AI in Insurance Market to Reach $45.74 Billion, Globally, by 2031 at 32.5% CAGR: Allied Market Research

Allied Market Research published a report, titled, “AI in Insurance Market by Offering (Hardware, Software, Service), by Deployment Model (On-premise, Cloud), by Technology (Machine Learning, Natural Language Processing, Computer Vision, Others), by Enterprise Size (Large Enterprises, SMEs), by End-user (Life and Health Insurance, Property and Casualty Insurance), by Application (Fraud Detection and Credit Analysis, Customer Profiling and Segmentation, Product and Policy Design, Underwriting and Claims Assessment): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global AI in insurance industry generated $2.74 billion in 2021, and is anticipated to generate $45.74 billion by 2031, witnessing a CAGR of 32.5% from 2022 to 2031.

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Prime Determinants of growth

Increase in investment by insurance companies in AI & machine learning, surge in collaboration between insurance companies and AI & machine learning solution companies, and rise in preference for personalized insurance services boost the growth of the global AI in insurance market. However, high deployment cost of AI & advanced machine learning and lack of skilled labor hamper the market growth. On the contrary, increase in government initiatives and rise in investments to leverage the AI technology are expected to offer remunerative opportunities for expansion of the market during the forecast period.

Covid-19 Scenario

  • The outbreak of the Covid-19 pandemic had a positive impact on the global AI in insurance market, owing to implementation of the global lockdown, due to which, various government, public, and other AI insurance organization adopted work from home culture for their employees.
  • Furthermore, with rapid digital transformation, various governments introduced stringent regulations such as General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) to protect end user’s data. Thus, governments in various countries have taken strict actions toward the policy limit, personal information of policy holder and coverage damages of COVID-19 regulations, and natural language processing technology. This is helping insurance companies scan their internal policies as well as claims documents to check their compliance with different regulatory policies.
  • Moreover, insurance companies are expanding product offerings and services to make them widely available throughout the world. As a result, there is a rise in number of software-as-a-service (SaaS), cloud-based client interaction, remote connection, and fraud detection solutions during the COVID-19 pandemic. The trend is going to continue post-pandemic as well.

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The software segment to maintain its leadership status throughout the forecast period

The on-premise Segment To Maintain its Lead Position During the Forecast Period

Based on deployment mode, the on-premise segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to ability to gather, display, and organize important business data using company’s own IT infrastructure, which allows companies to keep the data secure. However, the cloud segment is expected to portray the largest CAGR of 33.6% from 2022 to 2031, as it provides the IT team with a greater prospect to facilitate real business value to the organization through lower expected cost and an improved ability to focus on innovation and differentiation.

The Machine Learning Segment to maintain its Lead Position during the Forecast Period

Based on technology, the machine learning segment accounted for the largest share in 2021, contributing to more than half of the global AI in insurance market, and is projected to maintain its lead position during the forecast period. This is attributed to increase in adoption of AI to support AI software developed by various companies to improve their decisions while doing critical jobs. However, the natural language processing segment is expected to portray the largest CAGR of 36.2% from 2022 to 2031, as these services reduce time and costs associated with optimizing systems in the initial phase of deployment.

North America to Maintain its Dominance by 2031

Based on region, North America held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global AI in insurance market, owing to high spending on data analytics and data processing solutions in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.4% from 2022 to 2031. This is attributed to the growing digital and economic transformation of the region.

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Leading Market Players: –

  • Applied Systems
  • IBM Corporation
  • Microsoft Corporation
  • OpenText Corporation
  • Oracle Corporation
  • Pegasystems Inc.
  • Quantemplate
  • Salesforce, Inc.
  • SAP SE
  • SAS Institute Inc.
  • Shift Technology
  • SimpleFinance
  • Slice Insurance Technologies
  • Vertafore, Inc.
  • Zego

Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in Insurance market analysis from 2021 to 2031 to identify the prevailing AI in Insurance market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the AI in Insurance market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global AI in Insurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

Offering

  • Hardware
  • Software
  • Service

Deployment Model

  • On-premise
  • Cloud

Technology

  • Machine Learning
  • Natural Language Processing
  • Computer Vision
  • Others

Enterprise Size

  • Large Enterprises
  • SMEs

End-user

  • Life and Health Insurance
  • Property and Casualty Insurance

Application

  • Fraud Detection and Credit Analysis
  • Customer Profiling and Segmentation
  • Product and Policy Design
  • Underwriting and Claims Assessment

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Coconut Alcohol Market Size, Share, Trends, Regional Analysis and Forecasts Report, 2022-2030

The report by Allied Market Research on the coconut alcohol market provides a wide-ranging study of the global market size & forecast, region-wise outlook, segmental study, competitive landscape, market opportunities, major drivers, and key industry trends. Porter’s five forces model is also analyzed in the report, which showcases the effectiveness of buyers & sellers, which is important to help the market players take recourse to the respective strategies. It also cites the factual data during the forecast period. The overall restraints and opportunities of the market are also portrayed in the analysis.

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The report doles out an explicit segmentation of the global coconut alcohol market based on Type, and Region. The Type segment is categorized into Toddy, Wine, Vinegar, Beer and Others. An in-depth analysis of each segment and sub-segment is offered in the report with the help of graphical formats. This study is important in terms of getting through the highest revenue generating and fastest growing segments and incorporating different strategies to achieve growth during the forecast period.

