Floor Lamps Market is Likely to Record a Promising CAGR 12% During the Forecast Period 2022-2032 | FMI
12/22/2022, Newark // Future Market Insights, Inc. //
The floor lamps market is likely to record a promising CAGR 12% during the forecast period. The floor lamps market is currently valued at US$ 33.42 Bn and is likely to reach US$ 92.68 Bn by 2032.
Floor Lamp market displays a significant growth rate in the market as the consumers are shifting towards modern technologies such as LEDs and CFLs that save energy and are highly-efficient alternatives of the bulbs. Benefits of the floor lamp are extended durability, efficiency, and reliability, which are also the reasons of rising adoption.
High energy consumption costs of normal bulbs as compared to LED floor lamps act as a restraint for this industry. Halogen and fluorescent bulbs produce more heat and thus result in more energy consumption. Floor lamps LED utilize 90% less energy and last approximately 15 times longer than the halogen bulbs.
Floor lamps are one of the trendiest and liked by the consumers as they are simple and convenient to add extra illumination to any room. These can be placed almost anywhere and easily moved around in the room. The biggest advantage of them are not attached to some place of the room, so they can be easily repositioned any time you need it.
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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
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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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Global Floor Lamps Market: Market Segmentation
On the basis of types, the global Floor Lamps Market has been segmented as –
- Arc Floor Lamps
- Modern Floor Lamps
- Rustic Floor Lamps
- Classic Floor Lamps
- Console Floor Lamps
- Torchiere Floor Lamps
- Tree Floor Lamps
- Industrial Floor Lamps
On the basis of application, the global Floor Lamps Market has been segmented as –
On the basis of the distribution channel, the global Floor Lamps Market has been segmented as –
- Specialty Stores
- Independent Stores
- Online Store
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