Chandelier Market to Reach $22.9 Billion, Globally, by 2032
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
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.
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.
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