The Global Luxury Pens Market generated revenue of around USD 2,236.42 million in 2020 and is anticipated to grow at a CAGR of over 5.40% during the forecast period from 2021 to 2027 to reach around USD 3,525.43 million in 2027. While, cumulative growth opportunity presented by the global Luxury Pens is around USD 21,650 million during 2021 to 2027.
Global Luxury Pens Market, 2020 – 2027 (USD Million)
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Pens are some of the essential instruments of modern day. Pens are being invented and used for quite a long time. History of pens dates back to around 2,000 BC. While, first patent for modern day pen was offered in 1809. Since them, pens have evolved a lot in design, types and functions.
Ball Point Pens to Grow Hold Major Share
Ball Point Pen, Fountain Pen, Roller Ball Pen, Multifunctional Pens and Others are some of the major types of pens available in the market. However, ball point luxury pens are dominating the global market with over 30% share in 2020. Fountain pens on the other hand have retained their prominent space in the global Luxury Pens industry over the past few years.
Online Distribution Channel to Grow at Rapid Pace
Luxury Pens market is classified into various distribution channels such as Supermarkets and Hypermarkets, Specialty Stores, Online Retail and Others. Among all, online distribution channel for Luxury Pens is expected to advance at rapid pace and emerge as one of the most promising distribution networks. However, specialty store are likely to hold its prominence during the forecast period. Supermarkets & hypermarkets are also expected to keep its importance with over 20% share in total revenue generation in 2020.
Digitalization to Hamper the Growth of Luxury Pens
Increasing digitalization of work across all verticals including government as well as private sector resulting into slowdown in demand for Luxury Pens. On the top of that, COVID 19 has been resulted into adoption of online education facilities which again turned into an adverse impact on demand for luxury pens as well as overall pens industry.
Europe and Middle East to Rule the Demand for Luxury Pens
Europe and Middle East collectively hold largest share of the global Luxury Pens market in 2020. However, North America is single largest market for Luxury Pens. Asia Pacific is rapidly growing backed by strong demand from China, India, South Korea and Japan. Similarly, Taiwan, Singapore and other Southeast Asian economies are expected to post lucrative growth over the forecast period. Conklin Pens, Fisher Space Pen, Bentley Motors, Grayson Tighe, Hugo Boss, A. T. Cross Co. LLC, Caran D’ache, Faber-CastellJack Row and Montblanc are some of the leading manufacturers of Luxury Pens.
Market Segmentation
Global Luxury Pens Market by Type, 2015 – 2027
Global Luxury Pens Market by Distribution Channel, 2015 – 2027
Global Luxury Pens Market by Company, 2015 – 2027
Blog: target Market Size
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