Engraving Services in the US - Industry Market Research Report

Engraving Services in the US - Industry Market Research Report

Engraving Services in the US

The Engraving Services industry has experienced volatility, primarily driven by mixed operating conditions. Rising per capita disposable income has helped to support revenue growth. However, the economic slowdown following the spread of COVID-19 caused a sizable decline in industry revenue. With unemployment rising during 2020, consumers and companies became less likely to spend for the industry's discretionary services to customize products. Despite the turbulence, many companies have expanded their online presence, which has sustained demand and contributed to the industry's recovery. As the economy has rebounded, improved corporate profit and consumer confidence levels have helped to boost industry revenue. However, challenges remain within the industry as external competition has begun replacing industry services, and consumers have found other ways to add unique touches to their generic products. Ultimately, industry-wide revenue has been shrinking at an average annualized 0.6% over the past five years and is expected to total $1.6 billion in 2023, when payment will rise by an estimated 3.0%.

This industry engraves designs, numbers or text on a broad range of surfaces (e.g. plaques, trophies, invitations, firearms, electronics, laptops and industrial ID tags) for consumers and businesses. Services include laser engraving, reverse engraving and other engraving techniques.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.