Report : Asia Pacific Luxury Pens Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Ball Point Pens, Fountain Pens, Roller Ball Pens, Multifunctional Pens, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, and Online Retail and Others)
Ball Point Pens Segment to Dominate Asia Pacific Luxury Pens Market during 2021-2028
According to a new market research study on “Asia Pacific Water Luxury Pens Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product Type, Distribution Channel and Country,” is expected to reach US$ 996.03 million by 2028 from US$ 715.00 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific luxury pens market along with the drivers and restraints pertaining to the market growth. Shift in the preference of customers towards luxury writing products and increase in brand consciousness related to luxury pens are major factors driving the growth of the Asia Pacific luxury pens market. However, rise in focus on digitization along with high costs of operations may hinder the growth of Asia Pacific luxury pens market.
In Asia Pacific, India has reported a huge number of COVID-19 cases, which led to the discontinuation of several business operations, including luxury pens manufacturing. The shuttering of office, schools, and colleges during the pandemic period, along with significant fall in the production of luxury stationery items, has severely impacted the demand for luxury pens in Asia Pacific. However, as the economies are planning to revive their operations, the demand for luxury pens is expected to rise in the region. However, the focus over just-in-time production is another concerning factor hindering the market growth. In addition to the increasing literacy rates in emerging countries, the growing prominence of luxury fountain pens and significant investment by prominent manufacturers in new product launch would continue to boost the growth for the luxury pens market in Asia Pacific in the coming years.
The market for Asia Pacific luxury pens is segmented into product type, distribution channel and country. Based on product type, the market is segmented into ball point pens, fountain pens, roller ball pens, multifunctional pens and others. In 2020, the ball point pens segment held the largest share in Asia Pacific luxury pens market. Based on distribution channel, the Asia Pacific luxury pens market is divided into supermarkets and hypermarkets, specialty stores, online retail and others. The specialty stores segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific luxury pens market is divided into Australia, China, India, Japan, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific luxury pens market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific luxury pens market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for luxury pens.
A. T. Cross Co. LLC; Faber-Castell; Grayson Tighe; Hugo Boss; Montblanc International; Fisher Space Pen; Bentley Motors; Parker; and Waterman are some of the leading companies in the Asia Pacific luxury pens market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.