The rapid growth in urban population is a major driving factor that fuels the growth of the coconut alcohol market. Moreover, increase in disposable income has escalated the preference toward alcoholic beverages among consumers, which is expected to increase the demand for coconut alcohol in the market. In addition, the radical change in demographics of several countries in the recent decade has played an important role in growth of the market. For instance, exponential increase has been witnessed in consumption of alcoholic beverages and social consumption of alcohol is not looked down upon. Furthermore, the change in the socio-cultural scenario in urban and metro cities such as the introduction of pub culture has boosted the demand for coconut alcohol in the market.

By Type
1. Toddy
2. Wine
3. Vinegar
4. Beer
5. Others

The global coconut alcohol market report offers quantitative and qualitative analysis of the market from 2021 to 2030. The qualitative study emphasizes on the value chain analysis, pain point analysis, and key regulations.

• Value chain analysis: AMR offers a complete analysis of all the stages along with the key stakeholders functioning in every stage with their strategic decisions on board.
• Key regulations: Allied Market Research provides key regulations and standards for the coconut alcohol market. The section also presents some of the regulatory documents of the product type.
• Pain point analysis: The report also offers insights on the key challenges faced by the stakeholders in the industry. The strategic decisions adopted by the market players to maintain their foothold in the market are also discussed through the report.

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Furthermore, the global coconut alcohol report holds out a detailed estimation of the impact of the COVID-19 pandemic on the market growth so as to aid the frontrunners in formulating new strategies to gain a competitive edge over other players.

The report, finally, offers the analysis of the top 10 companies and a fair estimation of their market share. The report takes in their company profiles coupled with an inclusive information on their market share, company description, key developments, and financial breakdown. Moreover, the company profile sections include the data about the enterprise’s products and services.

Major key players in the market includes Malibu, Bacardi, Hunter Distilleries, St. Lucis Distillers Group of Companies, Demirara Distilleries Limited and Island Distillers.

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Highlights of the Report

– Competitive landscape of the coconut alcohol market.
– Revenue generated by each segment of the coconut alcohol market by 2027.
– Factors expected to drive and create new opportunities in the coconut alcohol industry.
– Strategies to gain sustainable growth of the market.
– Region that would create lucrative business opportunities during the forecast period.
– Top impacting factors of the coconut alcohol market.

Similar Report:

Diacetone Alcohol Market

Oxo Alcohol Market

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Baby Care Products Market Size Hits $58.8 Billion by 2031, Growing at a CAGR of 4.5% from 2022 to 2031.

According to a new report published by Allied Market Research, titled, “Baby Care Products Market,” The baby care products market size was valued at $38.0 billion in 2021, and is estimated to reach $58.8 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

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With the goal of promoting newborns’ general health and wellbeing, the baby care products provide total skin care. Baby lotions, powders, oils, and creams are among the skin care items. The hair is nourished by hair care products including shampoos and detanglers. Wipes and diapers are used to clean and remove dust from the body, leaving the infant feeling clean and fresh. However, the inclusion of several dangerous substances in these goods is probably going to impede market expansion.


Increased infant hygiene care, rising birth rates, and rising consumer disposable income all contribute to the baby care products market expansion for baby care items. The market’s expansion is further aided by the availability of a premium selection of branded goods through a variety of offline and online channels, including retail stores, supermarkets, and official brand shops, as well as online marketplaces like Amazon, Flipkart, and Alibaba. However, the expansion of the baby care products market is hampered by the presence of harmful chemicals in baby products like powders and wipes. The industry has a lot of room to develop as more women join the workforce in nations like the U.S., South Africa, and India because to the convenience and work-life balance that these products offer.

Additionally, sales of baby care products are being driven by awareness of newborn health. Baby care necessities including diapers, thermometers, and moisturizers are all covered by these products. As a result, the demand for the same has significantly increased over the past few years. Additionally, using baby care products is producing fantastic effects. As a result, parents are being influenced to spend money on baby care products. This is creating baby care products market opportunity globally.

According to global baby care products market analysis, the baby care products market is segmented into product types, price point, distribution channel, and region. On the basis of product types, the market is classified into baby skin care, baby hair care, baby food & beverage, and others. Among these, the baby hair care segment occupied the major baby care products market share of the market in 2021, and is projected to maintain its dominance during the baby care products market forecast period. The growth of the baby hair care segment is attributed to the growing concerns regarding hair or scalp diseases. However, the baby skin care products segment is anticipated to grow at highest CAGR in the future.

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By price point, it is bifurcated into low, medium, and high. The medium segment is anticipated to grow at the highest rate during the forecast period, owing to growing demand for reasonable priced products in developing or underdeveloped regions.

As per distribution channel, it is categorized into supermarkets & hypermarkets, drug stores or pharmacy, mass merchandiser, departmental stores, mono-brand stores, specialty stores, online sales channel, and others. The specialty stores segment is anticipated to grow at highest CAGR during the forecast period, due to easy gratification to the customers.

