Luxury Pen Market Size, Share, Future Forecast to 2028
The luxury pens market was valued at US$ 2,338.78 million in 2021 and is projected to reach US$ 3,287.53 million by 2028; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.
A luxury pen is a type of premium product, which possesses unique features and is customizable as per customer preferences. Such pens are designed to provide better quality and comfort, along with adding to royalty as an added aesthetic. Luxury Pens are categorized as premium products, essentially used by the elite class group as a piece of status symbol. They are also treated as precious gifts to commemorate a special occasion or achievement. The shift in consumer lifestyle backed by the increase in disposable income and rise in investment in luxury writing instruments is primarily driving the demand for luxury pens. Additionally, the manufacturers are strategically investing in product development by modifying the luxury pen nibs with platinum and other expensive metals. It is expected to provide impetus to market growth.
In 2020, Europe contributed to the largest share in the global luxury pens market. The dominance of the luxury pens market in this region is primarily attributable to the presence of a strong industrial base with the presence of prominent manufacturers, which are significantly contributing to new product launches and development. In Europe, the demand for luxury pens is increasing, mainly, due to the high standard of living backed by a rise in disposable income. At present, owning a luxury pen is considered a status symbol among the elite class in the region.
As of August 2021, India, Brazil, Russia, the US, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms of confirmed cases and deaths due to COVID-19. The pandemic has affected economies and industries in various countries due to lockdowns, travel restrictions, and business shutdowns. The consumer goods industry is one of the major industries that has suffered due to disruptions in the supply chain. The shutdown of various manufacturing plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has hampered the global supply chain and manufacturing processes, delivery schedules, and product sales. In addition, global travel restrictions imposed by countries in Europe, Asia, and North America are affecting business collaboration and partnership opportunities. Along with this, due to the pandemic, the consumers are focused on consuming essential goods and have decreased their spending on luxurious goods. The decrease in spending on luxurious items will have a negative impact on the luxurious pens market.
Strategic Insights
Market Insights
Growing Consumer Interest Toward Luxury Writing Products
Luxury pen are designed to provide better quality and comfort, along with adding to royalty as an added aesthetic. The demand for luxury pens is rising with the shift in lifestyle patterns backed by the rise in disposable income in the developed countries. At present, owning a luxury pen is considered a status symbol, especially among the elite class. Additionally, the look and attractiveness associated with a luxury pen help to convey a royal appeal. Companies specializing in luxury pens are focused on luring people with their designer finish and high-end quality. In the current era, the focus has been shifted toward authenticity mixed with craftsmanship, which is effectively promoting the demand for luxury pens. The operating players can connect with the emotion attached to luxury pens and have effectively placed their product to capture particular consumer demand. For instance, in 2015, Krone International developed the Abraham Lincoln pen under its limited edition which aims to capture Lincoln's "genetic essence." The company claimed to use authenticated strands of Lincoln's hair by reproducing Lincoln's DNA and embedding it in the crystallized form, in the amethyst stone of each of the 1,008 pens. Similarly, an article published by Chicago Tribune in January 2016 stated that A.T. Cross Company marketing officer Magnus Jonsson always tucks an A.T. Cross pen between two buttons on his shirt. The pen is embarked with 14-karat-gold and acts as a statement piece to start a conversation. The company states that with the growth of the world economy, the investment would be made in consumers and corporate gifts, which is expected to provide an impetus for the luxury writing instrument category. This is expected to proliferate the growth of the luxury pens market.
Product Type Insights
Based on product type, the luxury pens market is segmented into ball point pens, fountain pens, roller ball pens, multifunctional pens, and others. In 2020, the ball point pens segment dominated the global luxury pens market. A ball point pen—also known as biro, ball point, or even a dot pen—is a pen that dispenses ink over a metal ball at its point, that is, over a ball point. The luxury ballpoint pen is considered pretty popular and can be convenient to use. Some ball point pens have replaceable refills and twist or click-top action, which makes them easy to use. Additionally, these pens are significantly used for notetaking, as well as creative writing.
