Chandelier Market to Reach $22.9 Billion, Globally, by 2032 at 6.6% CAGR: Allied Market Research

The global chandelier market is expanding rapidly due to factors such as an evolving landscape of interior design and craze of customization. 

WILMINGTON, Del., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Chandelier Market By Type (Candle Chandeliers, Antler Chandeliers, Crystal Chandeliers, Glass Chandeliers, Modern Chandeliers, Others), By Product (Traditional, Transitional, Modern), By End User (Commercial, Residential): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global Chandelier industry generated $12.5 billion in 2022 and is anticipated to generate $22.9 billion by 2032, witnessing a CAGR of 6.6% from 2023 to 2032.

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A chandelier is an elaborate lighting fixture characterized by multiple branches designed for ceiling or wall installation. Chandeliers frequently boast intricate designs and traditionally employ incandescent light bulbs, although contemporary versions may utilize fluorescent lamps or more recently, LEDs. Chandeliers have broad applications in residential, commercial, and hospitality settings. In residential settings, they are commonly installed in living rooms, dining areas, and entryways. Within commercial spaces, such as hotels, restaurants, and casinos, chandeliers are often selected for their aesthetic appeal. In the realm of hospitality, chandeliers play a key role in establishing a sumptuous and welcoming ambiance.

Prime determinants of growth 

The evolving landscape of interior design is a significant driver propelling the chandelier market forward. There is a growth in demand for chandeliers that seamlessly integrate with modern interior aesthetics as consumer preferences continue to shift. However, the high costs associated with chandeliers stem from various factors that contribute to their intricate craftsmanship, quality materials, and luxurious appeal hampers the market growth. Smart technology integration in the chandelier market is an enticing potential for both manufacturers and customers. Chandeliers may now deliver more than just illumination due to rapid expansion of the Internet of Things (IoT) and smart home technology.

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The crystal chandelier segment to maintain its leadership status throughout the forecast period

Based on type, the crystal chandelier segment held the highest market share in 2022, accounting for more the one-third of the global Chandelier market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to a growth in preference for timeless elegance in interior décor, driving demand for these opulent lighting fixtures.

The glass chandelier segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.5% from 2023 to 2032. Glass chandeliers have gained prominence for their ability to infuse spaces with both grandeur and sophistication as interior decor preferences shift towards a balance between opulence and minimalism.

The traditional segment to maintain its lead position throughout the forecast period

Based on product, the traditional segment held the highest market share in 2022, accounting for more than half of the global Chandelier market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to a resurgence in demand driven by a blend of vintage aesthetics with modern interiors, catering to the desire for classic elegance

The transitional segment is the fastest-growing segment and is projected to manifest the highest CAGR of 7.2% from 2023 to 2032. Transitional chandeliers have witnessed notable market trends as interior design preferences shift towards a harmonious blend of traditional and contemporary styles. Consumers have increasingly drawn to these chandeliers, which seamlessly bridge the gap between classic and modern aesthetics.

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The commercial segment to maintain its lead position throughout the forecast period

Based on end user, the commercial segment held the highest market share in 2022, accounting for around half of the global Chandelier market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is estimated to showcase a notable CAGR of 7.1% during the forecast period. Key market trends for commercial chandeliers include a growth in demand for modern, energy-efficient designs that blend functionality with aesthetics. Customers seek chandeliers that incorporate LED and smart lighting technologies as sustainability gains importance.

Asia-Pacific to maintain its dominance by 2032

The Asia-Pacific region held the highest market share in 2022, accounting for nearly three-fifths of the global Chandelier market revenue and is estimated to maintain its leadership status throughout the forecast period. The same region would display the fastest CAGR of 7.1% from 2023 to 2032. There is a growth in demand for modern and innovative chandelier designs, driven by the increase in disposable income and a penchant for luxury interior décor of this region. Secondly, sustainability and energy efficiency have become paramount, with consumers seeking eco-friendly chandeliers that use LED lighting technology.

Leading Market Players: 

• KICHLER LIGHTING, LLC
• EGLO LEUCHTEN GMBH
• FLOS S.P.A.
• GUBI GROUP APS
• MODERN FORMS
• WESTINGHOUSE ELECTRIC AND MANUFACTURING COMPANY, LLC
• RENOVATION FACTORY
• JCL LIGHTING CO., LTD.
• VISUAL COMFORT AND CO.
• FISKARS GROUP

The report provides a detailed analysis of these key players in the global Chandelier market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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