The global chandelier market size is expected to reach USD 8.5 billion by 2025, at a CAGR of 3.4%, according to a new report by Grand View Research, Inc. Increasing use of chandeliers as decorative lighting product in commercial spaces is expected to impel market growth. 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.
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.
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.
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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.
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.
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Key Topics Covered
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Chandeliers Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis - Porter’s
……….continue
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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