The global chandelier market size is anticipated to reach USD 8.5 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to grow at a CAGR of 3.4% during the forecast period, 2019 to 2025. This growth is attributed to rising demand for decorative lighting fixtures and rising consumption from residential as well as commercial sector. This product enhances the ambience and creates a warm welcoming environment at commercial spaces such as shopping malls and luxury hotels. Therefore, they are extensively used at such commercial places to provide a pleasing consumer experience. Moreover, improving lifestyles of people in developing as well as developed regions is also expected to boost the product demand over the forecast period.
The segment of segment of transitional chandeliers held the largest market share of more than 35% in 2018 owing to its unique design gives traditional as well as modern touch. These are suitable for both modern and classic themes. Moreover, rustic designs with ethnic touch are gaining high popularity among the consumer group. This is projected to drive the segment growth over the forecast period.
Chandeliers made with alloys like brass, bronze and wood are gaining high popularity. Innovative designs that blend easily with any theme are preferred by majority of the consumers. Moreover, manufacturers are providing customized products that fulfill desired requirements of consumers. This is expected to impact positively on the chandelier market growth over the forecast period.
Asia Pacific is projected to grow at the fastest rate from 2019 to 2025 owing to rising number of luxury home construction and renovation contracts in this region. Moreover, improving living standards coupled with rising number of shopping malls and other such commercial spaces is anticipated to propel the growth of regional market over the forecast period. In addition, growing tourism and hospitality sectors in countries such as Sri Lanka, Thailand, Maldives, China, and India is also driving the demand for decorative lighting fixtures from 2018 to 2015.
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Further key findings from the report suggest:
• By product, the segment of transitional chandeliers generated the revenue exceeding USD 2 billion in 2018 and is anticipated to maintain its leading position in the forthcoming years owing to uniqueness of the segment.
• In 2018, the commercial application segment held the largest revenue share of over 60% due to rising number of commercial spaces such as hotels, restaurants, shopping malls, pubs, libraries, and wedding halls
• The segment of modern chandeliers is anticipated to register the highest CAGR of 3.8% over the forecast period.
• In 2018, North America dominated the global market with the largest market share of 31.7% and is projected to maintain its dominance from 2019 to 2025
• The segment of online distribution channel is projected to grow at the fastest CAGR of 4.8% over the forecast period
• Leading players in this industry are Generation Brands LLC; Elegant Lighting; Koninklijke Philips N.V.; HSL Worldwide Lighting Corporation; Maxim Lighting International; Acuity Brands Lighting Inc.; Vanguard Lighting Co. Ltd.; Hubbell Incorporated; James R. Moder Crystal Chandelier Inc.; and King's Chandelier Company.
Million Insights has segmented the global chandelier market based on product, application, distribution channel and region:
Chandelier Product Outlook (Revenue, USD Million, 2015 - 2025)
Chandelier Application Outlook (Revenue, USD Million, 2015 - 2025)
Chandelier Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Chandelier Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa