According to a report, “Chandelier Market Size, Share & Trends Analysis Report By Product (Traditional, Transitional, Modern), By Application (Residential, Commercial), By Distribution Channel, By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global chandelier market size is expected to reach USD 8.5 billion by 2025, registering a CAGR of 3.4%, as per a new report by Grand View Research Inc. Traction from millennials is anticipated to propel the market growth as social networking sites are incorporating extensive advertising strategies to attract the millennials.
Over the past few years, a prominent shift in the raw material preference from crystal to materials such as glass, metal, wood, plastic, and concrete has been observed. Rising popularity of products prepared using a combination of raw materials, such as metal and glass or metal and wood is expected to create growth opportunities for manufacturers.
Transitional chandeliers led the market by accounting for a share of over 35% in 2018. Transitional variants are a combination of traditional and modern designs. The product has gained enormous popularity among customers owing to innovative designs developed by companies that beautifully blend with any type of interior. Iron, bronze, nickel, brass, copper, and steel are the commonly used raw materials for these products.
Chandelier Market Highlights
The offline segment led the distribution channel and held the largest share of more than 90% in 2018. This can be attributed to the improvements made by retailers and department stores to cater to customer satisfaction
In 2018, North America dominated the regional market, with more than 30% of the overall revenue share. This can be ascribed to the increasing number of hotels, shopping malls, and restaurants in the U.S. and Canada
Asia Pacific is projected to exhibit the fastest CAGR during the forecast period, attributed to the rising investments in property renovation. Growing popularity of Maldives, India, China, Thailand, and Sri Lanka as tourist destinations is driving the product demand
The market giants have entered into strategic alliances to enhance product innovation capabilities and stay ahead of the market competition. For instance, in January 2019, Hubbell Incorporated launched a new collection of chandeliers, pendants, and sconces under the brand Progress Lighting, which is designed by American designer Jeffrey Alan Marks
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Chandelier Market Segmentation
Grand View Research has segmented chandelier market on the basis of 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)
Central & South America
Middle East & Africa
List of Key Players in Chandelier Market
Generation Brands LLC
Koninklijke Philips N.V.
Maxim Lighting International
HSL Worldwide Lighting Corporation
Acuity Brands Lighting Inc.
Vanguard Lighting Co. Ltd.
King’s Chandelier Company
James R. Moder Crystal Chandelier Inc.
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