In 2021, Europe accounted for 35.9% in the global baby care products market, and is expected to maintain its dominance during the forecast period. However, North America and Asia-Pacific are expected to possess the highest CAGRs, owing to rise in health concerns of babies and increase in popularity of baby care products in these regions.

Despite the bad circumstances, the COVID-19 pandemic did result in some good situations. The creation of vaccines and their acceptance in a few nations brought some relief. After the pandemic, it’s anticipated that the market for baby care goods will recover in a V-shape. In the fourth quarter of 2020–2021, a rise in revenue has been observed among the major market participants.

The major players analyzed for global baby care products industry are Baby Brezza, Beiersdorf, California Baby, Cotton Babies Inc., Dorel Industries Inc., Helen of Troy Limited, Johnson & Johnson, Kimberly-Clark, Koninklijke Philips N.V., Munchkin, Inc., Nestle SA, Procter & Gamble (P&G), Sebapharma GmbH & Co. KG, and Unilever.

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KEY FINDINGS OF STUDY

  • By product types, the baby hair care segment was the highest revenue contributor to the baby care products market, with $17,601.2 million in 2021, and is estimated to reach $26,565.7 million by 2031, with a CAGR of 4.3%.
  • Depending on price point, the high segment was the highest revenue contributor to the market, with $16,345.4 million in 2021, and is estimated to reach $24,806.6 million by 2031, with a CAGR of 4.3%.
  • As per distribution channel, the drug stores or pharmacy segment was the highest revenue contributor to the market, with $8,861.2 million in 2021, and is estimated to reach $13,367.2 million by 2031, with a CAGR of 4.3%.
  • Region wise, Europe was the highest revenue contributor, accounting for $13,698.0 million in 2021, and is estimated to reach $20,039.2 million by 2031, with a CAGR of 3.9%.

Related Report :

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

At-Home Fitness Equipment Market is expected to expand at a CAGR of 7.8% in terms of Revenue Generated and Growth Rate

According to a new report published by Allied Market Research, titled, “At-Home Fitness Equipment Market by Product Type, Distribution Channel, End User, and Price Point: Global Opportunity Analysis and Industry Forecast, 2021–2027,” the at-home fitness equipment market size is expected to reach $11,459 million by 2027 at a CAGR of 7.8% from 2021 to 2027.

Fitness equipment are widely used for physical fitness, weight management, and improving body stamina & muscular strength. The commonly used at-home fitness equipment are treadmills, stationary cycles, stair climbers, rowing machines, elliptical, and free weights. Rise in awareness regarding health & fitness, increase in obese population, government initiatives to promote healthy lifestyle, and increase in youth population are the major factors that drive the growth of the global at-home fitness equipment market. Moreover, upsurge in youth population, improved lifestyle, and rise in disposable income of individual in developing countries are anticipated to offer immense opportunities for the market players.

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An alarming rise in global obesity, especially in urban areas, supplements the growth of the at-home fitness equipment market. According to WHO, in 2016, around 1.9 billion adults were overweight and of these around 650 million were obese. Obesity is associated to a number of health issues or disorders such as sudden cardiac arrest, hypertension, hypotension, and diabetes. Therefore, to lose weight, reduce stress, and improve blood circulation, obese people tend to use more of fitness equipment, thereby increasing the sales for these products.

Further, the growing adoption of artificial intelligence (AI) and machine learning technology in the at-home fitness equipment is driving the global at-home fitness equipment market. It is expected that the AI based personal trainer is the upcoming trend in the at-home fitness equipment market. Tech giants such as Google and Apple are engaged in developing their smart wearable devices that can virtually guide and assist its users based on health data collection. This will boost the at-home fitness equipment market in future.

The global at-home fitness equipment market is segmented into product type, distribution channel, end user, price point, and region. Depending on product type, the at-home fitness equipment market is categorized into cardiovascular training equipment, free weights, and power racks. The cardiovascular training equipment segment is sub-segmented into treadmills, stationary cycles, rowing machines, and elliptical and others. By distribution channel, the global at-home fitness equipment market is segregated into dealers, online, retail, and gyms/clubs.

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The online segment is further segregated into direct distribution and 3rd party retailers. The retail segment is further fragmented into mass retailer and specialty retailer. By end user, the at-home fitness equipment market is segregated into households, apartment, and gym in apartment. By price point, the market is segmented into low, mid, and luxury.

Companies can operate their business in highly competitive market by launching new products or updated versions of existing products. Partnership/collaboration agreement with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players opted for product launch or partnership strategies to strengthen their foothold in the market. To understand the key trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the fitness equipment market analysis includes Tonal Systems, Inc., ICON Health & Fitness, Inc., PENT, Technogym, Louis Vuitton, PELOTON, NOHrD, Nordic Track, ProForm, Precor, Inc., Schwinn, JTX Fitness, Keiser Corporation, Corepump, and York Barbell.

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Key findings

North America dominates in terms of at-home fitness equipment market share and is expected to retain its dominance during the forecast period.
In 2019, based on product type, the cardiovascular training equipment segment leads in terms of market share, and is expected to gain market share in the upcoming years

The free weights segment is poised to grow at highest CAGR during the forecast period.
Households segment is expected to gain market share in the upcoming years and is estimated to grow at a CAGR of 9.6% during the forecast period.
Based on region, Europe is anticipated to grow with robust CAGR of 7.6% during the forecast period.

