Global Chandeliers Market Sluggish Growth Rate Foreseen by 2022-2028

The global chandeliers market is anticipated to grow at a CAGR of 3.1% during the forecast period (2022-2028). These lighting fixtures are used in luxury hotels, palaces, and commercial areas to improve ambiance, that is anticipated to grow market further. In addition, the growth of luxury homes in major cities including New York, Los Angeles, San Francisco, Toronto, London, Paris, Hong Kong, Singapore, among others, is expected to create the demand for this product. The growth of the tourism and hospitality industry due to rising revenues, especially over the millenniums is predicted to stimulate market growth. Hotels play an important role in promoting the use of decorative lighting products including chandeliers. The increasing popularity of companies and other organizations for hotels to organize annual events is estimated to have a positive impact on the market growth. Hotels regularly upgrade their infrastructure and services to cater to corporate clients and the lighting from the chandeliers adds a touch of luxury and a modern look to the rooms. This product enhances the appeal of interior beauty and other variants such as a large circular chandelier, a large bubble light, a supernova, and a very large crystal chandelier has gained notable popularity in the interior design and decoration of hotels.

The huge increase in demand for low-hanging and circular chandeliers among other luxurious lighting fixtures for decorating the dining table area is attributed to drive further market growth. Over the past few years, design and materials, including hygge, lagom, warm metal pop (copper, brass, and gold metallic), farmhouse, French country, steel, blended materials, and industrial exhibitions have gained popularity among consumers and manufacturers also offer custom-made chandeliers to match the interior themes of consumers. An increasing number of shopping malls, hotels, and restaurants is driving market growth. In 2019, the U.S. had more than 116,000 malls most of these malls spend an ample amount of money on decorative lighting to create a welcoming ambiance for visitors. In addition, adequate electrification in each country including the US., Canada, and Mexico is positively influencing the adoption of luxury lighting, that is increased the demand of the chandeliers market.

Some major players in the market include, Acuity Brands Lighting Inc., Generation Brands LLC, HSL Worldwide Lighting Co., Koninklijke Philips N.V., Maxim Lighting Inc.,Nike, Inc., and Vanguard Lighting Co. Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in January 2019, Hubbell Inc., 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.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Product Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Acuity Brands Lighting Inc., Generation Brands LLC, HSL Worldwide Lighting Co., Koninklijke Philips N.V., Maxim Lighting Inc.,Nike, Inc., and Vanguard Lighting Co. Ltd., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Chandeliers Market Report by Segment

By Type

• Up-light Chandeliers
• Downlight Chandeliers
• Cluster Chandeliers
• Pendant Chandeliers
• Pendant Bowl Chandeliers

By Product Type

• Traditional
• Transitional
• Modern

By Application

• Residential
• Commercial