About Luxury Appraisal Service
Appraisers also known as valuers play a vital part in the real estate market. Whenever somebody is buying a property and needs financing, appraisers are the unbiased experts hired by the lending institution to decide the property’s esteem and make sure that the bank isn’t lending out more cash than it’s worth. Appraisers are also hired by people for estate purposes, taxes, divorce settlements, or other sorts of litigation. They can also evaluate an essential or secondary property’s value for a high-net-worth individual’s wealth management portfolio, or decide how much a property is worth before a proprietor lists it or starts remodelling. Appraisal Service is being used by numerous people to know how genuine the luxury product is.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Luxury Appraisal Service market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Federal Gemological Laboratory (Canada), Worthy (United States), SHERRIE (United States), Centre Testing International Co (China) and CCIC (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Luxury Appraisal Service market by Type (Real Estate, Precious Jewellery and Others), Application (First Hand Products and Second Hand Products) and Region.
On the basis of geography, the market of Luxury Appraisal Service has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Blockchain technology and artificial intelligence are being utilized to help improve the speed and accuracy of the appraisal of luxury brands
Market Growth Drivers:
Celebrity brand endorsement and increasing marketing campaigns
Challenges:
High cost of the service
Restraints:
Increasing penetration of counterfeit products
Opportunities:
Increasing individual spending capacity will be bringing in more opportunities for the market.
Market Leaders and their expansionary development strategies
In November 2023, Appraisal technology company Accurate Group announced this week that it has acquired Voxtur Appraisal Services, an appraisal management company (AMC). Voxtur primarily serves real estate finance providers and specializes in broker-price opinions (BPOs), alternative valuation methods and traditional appraisals.
In May 2022, The Gemological Institute of America's India branch, GIA India announced the launch of its new pearl identification laboratory in Mumbai.
The purpose of the Uniform Appraisal Standards for Federal Land Acquisitions (Standards) is to promote fairness, uniformity, and efficiency in the appraisal of real property in federal acquisitions. Just compensation must be paid for property acquired for public purposes, whether by voluntary purchase, land exchange, or the power of an eminent domain. Landowners should be treated equitably no matter which agency is acquiring their land. The use of public funds compels efficient, cost-effective practices.
Key Target Audience
Service Provider, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.