Chandelier Market To Hit Value Worth $8.5 Billion By 2025 | Grand View Research, Inc.
The global chandelier market size was valued at USD 6.7 billion in 2018 and is anticipated to exhibit a CAGR of 3.4% over the forecast period. These lighting fixtures are used in luxury hotels, royal houses, and big commercial places to enhance ambience, which is expected to propel the market growth. Furthermore, the growth of luxury homes in key metropolitan cities including New York, Los Angeles, San Francisco, Toronto, London, Paris, Hong Kong, Singapore, and Sydney, is expected to drive the product demand.
Growth of tourism and hospitality industry owing to rising disposable income, especially among millennials is expected to impel market growth. Hotels play a key role in promoting the utility of decorative lighting products including chandeliers. Increasing preference of the corporates and other organizations for hotels to organize annual events is expected to positively influence the market. Hotels are constantly improving their infrastructure and services to cater to corporate customers. Lighting from chandeliers adds a touch of luxury and modern look to the rooms and enhances aesthetic appeal of the interiors. Some of the variants such as giant rounded chandelier, huge bubble lighting, supernova, and oversized crystal chandelier have gained significant popularity in interior design and decoration of hotels.
Key market players are Elegant Lighting; Generation Brands LLC; Koninklijke Philips N.V.; Maxim Lighting International; HSL Worldwide Lighting Corporation; Acuity Brands Lighting Inc.; Hubbell Incorporated; Vanguard Lighting Co. Ltd.; King’s Chandelier Company; and James R. Moder Crystal Chandelier Inc. The companies are adopting business strategies such as mergers and acquisitions to expand their product portfolio and to gain competitive edge. For instance, in January 2019, Hubbell Incorporated launched a new collection of pendants, chandeliers, and sconces under the brand Progress Lighting, designed by American designer Jeffrey Alan Marks. This collection includes an eight-light chandelier with elegantly outstretched arms subtly balance form and weight, influenced by both industrial and artisanal style.
Growing awareness regarding interior decoration coupled with increasing investments in home décor, especially by affluent millennials is anticipated to propel the growth. Social networking sites 1] play a vital role in promoting the use of chandeliers to enhance residential as well as commercial decor, which in turn is expected to fuel the product demand.
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Over the past few years, the raw material preference is shifting from crystal to other materials such as metal, glass, wood, plastic, and concrete. Rising popularity of products made using a combination of materials, such as metal and wood or metal and glass is expected to create growth opportunities for manufacturers. In addition, rising popularity of black and other dark colored chandeliers for restrained and bright interiors is expected to drive the market growth.
Further key findings from the report suggest:
- Transitional product generated a market revenue of more than USD 2 billion in 2018. This segment is expected to continue this dominance in near future, owing to versatility of the product
- In terms of application, commercial sector held the dominant market share of more than 60% in 2018, owing high demand for the product from commercial places
- Modern chandelier segment is expected to witness the fastest CAGR of 3.8% from 2019 to 2025, owing to innovative designs suitable for modern homes
- North America held the dominant market share of 31.7% in 2018 and is anticipated to continue leading over the forecast period
- Online distribution channel is expected to witness a CAGR of 4.8% from 2019 to 2025
- Some of the key players are Elegant Lighting; Generation Brands LLC; Koninklijke Philips N.V.; Maxim Lighting International; HSL Worldwide Lighting Corporation; Acuity Brands Lighting Inc.; Hubbell Incorporated; Vanguard Lighting Co. Ltd.; King’s Chandelier Company, and James R. Moder Crystal Chandelier Inc.
Transitional chandeliers held the dominant market share of over 35% in terms of revenue in 2018. Transitional variants are a combination of both traditional as well as modern kinds. The product has gained popularity among consumers owing to innovative designs that beautifully blend with any type of interior. Iron, nickel, bronze, brass, steel, and copper are the commonly used raw materials for these products.
Asia Pacific is anticipated to exhibit the fastest CAGR over the forecast period, attributed to increasing investments in property renovation. Growing popularity of China, Thailand, India, Sri Lanka, and Maldives as tourist destinations is anticipated to drive the regional product demand. Moreover, increasing use of luxury decorative lighting in commercial places, such as hotels and restaurants will drive the growth of the market.
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Growing construction of luxury homes, owing to urbanization and changing consumer lifestyle is expected to impel market growth. According to Christie’s International Real Estate, the global luxury home sales recorded a growth rate of 11% in 2017. This is attributed to favorable financial assistance by banks on home loans. The rise in purchase of luxury homes can represent an upgrade in lifestyle or investment. Rising number of luxury homes is driving the demand for chandeliers as a symbol of wealth and status. This factor is projected to contribute to the market growth in near future.
Significant rise in demand for low hanging and circular chandeliers among other luxury lighting fixtures for decorating dining table area is expected to further drive the market growth. Over the past few years, design and raw materials, including hygge, lagom, warm metals pop (brass, copper, and golden metallic), farmhouse, French country, iron, mixed materials, and industrial shows have been gaining popularity among consumers. Manufacturers also provide customized chandeliers to match the interior design themes of the buyers.
The commercial segment held the largest market share of over 60% in 2018 and is projected to continue its dominance over the forecast period. Increasing use of chandeliers to improve ambience of commercial spaces is driving the growth. Lighting plays an important role in creating ambiance in commercial places including hotels, restaurants, pubs, malls, retail stores, libraries, event halls, wedding halls, and museums. Thereby, rising focus on lighting system in such commercial facilities will drive segment’s growth over the forecast period.
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The residential segment is expected to exhibit the fastest CAGR over the forecast period owing to rising demand for luxury interior. Consumer willingness to spend on home décor as well as rising standard of living are some of the key growth drivers. Rising purchasing power in prominent markets including U.S., Germany, China, and India is anticipated to further fuel the product demand. Over the past few years, brightness controllable or dimmable chandelier lights have gained significant popularity, which in turn will propel the growth of the segment.
Grand View Research has segmented chandelier market on the basis of product, application, distribution channel:
Chandelier Product Outlook (Revenue, USD Million, 2015 – 2025)
- Traditional
- Transitional
- Modern
Chandelier Application Outlook (Revenue, USD Million, 2015 – 2025)
- Residential
- Commercial
Chandelier Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
- Offline
- Online
The offline segment held the largest share of more than 90% in the chandeliers market in 2018. Home improvement retailers and department stores are the most common offline distribution channels. They provide a choice of physical verification to the consumers before making any purchasing decision.
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The online channel segment is expected to witness the fastest CAGR of 4.8% from 2019 to 2025. Rapid growth of the e-commerce industry has been fueling online sale of chandeliers, driving the regional growth. U.S. is one the largest e-commerce markets in the world. On the other hand, China, India, and other countries from Asia Pacific are expected to witness rise in e-commerce of lighting. Some of the popular online retailers of chandeliers are Amazon; Shades of Light; Lamps Plus; The Home Depot Inc.; Lumens; Lowe’s Companies; Inc.; Arhaus; Bed Bath & Beyond Inc.; Horchow; Vintage Hardware & Lighting; and Olde Good Things.
Transitional chandeliers held the largest market share of more than 35% in 2018, and is anticipated to continue its dominance over the forecast period. The design of transitional chandelier is a combination of traditional or classic and modern. It provides a blend of rustic elegance of classic models and modern style, making it suitable for traditional as well as modern homes. The product is mostly used in entryways and dining rooms. Drum, orb, cage, flush-mount, drop, sputnik, bowl, and antler are some of the popular types of transitional chandeliers. Nickel, bronze, steel, iron, brass, and copper are the commonly used raw materials.
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