Global Luxury Lighting Fixture Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Luxury Lighting Fixture Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Luxury lighting fixtures are made from high-quality, refined materials, with designs highlighting the use of precious metals with smooth, flawless surfaces. Polished metals such as gold, brass, chrome, copper, silver, or stainless steel give accessories a more futuristic look. Crystals, precious jewels, and handmade glass combined with unparalleled craftsmanship also give the décor a sense of opulence and luxury. Therefore, luxury lighting incorporates them into the decoration of lamps to diffuse light or create shadows for lighting fixtures. Lighting plays an important role in creating an ambiance of elegance and class. Luxury lighting fixtures are an important aspect of achieving a sophisticated look in luxury spaces.

Market Overview:

The latest research study on the global Luxury Lighting Fixture market finds that the global Luxury Lighting Fixture market reached a value of USD 4372.39 million in 2023. It’s expected that the market will achieve USD 6080.03 million by 2029, exhibiting a CAGR of 5.65% during the forecast period.

Benefits of luxury lighting fixture

Lighting has biological and physical effects that affect human health and well-being. From a biological perspective, good lighting design helps stabilize a person's circadian rhythm and improves overall mood and night's sleep. Psychologically, good light can help reduce depression and even improve cognitive abilities like reaction time. Lighting design can influence the mood, shape, and size of a room and is the most important element to consider when designing a space. Efficient lighting is one of the things that differentiates a luxury home from a standard one. Available in a variety of styles, shapes, and materials, luxury lighting fixtures can be customized to complement any existing décor or add a new visual element to a space. Luxury lamps are often made from high-quality materials such as gold, crystal, and polished metals. Their shapes are often geometric, such as square metal cages or shiny crystal balls. Luxurious styles include Baroque, Rococo, and traditional charm. Intricate and ornate details make these interior design styles naturally gorgeous choices for lighting and decor. Luxury chandeliers can be used in a variety of rooms, from kitchens to dining rooms, and can be hung at different heights and arrangements to create unique lighting designs. The sleek and modern look of recessed lighting fixtures can enhance the look and feel of any room, making it feel more sophisticated and high-end. Under-cabinet and in-cabinet lighting are notable examples of luxury lighting, and integrated stair lighting and hallway lighting are two other types of task lights that enhance the beauty and practicality of often-overlooked spaces. As lighting technology advances, luxury lighting fixtures can provide high-quality lighting that is both functional and visually appealing. Energy-efficient light fixtures save costs in the long run and reduce the environmental impact of your home's lighting design. Any intricate architectural details of a property can be highlighted with strategically placed lighting. Well-placed lights can be used to highlight the best parts of your outdoor space and make the surrounding landscape sparkle. For example, luxury lighting can be used to illuminate tree branches. Bullet lights, well lights, and floodlights can bring focal points such as garden walls to life. These lights will fill the space and emphasize texture and color. Landscape lighting allows family members and visitors to better view the area when they arrive at night. Dark and poorly lit homes attract burglars. Having a bright view of the perimeter of your home will help detect anyone lurking in or around your yard. Therefore, luxury lighting fixtures not only complement the building's high-end décor but complete the whole ensemble.

Consumer pursuit of luxury lifestyle

Millennials and Generation Z are playing an increasingly important role in the luxury goods industry, according to a report by BCG and the Altagamma Foundation. By 2022, they have captured a market share of almost €200 billion, double the 2016 figure. Millennials and Gen Z are expected to account for 75% of luxury buyers by 2026. This stunning evolution, driven by younger, more expensive, and more demanding consumers, is reshaping the luxury landscape. It also brings new trends to the forefront, such as resale and rental of luxury goods. Luxury shoppers, especially Gen Z and younger Millennials, still want to indulge but are also motivated to save money and seek the best value for their investments. Consumers are becoming less loyal to specific brands as they search for the best investment. To this end, premium brands are increasingly expanding their product portfolios and exploring affordable ranges with entry-level price point products and services. As new technologies such as NFTs create more opportunities for luxury customers to become part of their lifestyles, the digital age has also made e-commerce an important channel for wealthy individuals to passionately pursue luxury goods. Cutting-edge technologies like generative AI and Web3 can help brands deliver hyper-personalized, immersive customer experiences. These tools can play a vital role in meeting the expectations of a diverse, digitally native audience. Changes in residents' living standards and increases in disposable income have made more and more people willing to spend money to decorate their homes. Updating your home's interior or exterior lighting can make it a more livable place and is a relatively inexpensive way to add value to your home. Many home improvement stores now produce very affordable options that mimic the look of high-end products. However, these materials may not be as long-lasting, especially cheap lighting fixtures used in humid environments such as bathrooms, which may rust. Therefore, consumers' pursuit of luxurious lifestyles will drive the demand for luxury lighting fixtures.

Region Overview:

In 2022, the share of the Luxury Lighting Fixture market in United States stood at 40.31%.

Company Overview:

The major players operating in the Luxury Lighting Fixture market include Visual Comfort & Co., FLOS, Louis Poulsen, Schonbek, The Urban Electric Co., etc. Among which, Visual Comfort & Co. ranked top in terms of sales and revenue in 2023.

Since 1987, Visual Comfort & Co. has been the premier resource for signature designer lighting. During the past three decades, we’ve been proud to work with extraordinary designers who are among the most influential tastemakers and brands of their times. Each one has brought their unique vision to the creation of beautiful lighting — and in the process, expanded the range of what we do and who we reach.

Only authentic, natural materials are used to create artisanal finishes that give our products their custom character, bringing customers more decorative options to our broad range of styles. To ensure superior quality, we work with the finest craftsmen and factories from around the globe to ensure that our lighting is impeccable and lasting down to each detail, every single time.

Segmentation Overview:

By type, Chandeliers/Pendants segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Residential segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Luxury Lighting Fixture market covered in Chapter 3:

Curry and Company
Hubbarton Forge
Urban Electric
Challenger Lighting Company
Swarovski/Schonbek
Illuminations
Trinity lighting
Visual Comfort
Renaissance
Arteriors
Hudson Valley
Hammerton
Meyda/ 2nd Ave.
I Works
Hinkley
Alger Triton
Tech Lighting
Renwil

In Chapter 4 and Chapter 14.2, on the basis of types, the Luxury Lighting Fixture market from 2019 to 2030 is primarily split into:

500 USD/Unit and Less
Expensive than 500 USD/Unit

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Luxury Lighting Fixture market from 2019 to 2030 covers:

Residential
Commercial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)