LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global luxury pen market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Luxury Pen Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“The increase in the use of pens as promotional products by corporates is expected to be one of the major drivers for the growth of the market during the forecast period. The vendors in the market focus on making their products ergonomic and environment friendly by using biodegradable raw materials such as recycled paper, recycled plastic, cornstarch, sustainable bamboo, and FSC-certified wood,” says Sharan Jagannath, a lead analyst at Technavio for retail goods and services research.
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The market research analysis categorizes the global luxury pen market into the following product segments. They are:
- Fountain pen
- Ballpoint pen
- Rollerball pen
- Fineliner pen
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Global luxury fountain pen market
In 2016, the fountain pen segment accounted for the maximum share in the global luxury pen market, with high demand from consumers in the US and China. Consumers in these countries buy luxury fountain pens as gifts for others.
Fountain pens last longer than other pens. The nibs of these pens are made of gold, platinum, steel, other precious materials. These pens use ink by using a converter, a cartridge, or an internal piston filling system.
Global luxury ballpoint pen market
The luxury ballpoint pen market is expected to grow at a steady rate during the forecast period. The price of luxury ballpoint pens is lower than that of fountain pens. The main advantage of using a ballpoint pen is convenience and low chances of leakage. In comparison with their counterparts, ballpoint pens rarely leak and dry quickly. Moreover, when a ballpoint pen runs out of ink, the refill is removed and a new refill is inserted.
The demand for luxury ballpoint pens is high in the developing nations, where corporate brand promotions are driving the global luxury ballpoint pens market. Parker, a brand from Newell Brands, and Montblanc International are the popular brands that offer luxury ballpoint pens.
Global luxury rollerball pen market
The flow of rollerball pens is more consistent than ballpoint pens. The experience of writing with a rollerball is like that of fountain pens and requires less pressure to get a proper flow of ink on the page. Due to its smudge-proof ink, rollerball pens offer a smooth and smear-free writing experience. The demand for rollerball pens is high in the developing countries.
“The emerging economies are becoming increasingly important luxury rollerball pen markets because of the growing emphasis on corporate gifting. Vendors are also adopting strategies such as partnerships to increase their presence in the market. The price of rollerball pens is less than fountain pens. With the global increase in the disposable income of consumers, luxury products such as pens have become a status symbol,” says Sharan.
Global luxury fineliner pen market
Fineliner pens are mainly used for drawing, sketching, and graphic purposes. The price of fineliner pens is lower than fountain pens, rollerball pens, and ballpoint pens. The demand for drawing and sketching is high in developed countries, with many consumers increasingly taking up drawing as a hobby. Currently, the demand for fineliner pens is moderate. However, during the forecast period, the market for luxury fineliner pens is expected to grow steadily.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- A. T. Cross Company
- C. Josef Lamy
- ELMO & MONTEGRAPPA
- Montblanc International
- Newell Brands
- S.T. Dupont
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