Keychain Pendant Market REPORT OVERVIEW
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The global keychain pendant market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.
A plastic or metal that connects a small item to a keyring is known as a keychain pendant. If an item were attached directly to a keyring, it would be more difficult to use due to the length of the keychain. In order to prevent the keychain from twisting while being used, certain keychains enable one or both ends to rotate. A metal ring or chain known as a keychain, sometimes a key fob or keyring, is used to hang multiple keys. If an item were attached directly to a keyring, it would be more difficult to use due to the length of the keychain. While being used, some keychains allow for rotation at one or both ends, preventing the keychain from twisting. The population started gifting jewelry as a gift, which became a major trend in the market. The young population is inclined towards customized gifts such as cards, jewelry, and others. Moreover, it is available at low prices and in jewelry shops, hardware stores, and others.
COVID-19 Impact: Lack of Labor Force Hampered Market Growth
The huge migration of migrant workers from urban to rural areas is being caused by nations worldwide enforcing stringent procedures during the pandemic on social isolation and lockdown. As a result, there aren't enough workers to produce ornamental goods. A drop in the rate of raw material imports and exports from one nation to another due to the outbreak also contributes to higher prices and a shortage of supplies.
LATEST TRENDS
"Rising Demand for Jewelry to Propel the Market Trend"
The increased desire for jewelry among women and youngsters worldwide is one of the factors driving the keychain pendant market. In addition, rising disposable income levels in Asia Pacific's growing nations are anticipated to fuel the keychain pendant market globally throughout the course of the projected year. Many now wear keychains to keep their keys in style, making them fashionable. Due to rising levels of disposable money worldwide, keychain pendant use has also expanded due to a rise in the desire for jewelry among women and youths in nations like Brazil, Mexico, etc. Also, throughout the anticipated period, growing consumer preference for personalized gifts is anticipated to affect the keychain pendant market worldwide favorably.
Keychain Pendant Market Segmentation
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- By Type Analysis
By type, the market is segmented into plastic, metal, and others.
- By Application Analysis
Based on application, the market is classified into a personal, jewelry shop, hardware stores, and others.
DRIVING FACTORS
"Availability of Customized Designs to Propel Product Demand"
The keychain pendants are available in various sizes, shapes, and designs. Moreover, it can also be customized per the customer's requirements, which is estimated to aid maximum keychain pendant market growth. Furthermore, these can also be made in metals or plastics, which makes them a suitable gift for your loved ones. You can gift your loved ones a customized keychain pendant made of gold. The rapid adoption of these pendants will augment market growth in the foreseeable future.
"Increasing Per Capita Income to Cater to Market Growth"
Due to the population's high disposable income and purchasing power, the global economy is expanding, driving demand for luxury items such as jewelry. Also, many traditions people worldwide have about using decorations are anticipated to increase product sales greatly. For instance, in August 2020, a report by the World Gold Council claimed that Chinese people have a custom of presenting gold ornaments as gifts to the family's younger members during important occasions. These factors are surging market growth.
RESTRAINING FACTORS
"Rising Online Frauds May Affect Market Growth"
The population has adopted e-commerce rapidly and prefers buying things online. This led to fraud as the scammers used e-commerce sites to fraud the population. Moreover, the lack of awareness about the hallmarks of jewelry to impede market expansion.
Keychain Pendant Market REGIONAL INSIGHTS
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"North America to Lead Market Due to the Growing Product Demand from Hardware Stores"
North America is expected to dominate the market, accrediting the presence of the U.S. as it is one of the largest markets for keychain pendants and has various forms of decoration, such as a logo or design on them. The major demand for this product has been noticed from hardware stores.
Europe is estimated to hold a significant part of the keychain pendant market share owing to the rising demand from Germany and France. The rising per capita income of the population is also anticipated to serve growth in the market.
Asia Pacific is likely to show sizable growth due to the rising disposable income levels and demand for jewelry in countries such as India, Japan, South Korea, and China.
KEY INDUSTRY PLAYERS
"Key Companies to Emphasis on the Development of Advanced Technology"
Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market.
List of Market Players Profiled
- Keywing (U.S.)
- Hermes (France)
- Chopard (Switzerland)
- Zhongshan Artigifts Premium (China)
- GoWristbands.co.nz (New Zealand)
- Zazzle Inc. (U.S.)
- Topwin Keychain Factory (China)
REPORT COVERAGE
The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.
Frequently Asked Questions
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Which region is expected to lead the keychain pendant market?
Based on our research, North America is expected to lead the global keychain pendant market.
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Which are the driving factors of the keychain pendant market?
Availability of customized designs to propel product demand and the increasing per capita income to cater to market growth are the factors driving the keychain pendant market.
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What are the segments of the keychain pendant market?
By type, the keychain pendant market is segmented into plastic, metal, and others. Based on application, the market is classified into personal, jewelry shops, hardware stores, and others.
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Which are the top companies operating in the keychain pendant market?
Keywing, Hermes, Chopard, Zhongshan Artigifts Premium, GoWristbands.co.nz, zazzle Inc., and Topwin Keychain Factory are the top companies operating in the keychain pendant market.
