Scope of the report
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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.
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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.
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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.
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