The key market players operating in the luxury pens market include A. T. Cross Co. LLC.; Caran D'ache; Faber-Castell; Grayson Tighe; Hugo Boss; Jack Row; Montblanc; Conklin Pens; Fisher Space Pen; and Bentley Motors. Major players in the market are focusing on strategies such as mergers and acquisitions and product launches to expand the geographic presence and consumer base.
Luxury Pen Market Report Scope
Report Spotlights
- Progressive trends in the luxury pens industry to help players develop effective long-term strategies
- Business growth strategies adopted by companies to secure growth in developed and developing markets
- Quantitative analysis of the global luxury pens market from 2019 to 2028
- Estimation of the demand for luxury pens across various industries
- Porter analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the market growth
- Recent developments to understand the competitive market scenario and the demand for luxury pens
- Market trends and outlook coupled with factors driving and restraining the growth of the luxury pens market
- Understanding regarding the strategies that underpin commercial interest with regard to global luxury pens market growth, aiding in the decision-making process
- Luxury pens market size at various nodes of market
- Detailed overview and segmentation of the global luxury pens market as well as its industry dynamics
- Luxury pens market size in various regions with promising growth opportunities
Luxury Pens Market, by Product Type
- Ball Point Pens
- Fountain Pens
- Roller Ball Pens
- Multifunctional Pens and Others
Luxury Pens Market, by Distribution Channel
- Hypermarket and Supermarket
- Specialty Stores
- Online Retail and Others
Company Profiles
- A. T. Cross Co. LLC.
- Caran D'ache
- Faber-Castell
- Grayson Tighe
- Hugo Boss
- Jack Row
- Montblanc
- Conklin Pens
- Fisher Space Pen
- Bentley Motors
Luxury Pen Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2.34 Billion |
| Market Size by 2028 | US$ 3.29 Billion |
| Global CAGR (2021 - 2028) | 5.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
In 2020, ball point pens segment dominated the global luxury pens market during the forecasted period. A ballpoint pen is also known as biro, ball point or even a dot pen, and is a pen which dispenses ink over a metal ball ai its point, that is, over a ball point. The luxury ballpoint pen is considered as pretty popular and can be conveniently uses. Some of the ball point have replaceable refills and twist or click-top action, which makes it easy to be used. Additionally, these pens are significantly used for notetaking as well as creative writing.
The major players operating in the global luxury pens market are A. T. Cross Co. LLC; Caran D'ache; Faber-Castell; Grayson Tighe; Hugo Boss; Jack Row; Montblanc; Conklin Pens; Fisher Space Pen; Bentley Motors; Parker; Waterman among many others.
In 2020, Europe region is considered to be one of the lucrative regions in the luxury pens market attributable to rising focus towards luxury writing products. The region is expected to be the fastest-growing region over the forecast period. The countries in the region have witnessed an increasing demand for luxury pens because of strong economic growth along with inclination towards high standard of living. The region encompasses an ample amount of opportunities for the growth of the market attributable to the rising brand consciousness along with increasing expenditure towards research and development activities which are, altogether, expected to diversify the application base of luxury pens has also led to market growth. Further, the rapid development of manufacturing base backed by improved economic activities and better investment opportunities in new product development is also promoting the growth of luxury pens in regional market. An expansion of the corporate sector will also lead to an increase demand for such luxurious pen for gifting purposes. Additionally, the manufacturers specializing in the luxury pen are focused on luring people with their designer's finish look and high-end quality which will provide the consumers a sense of premium feeling while holding the pen.
The List of Companies - Luxury Pens Market
- T. CROSS CO. LLC
- CARAN D'ACHE
- FABER-CASTELL
- GRAYSON TIGHE
- HUGO BOSS
- JACK ROW
- MONTBLANC
- CONKLIN PENS
- FISHER SPACE PEN
- BENTLEY MOTORS
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