Wedding Ring Market: Global Geographical Expansion by Means of Mergers, Acquisitions and Strategic Partnerships
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The wedding ring market is expected to show sustainable growth in the coming years. The demand for wedding rings is anticipated to rise owing to improved lifestyle in emerging economies, increasing urban population, and rising number of middle class individuals in countries such as China and India, compelled companies to focus more on designing innovative and unique wedding rings which are made of gold, silver, platinum, or combination of these metals. Many individuals wear their wedding rings night and day, leading to an indentation in the skin which is visible even when the ring is removed. The difference in cultures and traditions in various regions such as North America, Asia Pacific, Europe, and Middle East, and Africa could hinder the growth of the wedding ring market. This is because in countries such as China, and India, there is no compulsion of wearing a wedding ring after marriage. Furthermore, the cost of the wedding or engagement ring might act as a restraint to the market. In addition, varying prices of gold, silver, and platinum might retard the growth of the wedding ring market in Asia Pacific region.
The wedding ring market is segmented by application, type, region, and end-user. On the basis of type, wedding rings are classified into gold wedding ring, platinum wedding ring, diamond wedding ring, and others. Platinum rings have significant share in the North America and Europe wedding ring market. Gold wedding rings hold a substantial share in the global wedding ring market. Based on application, the wedding rings market is segmented into engagement ring and wedding ring. On the basis of end-user, the market is segmented into men and women. In terms of region, the wedding ring market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Furthermore, these regions are subdivided into various countries such as the U.S., Canada, U.K., Germany, France, Italy, China, India, Japan, Australia, Saudi Arabia, South Africa, and Brazil.
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Some of the key players in the wedding ring market include Cartier, Tiffany, Chow Tai Fook, Chow Sang Sang, Lukfook, I DO, Mingr, Chow Tai Seng, Lao Fen Xiang, Harry Winston, LVMH, CHJ, CHJD, Yuyuan, TSL, David Yurman, Van Cleef & Arpels, Charles & Colvard and so on. Key players in the market regularly launch new designs in wedding rings to remain competitive. Furthermore, companies launch exciting offers to promote their products and adopt innovative marketing strategies to attract customers.
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