Global Writing and Marking Instruments Market 2020-2024 | Rising Popularity of Omnichannel Retail to Boost the Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 4, 2019--
The global writing and marking instruments market size is expected to post a CAGR of over 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global writing and marking instruments market 2020-2024. (Graphic: Business Wire)
The growing emphasis on product premiumization is one of the key factors anticipated to contribute to the market growth during the next few years. Several vendors are offering highly personalized writing and marking instruments including personalized pens, pencils, coloring pens, and highlighters for attracting consumers. In addition, vendors are offering writing instruments with customized print designs based on the branding requirements of the consumers. Furthermore, vendors are offering product personalization for incorporating an emotional dimension to their products at virtually no additional cost to the consumers.
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As per Technavio, the rising popularity of omnichannel retail will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Writing and Marking Instruments Market: Rising Popularity of Omnichannel Retail
Vendors are experimenting with the distribution of their range of writing and marking instruments across different platforms including retail stores and e-commerce channels. They are reaching out to a larger target audience through omnichannel retailing for boosting sales and increasing product outreach. Furthermore, several vendors with already established conventional retail outlets are creating a competitive edge by offering writing and marking instruments through company websites and online e-commerce portals including Amazon.com. Thus, growing emphasis on omnichannel retail distribution by the vendors across the globe is further expected to support the global writing and marking instruments market growth during the forecast period.
“Apart from the rising popularity of omnichannel retail, other factors such as the growing emphasis on sustainability, rising popularity of writing instruments as fashion stationery, growing popularity of multiutility writing instruments, and increasing demand for writing and marking instruments in education sector are expected to boost the writing and marking instruments market growth during the forecast period, ” says a senior analyst at Technavio.
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Writing and Marking Instruments Market: Segmentation Analysis
This market research report segments the writing and marking instruments market by product (pens, markers and highlighters, pencils, coloring and writing instruments, and writing accessories), distribution channel (offline stores and online stores) and geography (APAC, Europe, North America, MEA, and South America).
APAC led the market in 2018, followed by Europe, North America, MEA, and South America respectively. Rapid development in the education sector in the emerging economies including India and China will boost student enrolments in educational institutions. In addition, supporting government-led initiatives and increasing funding has improved the quality of educational infrastructure. Thus, with the surging student enrolments in educational institutions, the demand for writing and marking instruments is likely to increase considerably in the forthcoming years.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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