Key offering of the Report:
Key driving factors: An in-depth study of the dynamic factors such as drivers, restraints, challenges, and opportunities
Current market trends & forecasts: A comprehensive study of the the At-Home Fitness Equipment Market
along with recent market trends and forecasts during the forecast period to help customers make an informed decision and formulate lucrative business strategies
Segmental Analysis: A study of each segment coupled with driving factors and growth rate analysis of every segment
Geographical analysis: An in-depth analysis of the market across several geographical regions that help market players to leverage fruitful market opportunities
Competitive landscape: A study of prime market players that are currently leading the At-Home Fitness Equipment Market


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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
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+1-800-792-5285, +1-503-894-6022
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 Cigarette Vending Machine Market is estimated to reach $2.2 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031

The major factor driving the global cigarette vending machine market growth is the large number of people who are addicted to smoking

According to a new report published by Allied Market Research, titled, “Cigarette Vending Machine Market,” The cigarette vending machine market size was valued at $1.3 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031. The automatic cigarette vending machines occupied more than half of the share in the global cigarette vending machine market in 2021.

A cigarette vending machine is a machine that accepts cash in exchange for cigars and cigarettes. These machines are most commonly found at establishments that provide a designated smoking area for customers, such as hotels and nightclubs. Due to their simple operation and payment method, there is a great cigarette vending machine market demand.

The increasing number of people who are addicted to smoking is a primary element fueling the expansion of market. The demand for cigarette vending machines is also being fueled by large investments in bars and nightclubs as well as convenience of access. The introduction of cigarette vending machines and their numerous features that help retailers better understand consumer behavior has fueled the market’s expansion. Due to strong government rules about smoking cigarettes, cigarette vending machines are subject to obligations and restrictions in many countries. In addition, cigarette vending machines are commonly found in locations with a designated smoking area. The market is expected to continue to rise as a result of hectic lifestyle and technological developments.

The installation of cigarette vending machines in hotels, restaurants, and airports is predicted to boost the global cigarette vending machine market growth. The cigarette vending machines entice customers with their quick service and wide range of products, propelling the global market. Furthermore, cigarette vending machines offer cashless payment options, such as smartphone payment systems, which contribute the market’s growth. The high installation cost of cigarette vending machines limits the global cigarette vending machine market’s expansion.

According to market analysis, the global market is segmented on the basis of operational mode, payment mode, application, and region. By operational mode, the market is classified into manual and automatic. Among these, the automatic cigarette vending machine occupied the major share of the market in 2020, and is projected to maintain its dominance during the cigarette vending machine market forecast period. Manual cigarette vending machine is anticipated to grow at the highest CAGR in the future.

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By payment mode, the market is segmented into cash and swiping card. The swiping card segment is anticipated to grow at the highest rate during the forecast period, owing to the trend of using digital cash. Moreover, swiping card cigarette vending machine are easy to operate and saves time for customers.

By application, it is categorized into pubs & nightclubs, hotels & restaurants, public places, and others. The pubs & nightclubs segment is anticipated to dominate the market during the forecast period, due to rise in pubs & bars culture and high disposable income of people.

In 2021, North America accounted for more than half share of the global market, and is expected to maintain its dominance during the forecast period. Moreover, Asia-Pacific and LAMEA are expected to possess the highest CAGRs, owing to the surge in demand for flavored cigarettes in the market.

The surge in demand for cigarettes due to hectic lifestyles, increase in consumption of cigarette, rise in technological advancements, and surge in demand for cigarette vending machine from retail industry are factors driving the growth of the market.

Porter’s five forces analysis for the cigarette vending machines market highlights market competition in terms of the power of buyers, suppliers, manufacturers, and new entrants.

Furthermore, shift in living standards of the consumers, as well as an increase in per capita income of the consumers have resulted in the launch of new products and the entry of new players in the market over the forecast period.

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The impact of the COVID-19 pandemic on the global market was negative, due to the supply chain disruption. All manufacturing and production units were halted during the outbreak. In addition, trade restrictions and travel restrictions hindered the growth of global cigarette vending machines market.

The major players analyzed for global cigarette vending machine industry are CoreVend, Future Techniks India Private Limited, GM Global Solutions, HARTING Technology Group, Jofemar, Mega Vending, Peninsula Vending CC, Rvend Pty. Ltd, Slim Line Designs, and Vending Design Works Ltd. These major market players have adopted various strategies such as collaboration to expand their market reach. The strategies adopted in the market is. The new market players are also entering the market with latest and advanced versions of cigarette vending machines.

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KEY FINDINGS OF STUDY

By operational mode, automatic cigarette vending machines was the major segment of the market in 2021, and is anticipated to grow at the significant CAGR of 4.4% during the forecast period.
By payment mode, the swiping card segment is expected to witness growth at CAGR of 5.2%, in terms of value, during the forecast period.
By application, the pubs & nightclubs segment is anticipated to witness growth at a CAGR of 4.5% during the forecast period.
Region wise, North America was the dominant region in 2021, occupying more than half of the cigarette vending machine market share.

