Global Rings Market Size 2020–2024 | 7% CAGR Projection Over the Next Five Years | Technavio
The rings market size is poised to grow by USD 45.26 million during the period 2019–2023, according to the latest market research report by Technavio. Request a free sample report
The growing customer preference for customized and personalized jewelry pieces such as rings has encouraged market vendors to offer customization options. Rings can be customized based on gemstone type, material type, and the shape and design. For instance, Tiffany & Co offers customers with a separate option for customization by gemstone type and ring designs on their website. The company also provides guides on diamonds and metals to brief their customers on the clarity and carat of the gemstones, and the colors of the final products. Such options for customization is expected to attract more customers and contribute to the growth in the sale of rings during the forecast period.
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As per Technavio, the emerging application of augmented reality in jewelry industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020–2024.
Rings Market : Emerging Application of Augmented Reality in Jewelry Industry
E-commerce players that sell rings across the world are focusing on integrating augmented reality (AR) in their platforms, as it enables customers to virtually try jewelry pieces online with the help of the camera on their device before physically purchasing the products. This feature enables users to make informed purchase decisions according to their requirements and preferences. Several mobile applications are available in the market, which support AR applications for selecting suitable rings. For instance, Say Yes! is an application available for iPhones, and it offers a varied range of wedding and engagement rings. This application uses hand recognition to scan fingers and puts a virtual ring on them using AR. Thus, the emerging application of augmented reality in the jewelry industry will drive the growth of the market.
“The increasing preference for ring designs inspired by different cultures, and rising focus of vendors on brand endorsement will have a positive impact on the growth of the rings market value during the forecast period,” says a senior analyst at Technavio.
Rings Market : Segmentation Analysis
This market research report segments the rings market size by distribution channel (online and offline) and geographic regions (North America, APAC, Europe, South America, and MEA).
The APAC region led the market in 2019, followed by North America, Europe, MEA, and South America respectively. The growth of the rings market share in APAC can be attributed to factors such as the growing demand for western designs, and the increasing adoption of gold as a prominent investment option among customers.
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