The global floor lamp market is predicted to reach a size of approximately US$ 34,516.70 million by the year 2023. From 2023 to 2033, there is anticipated to be a strong increase in demand for floor lamps, with a robust Compound Annual Growth Rate (CAGR) of 12.4%. By the end of 2033, the market is forecasted to soar to US$ 111,289.4 million.
Factors Driving Floor Lamp Market Growth
- Shifting consumer tastes and preferences in home interior lighting solutions play a crucial role in propelling the floor lamp market forward.
- As customers frequently seek changes in interior design trends, floor lamps enhance the visual appeal of their living spaces.
- The increasing adoption of energy-efficient LED lighting technology is a significant driver for the floor lamp market.
- LED floor lamps help in reducing energy consumption and maintenance costs, making them an attractive choice for consumers.
- Consumer preferences for styles, designs, and finishes greatly influence the floor lamp market.
- Both modern and minimalist designs, as well as traditional and classic designs, are highly favored by consumers, reflecting the diverse range of tastes in the market.
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Global Floor Lamps Market: Reasons for Covering this Title
Global demand for home décor product is growing due to the improvement in the living standards of consumers. Floor lamp is trending these days as it gives a classy look in the living room as well as they are coming with new technology of LED lighting edition with different LED colors which suits and matches the room décor.
There has been a continuous adoption of latest bulbs and lighting’s in the commercial and Industrial Arena on account of technological advancements and improvements in lamps, bulbs, and other lighting products. One of the most desirable features in lighting products is durability or longer life span. Therefore, market players are investing extensively on research and development and trying to develop products with higher lifespan
Global Floor Lamps Market: Key Players
Some of the key players operating in the global Floor Lamps market are
- GUANYA
- YLighting
- Philips
- AOZZO
- Matsushita Electric (China) Co. Ltd
- OPPLE
- IKEA
- Zhongshan Huayi Lighting
- Guangdong PAK Corporation
- among others.
Floor Lamps Market: Key Trends
- Arc lamps are gaining an edge over other floor lamps. The prevalence of arc lamps in living rooms is due to the popularity of sectional sofas, and partly for the mid-century modern look
- The greater push towards the green in consumer’s lives has led to more energy conscious lighting choices such as LED floor lamps
- Antique finishes along with polished nickel and copper are gaining popularity. Metal, glass, and crystal are liked by consumers for the bases of Floor Lamps
Floor Lamps Market: Key Developments
- The growing use of energy efficient light bulbs is synonymous with going green and high tech LED bulbs are at the forefront of this quiet revolution in Floor lamps
- Floor lamps with LED lighting coming with wide range of LED color which is enhancing the usage as consumers are interested in buying these which matches the room decor
Opportunities for Floor Lamps Market Participants
Technology is making life more efficient, high-efficiency products are being produced for the same goal. Manufacturers are trying to maximize the energy savings and make products more energy efficient for Floor Lamps. With new technological advances, highly efficient products are obtaining these standards in a wide variety of wattages.
The result of these advanced floor lamps will benefit installers and consumers with their ease and affordability. Manufactures are working to achieve a warm light with this new advancement in LED lighting technology, by finding the right color temperature and Color Rendering Index balance for better lighting for Floor Lamps. Manufacturers are keeping in mind factors like height, price, shades and materials used for floor lamps.
The materials used in constructing traditional floor stand lamps vary widely and includes metal, wood and rattan. Most contemporary floor lamps are made from nickel, silver, bronze, steel and metal alloys as they are moving in market.
Brief Approach to Research for Floor Lamps Market
FMI will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the nature, formats, and application of segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period.
The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall Floor Lamps Market sizes.
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Key Segmentations
By Product:
- Modern Lamps
- Rustic Lamps
By Application:
- Household
- Commercial
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Western Europe
- Eastern Europe
- Middle East and Africa
- ASEAN
- South Asia
- Rest of Asia
- Australia and New Zealand
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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