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Vegan Cosmetics Market is Projected to Hit $16.6 billion in 2031 | Vegan Cosmetics Industry exhibit a CAGR of 5.9%

Vegan cosmetics are meant for personal care, skincare, face care, and hair care and are used to cleanse or protect the body or hair

Rise in vegan population, increase in disposable income, and mandatory vegan certification to ensure the authenticity of the vegan cosmetic products are major drivers of the global vegan cosmetics market.

According to a new report published by Allied Market Research, titled, “Vegan Cosmetics Market,” The vegan cosmetics market size was valued at $16.6 billion in 2021, and is estimated to reach $28.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031. Vegan cosmetics are made up of chemical compounds taken from natural or synthetic sources that do not contain any animal-derived ingredients. Ingredients produced from animals include honey, beeswax, lanolin, collagen, albumen, carmine, cholesterol, gelatin, and many others. Vegan cosmetics are also devoid of animal cruelty and testing. Vegan cosmetics are meant for personal care, skincare, face care, and hair care and are used to cleanse or protect the body or hair. Vegan cosmetics are used to enhance or modify a person’s appearance (makeup) by hiding imperfections, accentuating natural features (such as brows and eyelashes), adding radiance to the face, or completely redefining the look.

Globally, consciousness regarding enhancement of the overall personality has increased significantly among individuals. An increase in disposable income has enabled individuals to spend more on vegan cosmetics products than they had in the past. Therefore, personal care products have witnessed significant demand globally. Even now, owing to the lack of awareness regarding health risks associated with synthetic/chemical-based cosmetics products, the demand for organic cosmetics products was limited. Most consumers are inclined toward organic and vegan cosmetics to reduce the health risk associated with synthetic personal care. Organic personal care and cosmetics are made from plant extract and natural ingredients and contain a minimal/low amount of synthetic ingredients. Thus, it does not show any adverse impact on the human body. Organic and vegan cosmetic products are perceived to be safer than chemical skincare products therefore the vegan cosmetics market opportunities for growth are expected to be rising.

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The global vegan cosmetics market is expanding due to an increase in the vegan and vegetarian population, expansion of the vegan cosmetics business, and an increase in conformity with People for the Ethical Treatment of Animals (PETA) cruelty-free accreditation. Furthermore, the entry of international firms presents the global vegan cosmetics market opportunity for development. With the growing vegan population, global firms such as L’Oreal, Unilever, P&G, and others are believed to have prospects to enter the vegan cosmetics sector to meet the growing demand for vegan beauty goods. However, the high prices associated with these cosmetics, as well as the absence of common rules for vegan certification, are projected to stymie the vegan cosmetics market growth.

The demand for vegan color cosmetics is expected to grow at the fastest rate during the vegan cosmetics market forecast period, owing to the growing vegan and vegetarian population’s purchasing power and the desire of young vegan women to associate their interest in fashion and makeup with products made without animal by-products. These aspects generate the profitable potential for multinational companies in the global vegan cosmetics market. Increased interest in fashion and beauty trends among young people in countries such as Germany, France, the United Kingdom, Australia, and others has spurred vegan cosmetics market demand, which will propel the worldwide vegan cosmetics business.

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The vegan cosmetics market is segmented into product type, price point, gender, end user, sales channel, and region. On the basis of product type, the market is categorized into skincare, cosmetics, hair care, and others. On the basis of price point, it is divided into premium and economic. On the basis of gender, the market is segmented into women, men, and children. On the basis of end user, the market is divided into personal and commercial. On the basis of sales channel, the market is divided into hypermarkets/supermarkets, specialty stores, online channels, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, South Africa, and rest of LAMEA).

KEY FINDINGS OF THE STUDY
• On the basis of product type, the skincare segment is projected to witness the highest CAGR of 5.2%, in revenue terms, during the forecast period.
• According to vegan cosmetics market analysis, on the basis of price point, the economic segment is expected to grow at a significant CAGR during the forecast period.
• On the basis of gender, the women segment is expected to grow at a significant CAGR during the forecast period.
• According to vegan cosmetics market trends, on the basis of end user, the commercial segment is projected to witness the highest CAGR of 6.5%, in revenue terms, during the forecast period.
• On the basis of sales channel, the online channels segment is expected to grow at a significant CAGR during the forecast period.
• On the basis of region, the U.S. was the largest country, in terms of revenue generation for vegan cosmetics industry in 2021.
• On the basis of region, Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.7% from 2022 to 2031.

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The players operating in the global vegan cosmetics market have adopted various developmental strategies to expand their vegan cosmetics market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Amway Corporation, Estee Lauder Companies Inc., Groupe Rocher, L’Occitane Group, L’Oréal S.A., LVMH Group, MuLondon, Pacifica Beauty, Unilever, and Weleda.

SIMILAR REPORTS :-
Functional Apparel Market https://www.alliedmarketresearch.com/functional-apparel-market-A06084
Sexual Wellness Market https://www.alliedmarketresearch.com/sexual-wellness-market-A06393

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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Camping Equipment Market register to growth at USD 10.78 billion By 2031

Increase in youth population are the major factors that drive the growth of the global camping equipment market.

