
- Several mobile applications are available online that support AR applications and allow customers to select rings according to their requirements and preferences.
- The application of AR in the jewelry industry, which is one of the critical rings market trends, will help market vendors to increase the sales of rings through online distribution channels.
- During 2020-2024, the rings market size will grow at a CAGR of almost 7%.
Key Highlights of the Rings Market Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the growth of the rings market during the next five years
- Precise estimation of the global rings market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the rings industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of rings vendors
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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.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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