Rings Market | Growing Preference for Ring Customization to Boost the Market Growth | Technavio

·6-min read

The rings market size is poised to grow by USD 45.26 million during 2020-2024, progressing at a CAGR of almost 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Rings Market 2020-2024 (Graphic: Business Wire)

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.

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Report Highlights:

  • The major rings market growth came from the offline distribution channel segment. 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 market in the offline segment.

  • 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.

  • The global ring market is concentrated. 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., and Tiffany & Co. are some of the major market participants. To help clients improve their market position, this ring market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the rings market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Application of AR in the Jewelry Industry will be a Key Market Trend

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.

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Rings Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist ring market growth during the next five years

  • Estimation of the ring market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the ring market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of ring market vendors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

  • Preface

  • Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

  • Market ecosystem

  • Value chain analysis

  • Market characteristics

  • Market segmentation analysis

PART 04: MARKET SIZING

  • Market definition

  • Market sizing 2019

  • Market outlook

  • Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

  • Bargaining power of buyers

  • Bargaining power of suppliers

  • of new entrants

  • Threat of substitutes

  • Threat of rivalry

  • Market condition

PART 06: MARKET SEGMENTATION BY DISTRIBUTION CHANNEL

  • Market segmentation by distribution channel

  • Comparison by distribution channel

  • Offline - Market size and forecast 2019-2024

  • Online - Market size and forecast 2019-2024

  • Market opportunity by distribution channel

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

  • Geographic segmentation

  • Geographic comparison

  • APAC - Market size and forecast 2019-2024

  • North America - Market size and forecast 2019-2024

  • Europe - Market size and forecast 2019-2024

  • MEA - Market size and forecast 2019-2024

  • South America - Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

  • Market drivers

  • Market challenges

PART 11: MARKET TRENDS

  • Increasing focus of vendors on brand endorsement

  • Emerging application of augmented reality in jewelry industry

  • Increasing preference for ring designs inspired by different cultures

PART 12: VENDOR LANDSCAPE

  • Overview

  • Landscape disruption

  • Competitive scenario

PART 13: VENDOR ANALYSIS

  • Vendors covered

  • Vendor classification

  • Market positioning of vendors

  • 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.

PART 14: APPENDIX

  • Research methodology

  • List of abbreviations

  • Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201012005350/en/

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