Growing inclination of millennials and GenX toward camping is the major factor that drive the growth of the camping equipment market globally. However, transportation and time barrier impede the market growth. According to a new report published by Allied Market Research, titled, “Camping Equipment Market,” The camping equipment market size was valued at $22.0 billion in 2021, and is estimated to reach $46.7 billion by 2031, growing at a CAGR of 8.1% from 2022 to 2031.

The global camping equipment market size was valued at $21.9 billion in 2021, and is projected to reach $46.7 billion by 2031, registering a CAGR of 8.1% from 2022 to 2031. Camping equipment are widely used for convenience during camping. Furthermore, camping tent is gaining popularity among the campers. There are various types of tents available for their accommodation. Commonly used camping tents are dome tent, tunnel tent, and geodesic tent. Rise in awareness regarding health & fitness, increase in number of campers, surge in initiatives from tourism associations to promote camping activities, and increase in youth population are the major factors that drive the growth of the global camping equipment market.

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Since 2014, the popularity of recreational vehicle (RVs) was increasing among the campers for the purpose of the accommodation during the camping. The offerings innovative, cheap, portable, light weighted, and sustainable accommodation options such as camping tent has impacted the use of RVs negatively in the past couple of years. In addition, camping tent is affordable and adventurous as compared to the RVs, which is enticing campers to purchase innovative tents for camping purpose. Manufacturers focus on meeting Camping Equipment Market Demand from Indian and Chinese campers according to their environmental needs and camping requirements. Asia-Pacific is expected to offer huge Camping Equipment Market Demand opportunity to tap the camping equipment market in the region. However, increase in interest of campers for novel tents supports the global growth of the camping equipment market.

However, counterfeiting of camping equipment, such as tent is a key restraining factor of the Camping Equipment Industry. On the contrary, surge in youth population, improvement in lifestyle, and rise in disposable income of people in developing countries are anticipated to offer immense opportunities for the market players. These market players are promoting the camping activity among the people through social medias and advertisements to attract customers in the market. People are preferring camping and willing to purchase necessary camping equipment such as tent, bags, cooking utensils, and others which supplements the growth of the c market globally.

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E-Commerce or online store is a huge platform growing at a tremendous rate worldwide. Consumer from every age including generation X, millennial, or generation Z likes to shop from different e-stores. Online shopping is more convenient as compared to physical shopping stores due to the rising numbers of retailers focusing on e-commerce making it convenient for consumers to find anything easily on online store over physical stores. Thus, the rising digital world and increasing percentage of population inclining toward online shopping across the countries is expected to provide a great Camping Equipment Market opportunity for the manufacturers to sell their existing as well as novel camping equipment products through online platform also contributing in increasing consumer awareness about their products and making them easily available to consumers. Thus, this fact is anticipated to propel the Camping Equipment Market Growth during the forecast period.

The camping equipment market is segmented into type, application, distribution channel, and region. On the basis of type, the market is categorized into camping furniture, camping bag packs, tents, cooking system & cook wears and camping gears & accessories. On the basis of application, the market is categorized into personal and commercial, On the basis of distribution channel, it is fragmented into business to business, hypermarkets/supermarkets, specialty stores, online retailers, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, South Korea, ASEAN and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, MENA and rest of LAMEA).

The key players analyzed in the report are AMG-Group, Big Agnes, Inc., Dometic Group AB, Exxel Outdoors, LLC, Hilleberg The Tentmaker AB, Johnson Outdoors, Newell Brands, Oase Outdoors ApS, Simex Outdoor International GmbH, and VF Corporation.

Key findings of the study :-

On the basis of application, personal segment has the major Camping Equipment Market share in 2021 and is likely to remain dominant during the forecast period.
On the basis of type, camping backpacks segment dominated the global market in 2021 and is likely to remain dominant during the forecast period.
On the basis of business to business, personal segment dominated the global market in 2021 and is likely to remain dominant during the forecast period
On the basis of region, North America region dominated the global market in 2021 and is likely to remain dominant during the forecast period.

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Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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Travel Retail Market is Anticipated to Grow at a Sluggish CAGR of 14.9% through 2028

quote Retailers at travel retail stores are yet to catch-up with the innovations happening outside of their world. Nevertheless, Covid-19 will certainly accelerate transformation of travel retailers especially in contactless payments, loyalty programs, and digitization. quote

According to a new report published by Allied Market Research, titled, “Global Travel Retail Market by Product Type, and Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028.” The global travel retail market size is expected to reach $145.0 billion by 2028, registering a CAGR of 14.9% during the forecast period. The perfumes & cosmetics segment has a strong customer base in the global travel retail market. Some of the leading companies, such as Estee Lauder, LOral, Rituals Cosmetics, Revlon, and others, are expanding their businesses by opening their outlets at every international airport with an exclusive and a wide range of fragrances and skin care products. This is because billions of people travel internationally every year and spend money and time at airports. The travelers get a lot of free time at the airport to browse and buy products. In addition, travel retail creates more visibility for their products, which draws the attention of new customers in different countries and increases brand loyalty of existing customers.

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Development of the travel & tourism industry, rapid urbanization, and changes in lifestyle, owing to increased disposable income of consumers drive the growth of the travel retail market. In addition, increase in travel & tourism or international tourist arrivals in the emerging economies, such as Asia-Pacific and LAMEA is anticipated to create lucrative opportunities for the global travel retail market. However, unorganized local markets and stringent regulations in airport retailing hamper the growth of the travel retail market.

