LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global luxury chandeliers market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global luxury chandeliers market will grow at a CAGR of over 7% during the forecast period. The evolving design concept that is leading to premiumization is a major factor driving the market’s growth.
The luxury chandeliers are of a premium range and these are in huge demand among all the high-net-worth residential users as well as commercial users such as the hospitality industry. Different types of luxury chandeliers are available in the market based on innovation, quality standards, and the latest design trends set by interior designers worldwide.
Most of the end-users prefer chandeliers based on their design and innovation rather than brand name. Several attractive designs and patterns set by the popular interior designers that are encouraging the luxury chandeliers manufacturers to innovate their product offerings. Players in the global luxury chandeliers market are focusing on providing luxury chandeliers that can match the interiors of a residential or commercial place.
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In this report, Technavio highlights the demand for energy efficient decorative lighting as one of the key emerging trends driving the global luxury chandeliers market:
Demand for energy efficient decorative lighting
Currently, the demand for lighting products that consume less energy are long-lasting and help in reducing electricity bills, is high among consumers. The increase in awareness for energy-efficient lighting products through government initiatives and different activities promotes the idea of energy conservation. This proves to be cost-effective among end-users as they have to pay less for utility bills in the future. Such factors are expected to drive the demand for energy-efficient decorative lighting products. Luxury chandelier manufacturers have adopted the idea of energy-efficiency, due to which they are focusing on developing energy-efficient chandeliers.
“Regulatory authorities promote the use of energy-efficient lights as the consumption of power is less. Traditional light bulbs emit greenhouse gases, as a result, LED lighting products have started replacing them. Initiatives have also been taken 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,” says a senior analyst at Technavio for research on retail goods and services.
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Global luxury chandeliers market segmentation
This market research report segments the global luxury chandeliers market into the following product styles (modern chandeliers, classical chandeliers, and transitional chandeliers) and key regions (the Americas, APAC, and EMEA).
The modern chandeliers segment held the largest market share in 2017, accounting for nearly 45% share. Modern chandeliers are preferred mostly by consumers as they are updated as per trending modern designs and patterns. Many interior designers also prefer modern chandeliers.
EMEA was the leading region for the global luxury chandeliers market in 2017, accounting for a market share of 48%. By 2022, EMEA is expected to see a decline of more than 1%, whereas APAC is expected to witness growth of more than 2% in terms of market share.
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