Wedding Rings Market: Global Industry Analysis and Forecast (2023-2029)

Wedding Rings Market size was valued at US$ 86.08 Bn. in 2022. Wedding rings will encourage a great deal of transformation in the jewelry industry in near future.
Wedding Rings Market Overview:
Glimmering, poetry rings and Byzantine rings were previously used as wedding rings. Classic and simple wedding rings are typically made with a powerful machine that puts a lot of pressure on the metal and a mixer to shape the ring, followed by the soldering, buffing, and buffing process.To know about the Research Methodology :- Request Free Sample Report

Though market forecasting through 2029 is based on real output, demand, and supply of 2022, 2022 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2029 is done based on past data from 2018 to 2022 with the impact of global lock down on the market in 2020 and 2021.
Wedding Rings Market Dynamics:
Wedding rings and engagement rings are considered essential in many wedding cultures. The simplest shaped rings have been used for a long time and fashion, innovation and design have created new trends in the Z Gen and millennials market. The market is growing rapidly due to these factors.

Technological evolution and use of new machinery, optimization of designs in CAD, customer presence on social media, celebrity mentions, reshaping and reshaping of rings, comfortable wedding rings, best material quality, and design improvements are the factors driving the demand for wedding rings in the market.

Fashion trends change every year, many new and attractive rings are being developed. Social media has influenced customer buying behavior, as the presence of brands on social media platforms creates direct customer interaction and awareness of new trends. The concept of individual engraving on the inside and outside of the ring has also led to the development of leading companies in the wedding ring market.

Customer demand for wedding rings is not only because of its brilliant design but also comfortable and hypoallergenic rings. The major brands mainly focus on customer satisfaction and the comfort of the ring. These promote the growth of the product in the market.

Women want unique and fresh designs, such as carved wedding rings to make them special. The development of machine tools for rings led to new designs that could make rings lighter. Chinese manufacturers are developing inexpensive machines that can be used to customize wedding rings according to customer needs. These factors are expected to drive market growth throughout the forecast period.

Low disposable income and high-end wedding ring prices, coupled with increased competitiveness with the rapid rise of counterfeit and gray market activities are restraining the market growth through the period.

Market trends and challenges are analyzed and compiled in the report. The data of 2022 is considered for a better understanding of the client. Moreover, Analytics of the market is based on real numbers of past years from 2018 to 2022 with market forecast until 2029.
COVID 19 Scenario Analysis:
• The pandemic has had a significant impact on the wedding ring market in terms of sales and profits. The lockdown scenario cancelled the wedding and reduced wedding rings sales.

• Brands such as Cartier and Tanishq had to temporarily close their stores and manufacturing facilities due to the shutdown which affected the sales.

• Jewelry stores and specialty stores sell wedding rings, e-commerce is not very popular with customers due to reliability issues. As a result, store closures due to social distance practices have resulted in lower business profits.
Wedding Rings Market Segment Analysis:

By Product, the Gold segment dominated the market with a 38 % share in 2022. It is one of the most expensive and commonly used metals for producing wedding rings. Yellow gold, rose gold, and white gold are mostly preferred because of their malleable and durable nature. White gold is available majorly in two alternates, 18k and 14 k. This segment is cheaper as compared to all segments.

Platinum is expected to grow at a CAGR of 6.5 % through the forecast period. Due to its purity, rarity, and strength, it is considered one of the most precious jewelry metals. It is majorly used as a secure diamond setting and is heavier than most metals. The color, ability to pair with diamonds, and elegant appearance are the major factors expected to drive the segment through the forecast period.

By End Users, the Women segment dominated the market with a 60 % share in 2022. Women's preference for jewelry, matching with costumes, social media trends, peer pressure, etc. are the factors driving the growth of the segment.



The men segment is expected to grow at a CAGR of 5 % through the forecast period. Increase in acceptance for men's jewelry, and rise in celebrity culture with influencers. Tiffany & Co. announced the debut of its first-ever men's engagement ring, as it looks to tap into a new market for its high-end jewelry amid a rise in same-sex marriages and gender-fluid fashion trends. These factors are expected to drive the growth of the segment through the forecast period.

By Distribution Channel, the Offline segment dominated the market with 74 % in 2022. Consumers prefer to majorly buy expensive items from brick-and-mortar stores because of the more reliability and which provide the opportunity to touch and feel the merchandise. Players are focusing on mono-brand retail, which gives them more control over their brands, closer contact with consumers, and higher margin potential. These factors are driving the segment growth in the market.

Online is expected to grow at a CAGR of 2.3 % through the forecast period. Majorly players use these as a platform for conveying information, shaping brand identity, and building customer relationships. Consumers frequently turn to social media for information and advice. The consumer who knows exactly what they want prefers to buy online. These factors are expected to drive the growth of the segment through the forecast period.
Regional Insights:
North America dominates the market with a 41 % share in 2022. The traditional way of getting married with ring exchange, increasing trend, presence of big players, and rising LGBT marriages. These factors are driving the growth of the market in this region.

Asia Pacific is expected to grow at a CAGR of 5 % through the forecast period. This region is one of the largest producers of gold and China nearly holds a 37 % production market share because of the lowest cost of raw material and labor, and the huge population base. These factors are expected to drive the market growth in this region through the forecast period.

The objective of the report is to present a comprehensive analysis of the Wedding Rings market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Wedding Rings market dynamics, structure by analyzing the market segments and project the Wedding Rings market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Wedding Rings market make the report investor’s guide.
Wedding Rings Market Scope: Inquire before buying



Wedding Rings Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 86.08 Bn.


Forecast Period 2023 to 2029 CAGR:
8.6 %
Market Size in 2029:
US $ 153.37 Bn.


 Segments Covered:
by Product
Gold
Diamond
Platinum
Others


by End User
Men
Women


by Distribution Channel
Online
Offline



Wedding Rings Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Cartier International SNC
2. Charles & Colvard, Ltd.
3. CrownRing
4. David Yurman Enterprises LLC
5. H. Samuel
6. Harry Winston, Inc.
7. Louis Vuitton
8. Pandora A/S
9. Robbins Bros. Jewelery, Inc.
10. Swarovski AG
11. Tiffany & Co.
12. Laofengxiang
13. Chow Tai Fook
14. Chow Sang Sang
15. Lukfook
16. Mingr
17. LVMH
18. Harry Winston
19. CHJD
20. Yuyuan
21. TSL
22. Van Cleef&Arpels

Frequently Asked Questions:

1. Which region has the largest share in Global Wedding Rings Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Wedding Rings Market?
Ans: The Global Wedding Rings Market is growing at a CAGR of 8.6% during forecasting period 2023-2029.

3. What is scope of the Global Wedding Rings market report?
Ans: Global Wedding Rings Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Wedding Rings market?
Ans: The important key players in the Global Wedding Rings Market are – Cartier International SNC, Charles & Colvard, Ltd., CrownRing, David Yurman Enterprises LLC, H. Samuel, Harry Winston, Inc.

5. What is the study period of this market?
Ans: The Global Wedding Rings Market is studied from 2022 to 2029.