The wines & spirits segment is the second largest revenue contributor in the global travel retail market. The consumption of wines, particularly luxury wines and spirits has witnessed considerable growth in the past few years. Wines & spirits, of the total, have 15.9% of the travel retail market share. In addition, it has been observed that luxury wines & spirits are highly preferred by the international passengers, which leads to the growth of the travel retail market demand. Passengers travelling over distances mostly prefer wines & spirits. Also, the growth in culture of owning luxurious goods and consumption of expensive wines & spirits drives the growth of the travel retail market trends.

Asia-Pacific is the largest travel retail market in the world, and is growing at the fastest rate owing to improvements in living standards, rise in disposable income, improvement in lifestyle, and development of the tourism industry.

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Furthermore, Europe is one of the largest travel retail markets, owing to its stronger base of luxury products. It is anticipated to have the fastest travel retail market growth with a CAGR of 7.2% during the forecast period. The region possesses some of the biggest apparels and cosmetics brands, namely, LVMH from France and H&M from Sweden, which hold a significant share in the luxury apparels, perfumes, and cosmetics sector, thereby making it the second largest travel retail market. Wealthy tourists from the Middle East, China, the U.S., and Russia contribute significantly toward the growth of the Europe travel retail market. Being the historical home of most of the luxury houses, Europe market accounts for nearly $23 billion of the travel retail sector.

Key findings of the study

  • By channel, the airports segment accounted for the maximum market revenue in 2020, and is projected to grow at a CAGR of 14.9% during the forecast period.
  • By channel, the border, downtown, & hotel shops segment is expected to grow at the highest CAGR of 14.7%.
  • By product, the perfumes & cosmetics segment accounted for more than 31.5% of travel retail market in 2020, and is expected to dominate the global market by 2028.
  • By product, the luxury goods segment is expected to grow at the highest CAGR of 19.4% during the forecast period.
  • By region, China was the major shareholder in the Asia-Pacific travel retail industry, and accounted for around 41.1% share in 20207.

The key players in travel retail market have focused in expanding their business operations in the emerging countries by adopting various strategies, such as acquisition and contact/agreement. The major players profiled in this report include DFS Group, Dufry, LS travel retail, Lotte Duty Free, King Power International Group, The Shilla Duty Free, Gebr, Heinemann, China Duty Free Group (CDFG), Aer Rianta International (ARI), and The Naunace Group.

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Reason to Buy:–

✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global travel retail market

✅ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.

✅ The key findings and recommendations highlight crucial progressive industry trends in the travel retail market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.

✅ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.

✅ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

David Correa
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Gym Accessories Market Size Hits $12.01 billion by 2031,

According to a new report published by Allied Market Research, titled, “Gym Accessories Market,” The Gym Accessories Market Size was valued at $6.51 billion in 2021, and is estimated to reach $12.01 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.

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Consumer awareness of fitness, health, and gym activities has significantly increased in recent years. The number of persons engaging in such activities and choosing them as careers has increased as a result of this rise in awareness. The different sections of the body need support and strength, which are offered by various types of gym accessories, in order to function and produce their best during such demanding activities.

The majority of gym accessories on the market are designed to support customers and uphold good technique and posture in order to prevent strains, exhaustion, and damage. This aids in extending the amount of time that the customer can engage in physical activity and in simplifying some challenging workouts. Additionally, using such goods helps the body retain more energy by adequately supporting the body’s vital areas, such the wrists, back, and arms, so that less energy is used during weightlifting or exercise.

Additionally, using gadgets like heart rate and blood pressure monitors can help users gain more endurance and fine-tune their training routines based on their cardiovascular health and whether they want to build muscle or lose weight. Additionally, supplemental equipment like towels, mats, sippers, mp3 players, and fitness monitors enhance the effectiveness of workouts and the overall experience in the gym.

The rise in the popularity of working out and going to the gym, along with improved awareness of how to utilise these products, has led to an increase in the use of gym accessories among casual customers. In addition, the proliferation of specialty stores selling these products, along with the simple accessibility of these products through internet sellers, have made it very simple for customers to buy them, which is fostering the expansion of the industry.

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The health club/gym segment to dominate by 2031-

By end-user, the health club/gym segment contributed to nearly two-fifths of the global gym accessories market share in 2021, and is expected to lead the trail by 2031, due to increase in the number of health clubs and gyms across the world. The corporate office segment, on the other hand, is expected to exhibit the fastest CAGR of 9.3% from 2022 to 2031. This is because several corporate organizations have set up fitness centers and offer fitness programs to improve the health of employees and increase their productivity.

The specialty stores segment to maintain the lion’s share-

Based on distribution channel, the specialty stores segment generated nearly two-fifths of the global gym accessories market revenue in 2021, and is expected to lead the trail by 2031. Specialty sporting stores can serve as gathering places for enthusiasts, particularly if the owners host special events and product demonstrations, which indirectly promotes the product that is introduced newly or already exists in the market. Employees at specialty sporting stores are familiar with different gym accessories available and provide insights to their customers for a better understanding of the properties and usage of gym accessories in an effective manner. Such features of specialty sporting stores entice customers, thus contributing to the growth of the gym accessories market. The online sales channel segment, on the other hand, would manifest the fastest CAGR of 9.8% from 2022 to 2031, due to rapid growth in online and mobile user customer bases in developing economies.

