Rising need for interior lighting solutions and urbanization are stimulating the growth of the floor lamp market in China. India floor lamp sales are expanding steadily due to rising middle-class demand and increasing living standards.
NEWARK, Del, , Nov. 06, 2023 (GLOBE NEWSWIRE) — The global floor lamp market size has the potential to surge significantly, achieving US$ 34,516.70 million by 2023. From 2023 to 2033, floor lamp sales are expected to strengthen at an optimistic 12.4% CAGR. The floor lamp market is expected to be worth US$ 1,11,289.4 million by 2033.
The Influence of Consumer Aesthetics on Home Decor
The growing consumer preference for aesthetically pleasing home décor items is a significant determinant of global floor lamp market growth. As people become more aware of and appreciate interior design, the demand for stylish and functional décor elements like floor lamps develops. Rising disposable income levels enable consumers to invest in premium home décor products, boosting demand for floor lamps.
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The Eco-advancement of Floor Lamp
The growing awareness of environmental sustainability results in greater emphasis on energy-efficient lighting solutions. The production of eco-friendly floor lamps that use energy-efficient LED bulbs or are made from sustainably sourced materials aligns with demand, boosting floor lamp market expansion.
E-commerce Reshapes Home Decor Retail
The emergence of e-commerce platforms with various products, easy options, and home delivery services has prompted consumers to shop for home décor items. The switch to online shopping has contributed to floor lamp market growth by providing floor lamp providers with an extensive customer base.
Limiting Factors in the Floor Lamps Sector
Consumer spending on non-essential items like floor lamps can be adversely affected by economic downturns. The floor lamp demand is impacted when people postpone buying decorative lighting fixtures because they have less money to spare.
Modern design and lighting trends can potentially substitute older floor lamp models. To remain competitive and cater to the evolving tastes of their customers, floor lamp manufacturers need to innovate constantly.
Floor lamps are frequently offered for sale by both online and physical merchants. Traditional brick-and-mortar stores may face difficulties due to changes in the retail environment, such as the rise of e-commerce in consumer purchasing behavior.
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Regional Insights into the Floor Lamps Industry
Market Trends for Floor Lamps in North America
Floor lamp manufacturing and consumption are most concentrated in North America.
This results from influential people being present and consumers having a lot of disposable income and buying goods that improve the atmosphere in their homes.
The floor lamp market in North America is expanding due to manufacturers’ emphasis on creating cutting-edge goods that satisfy consumer demands and current trends.
Europe Market Forecast of Floor Lamp
Europe is going to keep evolving as a result of the increasing adoption of contemporary home décor designs.
Changing customer lifestyle habits and rising disposable income are two more factors contributing to the high demand for floor lamp in Europe.
The increasing prevalence of decorative lights in residential and commercial settings has increased the demand for floor lamp.
“The floor lamp market is still expanding steadily due to changing interior design trends and consumer demand for flexible lighting options. The growing emphasis of consumers on energy efficiency and aesthetics stimulates standing lamp market growth. Concerns about sustainability and competitive pricing present difficulties for floor lamp manufacturers.” says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
The household application segment is expected to garner a market share of 38.70%.
The modern floor lamp category is expected to attain a market share of 36.70%.
The Canada standing lamp market is anticipated to accelerate at a CAGR of 9.6% from 2023 to 2033.
The United States floor lamp sales is anticipated to surge at a CAGR of 8.1% by 2023.
The floor lamp demand in the United Kingdom will grow at a CAGR of 7.4% from 2023 to 2033.
The France floor lamp industry is expected to accelerate a CAGR of 9% between 2023 and 2033.
The Italy standing lamp market to record at a CAGR of 7.2% through 2023.
The Spain standing lamp market expects growth from 2023 to 2033 at a CAGR of 8.5%.
Germany floor lamp market to develop at a CAGR of 6.6% through 2023.
India floor lamp industry is anticipated to boost at a CAGR of 14.5% by 2023.
China floor lamp sales are expected to surge at a CAGR of 11.9% until 2033.
Japan floor lamp market may exhibit a CAGR of 14.1% by 2023.
Singapore floor lamp sales to soar at a CAGR of 12.3% between 2023 and 2033.
Australia floor lamp industry to register a CAGR of 12.8% through 2023.
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Leading floor lamp manufacturers have introduced new products with enhanced capabilities. The standing lamp manufacturers are working on price, height, color and shade combinations, and material composition to create adjustable floor lamps with multiple lights. The demands of different applications have caused floor lamp providers to concentrate on developing new products.
Key Floor Lamp Manufacturers
Energy-efficient light bulbs are becoming increasingly popular as a symbol of going green. Since GUANYA is expanding its floor lamp line, high-tech LED bulbs are leading this subtle revolution in floor lamps.
The introduction of floor lamps with LED lighting and a wide variety of LED colors by Philips is increasing sales of floor lamps because customers want to purchase those that complement their interior design.
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Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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