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The luxury chandeliers market share is expected to increase by USD 992.87 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.3%. This luxury chandeliers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The luxury chandeliers market report also offers information on several market vendors, including American Brass and Crystal, D.M. LUCE SRL, Dolan Designs, Eichholtz B.V., Elegant Furniture and Lightening, Generation Lighting, HSL Worldwide Lighting Corporation WLC, Hubbell Inc., Hudson Furniture Inc., James R. Moder Crystal Chandelier Inc., Jhoomarwala, Kenroy Home, Kings Chandelier Co., Koninklijke Philips NV, Kurt Faustic KG, Luxxu Modern Design and Living, Maxim Lighting International, Myran Allan Luxury Lighting, Passerini LLC, and Tom Dixon among others. Furthermore, this report extensively covers luxury chandeliers market segmentation by distribution channel (offline and online), end-user (residential and commercial), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
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The evolving design concept leading to premiumization is notably driving the luxury chandeliers market growth, although factors such as consumers perceived value gap in decorative lighting may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the luxury chandeliers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Luxury Chandeliers Market Driver
One of the key factors driving the global luxury chandeliers industry growth is the evolving design concept leading to premiumization. A wide range of luxury chandeliers is available in the market based on innovation, quality standards, and the latest design trends set by interior designers worldwide. The majority of end-users prefer chandeliers based on their design and innovation rather than brand names. Vendors in the global luxury chandeliers market focus on providing luxury chandeliers that can match the interiors of a residential or commercial place. Traditional, modern, contemporary, and transitional are some of the trending design concepts used in interior designing. Most luxurious and designer chandeliers come from the UK, Spain, Germany, Italy, and the US. Thus, the premiumization of chandeliers through distinctive design concepts has resulted in increased adoption by premium customers, which will drive market growth during the forecast period.
Key Luxury Chandeliers Market Trend
Demand for energy-efficient decorative lighting is one of the key luxury chandeliers market trends that is expected to impact the industry positively in the forecast period. For instance, Maxim Lighting, The L.D. Kichler, Feiss (a brand of Generation Brands), and ACCESS LIGHTING are some of the popular vendors in the global luxury chandeliers market that offer LED chandeliers. This can help them in attracting more customers looking for such lighting solutions to save money. In addition, regulatory authorities also promote the use of energy-efficient lights, as they help in saving power consumption. LED lighting products have started replacing traditional light bulbs that emit greenhouse gases. However, the ENERGY STAR program is one of the initiatives that aim to lower electricity bills by using energy-efficient lighting products. The regulations can be applied to ensure the efficiency and quality of decorative lighting products, including luxury chandeliers, which will further support the market growth.
Key Luxury Chandeliers Market Challenge
One of the key challenges to the global luxury chandeliers industry growth is the consumers' perceived value gap in decorative lighting. The factor that drives customers to opt for luxury chandeliers is their innovative design. Therefore, customers prefer purchasing decent quality and innovative designed luxury chandeliers at a reasonable price. The presence of numerous local and regional vendors in the market makes the market more competitive. However, this poses a severe challenge for brands to penetrate the market. The similarity in product offerings by the local and regional players and the brands creates a high-value gap in customers' perception while purchasing luxury chandeliers. Moreover, the similar product offerings compel the branded players to decrease the price of their product offerings, thus posing a challenge for vendors in the global luxury chandeliers market.
This luxury chandeliers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global luxury chandeliers market as a part of the global leisure products industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the luxury chandeliers market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the luxury chandeliers market encompasses successful business strategies deployed by the key vendors. The luxury chandeliers market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The luxury chandeliers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the luxury chandeliers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for luxury chandeliers in Europe. Market growth in this region will be faster than the growth of the market in North America and South America.
The presence of several key vendors, such as Franklite, Koninklijke Philips, and Elstead Lighting, will facilitate the luxury chandeliers market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 negatively impacted the trade and economy in the region. Furthermore, the pandemic claimed the lives of many people in countries such as Italy, Spain, and the UK. As a result of the outbreak, lockdowns were implemented, which resulted in the shutdown of retail outlets and other production operations. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdown and trade restrictions in the region. Therefore, such factors are expected to increase the demand for luxury chandeliers, which, in turn, will drive the growth of the regional market during the forecast period.
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The luxury chandeliers market share growth by the offline segment will be significant during the forecast period. The customers find it easy to visit the offline stores, especially the specialty stores, due to the insights and personal assistance that the salesforce provides, which helps them in understanding innovative features, latest designs, patterns, and technology integrated into luxury chandeliers. Such factors will drive the segment growth in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury chandeliers market size and actionable market insights on post COVID-19 impact on each segment.
Luxury Chandeliers Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.3% |
Market growth 2022-2026 |
$ 992.87 million |
Market structure |
Fragmented |
YoY growth (%) |
6.61 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 32% |
Key consumer countries |
US, Canada, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
American Brass and Crystal, D.M. LUCE SRL, Dolan Designs, Eichholtz B.V., Elegant Furniture and Lightening, Generation Lighting, HSL Worldwide Lighting Corporation WLC, Hubbell Inc., Hudson Furniture Inc., James R. Moder Crystal Chandelier Inc., Jhoomarwala, Kenroy Home, Kings Chandelier Co., Koninklijke Philips NV, Kurt Faustic KG, Luxxu Modern Design and Living, Maxim Lighting International, Myran Allan Luxury Lighting, Passerini LLC, and Tom Dixon |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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