The heart rate monitor segment to manifest the highest CAGR-

Based on type, the heart rate monitor segment would manifest the fastest CAGR of 9.8% from 2022 to 2031.This is because heart rate monitors help identify whether the workout is burning fats or carbohydrates, as faster heart rates indicate burning of carbohydrates and lower heart rates indicate burning of fat. This helps users develop cardiovascular workout routines depending on their preferences and workout goals. The others segment, simultaneously, held nearly one-fourth of the global gym accessories market revenue in 2021, and is expected to lead the trail by 2031.

Asia-Pacific garnered the major share in 2021-

Based on region, Asia-Pacific held the major share in 2021, generating more than two-fifths of the global gym accessories market. The same region would also garner the fastest CAGR of 6.2% by 2031. Rapid urbanization in developing economies, increasing youth population, and rising per capita disposable income are expected to propel the adoption of gym accessories in the region.

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Key players in the industry-

  • Torque Fitness
  • Core Health & Fitness
  • Naitilus, Inc
  • Peloton Interactive
  • Antasports
  • Lifefitness
  • Aerofit
  • Beingstrong
  • Sfhealth
  • Icon Health & Fitness
  • Jeraifitness
  • Proform
  • Techno gym S.p.A
  • Fitness World AS
  • Rogue Fitness
  • Hammer Sport AG

The report analyzes these key players in the global gym accessories market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

Related Report :

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Luxury Watches Market (Industry) Revenue to Reach$51.31 Bn by 2027

 Growing consumer purchasing power and disposable income, an increase in the number of brand-obsessed individuals, and a rise in the demand for luxury goods like luxury watches among customers to demonstrate their status are anticipated to boost the market growth rate. Additionally, as aviation becomes more complex, more custom-made pilot luxury watches are being used to aid in mid-flight aeronautical calculations, such as fuel usage and wind correction angle. The market for luxury watches is expanding in part due to the accessibility of timepieces with distinctive strap designs, face colours, and themes. Additionally, as a status symbol, the demand for appealing luxury watches is rising, as is luxury buyers’ preference for a number of foreign brands.

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According to the CXOs of leading companies, the global Luxury Watches Market exhibits high growth potential in developing economies such as Japan, China, and India, owing to increase in personal disposable income and high spending for luxurious lifestyle. Increase in high net worth individuals and fast emerging economies, such as China and India, facilitate to increase the wealth of the people, thereby increasing the demand for luxury goods, including watches. Rise in number of millionaires and their wealth is attributed to dynamic changes in business environment and technological disruptions, including Internet of Things. In addition, the COVID-19 pandemic has led to growth of the Internet of Things and healthcare sectors. For instance, according to Zhong Huijhan, founder and CEO of Hansoh Pharmaceutical Company, the pandemic boosted the wealth of healthcare executives holding shares in drug and medical device companies developing coronavirus vaccines and therapeutic drugs, which directly impacted the luxury goods and Luxury Watches Markets.

The Asia-Pacific region has been witnessing surge in demand for luxury goods, which is expected to be sustained during the forecast period, owing to the presence of fastest-growing economies. Growing billionaire wealth in the region further favors the growth of the market. According to report published by UBS public company incorporated under the laws of Switzerland, In 2018, the billionaire wealth of Mainland China was valued at $134.9 billion and increased to $1,680.9 billion in 2020.

However, fraudulent & counterfeit luxury watches and limited customer base are the major challenges for the growth of the Luxury Watches Market. Fake luxury watches not only result in losses to innocent buyers but also affect the image of the brand and decrease brand loyalty.  

According to the report published by Allied Market Research, the global luxury watches market generated $43.66 billion in 2019, and is expected to generate $51.31 billion by 2027, witnessing a CAGR of 4.5% from 2021 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.

The report offers detailed segmentation of the global luxury watches market based on type, end user, distribution channel, and region.

Based on type, the mechanical watches segment contributed to the highest market share in 2019, holding around three-fourths of the total share in 2019, and is projected to maintain its leadership status during the forecast period. However, the electronic watches segment is expected to witness the highest CAGR of 6.0% from 2021 to 2027.

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Based on distribution channel, the multi-brand store segment accounted for the largest share in 2019, contributing to more than two-fifths of the global luxury watches market, and is estimated to maintain its lead position during the forecast period. However, the online store segment is expected to manifest the fastest CAGR of 6.0% from 2021 to 2027.

Based on region, Europe held the largest market share in 2019, accounting for more than two-fifths of the total share, and is estimated to continue its dominant share in terms of revenue by 2027. However, Asia-Pacific is expected to portray at the highest CAGR of 6.1% during the forecast period.

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Leading players of the global luxury watches market discussed in the research include CASIO Computer Co. Ltd., Compagnie Financière Richemont SA, Citizen Watch Co. Ltd., LVMH Moet Hennessy -Louis Vuitton, Fossil Group Inc., Patek Philippe SA, Movado Group Inc., Seiko Holdings Corp., Rolex SA, and the Swatch Group Ltd.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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