The global chandelier market will reach $11.11 billion in 2030, with a compound annual growth rate of 4.3%
Recently, according to a 350-page report to be released by professional market research organization Data Bridge Market Research, the global chandelier market outlook is quite optimistic. It is expected that by 2030, the market size will climb from $7.93 billion in 2022 to $11.11 billion, with a compound annual growth rate of 4.30% during the forecast period from 2023 to 2030.
The chandelier market has great potential, and multiple factors drive growth
As a home decoration product, chandeliers are widely used in enclosed lawns, homes, hotels and other places. They are more common in royal residences, luxury hotels and large commercial places, which can significantly enhance the atmosphere of the space. In international metropolises such as Toronto, London, Paris, Hong Kong, Singapore, New York, Los Angeles, San Francisco and Sydney, the growth in the number of luxury homes is stimulating the demand for chandeliers. Initially popular among high-income groups, chandeliers are now becoming more popular due to their unique features.
In terms of market drivers, chandeliers are becoming more common in commercial places. Lighting is essential to create an atmosphere in commercial spaces such as shopping malls, retail stores, libraries, hotels, restaurants, bars, event halls, museums and wedding halls. As these commercial facilities pay more attention to lighting systems, the market will be driven. At the same time, changes in consumer lifestyles have led to an increase in luxury home construction. According to Christie's International Real Estate, global luxury home sales grew by 11% in 2017, thanks to the preferential policies of banks for housing loans. The increase in the number of luxury homes will also increase the demand for chandeliers as a symbol of status and wealth, which will drive market development.
Modern chandeliers are popular, but also face cost and installation challenges
Modern chandeliers are becoming a new hot spot in the market. With their geometric shapes and clear edges, they can create a futuristic look for a room, which is in line with the trend of the digital age, and their abstract designs are also unique. Moreover, modern chandeliers are available in a variety of styles, shapes, sizes and frames, suitable for different spaces such as kitchens, living rooms, entrances, bedrooms, etc., and are increasingly popular in corridors and small rooms. Bronze and metal are commonly used raw materials for manufacturing. This trend is expected to bring a lot of growth opportunities to the market during the forecast period.
However, the development of the chandelier market is also facing obstacles. On the one hand, the chandelier itself is expensive, and on the other hand, there are many problems in the installation process. These two factors are expected to form a certain constraint on market growth.
The market segmentation is clear, and regional development has its own characteristics
The global chandelier market is segmented based on products, applications, lighting directions, materials and distribution channels. Products cover traditional, transitional and modern types; applications are divided into residential and commercial fields; lighting directions include uplights, downlights, combination lights, chandeliers; materials include crystal, glass and colored glass, wood, metal and others; distribution channels are divided into offline and online.
From a regional perspective, North America dominates the chandelier market revenue and share with the advantages of a large number of hotels, shopping malls and restaurants. The Asia-Pacific region is expected to be the fastest growing region from 2023 to 2030, due to the increasing number of shopping malls in developing countries and the increasing emphasis on luxury interiors in commercial and residential places.
In terms of market competition, many companies are involved, such as Nike (USA), Koninklijke Philips NV (Netherlands), Maxim Lighting (USA), etc. Each company has its own performance in terms of company profile, financial status, market potential, R&D investment, product launches, etc., which together constitute the competitive ecology of the global chandelier market.