Floor lamps industry is projected to witness a CAGR of 4.7% during the period 2024-2032. This growth can be attributed to flexible and portable lighting solutions.
Selbyville, Delaware, June 12, 2024 (GLOBE NEWSWIRE) —
Floor Lamps Market Size will reach USD 4 billion by 2032. The integration of smart technologies in lighting solutions, in line with the growing popularity of minimalist and modern interior designs, will accelerate industry expansion over 2023–2032.
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Consumers increasingly seek lighting options that help illuminate their spaces while seamlessly integrating with their smart home ecosystems. Moreover, the trend towards minimalist and modern interior designs emphasizes the need for sleek, contemporary lighting fixtures like floor lamps, which serve as both functional necessities and stylish accent pieces, thus fueling the market growth.
For instance, in April 2024, Govee launched two new smart floor lamps, the Floor Lamp 2 and Floor Lamp Pro. These state-of-the-art lamps offer versatile lighting solutions, blending functionality and style to enhance modern living spaces with ambient and focused light. This development implies a growing demand for advanced lighting solutions that cater to modern living spaces’ needs for both functionality and style. With their emphasis on versatility and blending ambient and focused light, these lamps could appeal to consumers seeking customizable and innovative lighting options, thus driving further market expansion.
Commercial sector to garner more attention
The floor lamps market size from the commercial sector segment will amass notable gains by 2032 due to the burgeoning demand for lighting fixtures in various commercial spaces such as offices, hotels, retail stores, and healthcare facilities. As businesses prioritize creating inviting and well-lit environments to enhance the customer experience and employee productivity, the demand for floor lamps continues to grow. Additionally, the renovation and expansion of commercial infrastructure contribute to the segment’s substantial share in the market.
Online segment to retain its prominence
The online sales channel segment will establish a remarkable foothold and capture a decent floor lamps market share by 2032, fueled by the convenience and accessibility of online shopping platforms, offering consumers a vast array of options at their fingertips. The shift towards e-commerce is driven by factors like increasing internet penetration, widespread use of smartphones, and evolving consumer preferences for hassle-free shopping experiences. As online retailers continue to enhance their product offerings and customer service, the segment’s dominance will persist and expand further.
Asia Pacific to contribute significantly
Asia Pacific floor lamps market will witness substantial growth between 2023 and 2032. Rapid urbanization, rising disposable incomes, and a burgeoning demand for modern interior design drive this growth. Countries like China, India, and Japan lead the charge, with consumers increasingly investing in stylish yet functional home furnishings. The region’s contribution to the market is further accentuated by its thriving manufacturing sector, making it a central contributor to the global floor lamps industry.
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Floor Lamps Market Players
Major players in the floor lamps industry include IKEA, Guanya, YLighting, Philips, Aozzo, Opple, Panasonic Corporation, Matsushita Electric Co., Ltd., Lumens, and ANTA Leuchten Kristian Kracht, among others.
Key players are increasing their floor lamps market share through innovative designs, smart technology integration, and sustainable materials. They are leveraging advanced LED technology to offer energy-efficient solutions, appealing to environmentally conscious consumers.
By expanding their online presence and utilizing targeted digital marketing, they reach a broader audience. Collaborations with interior designers and influencers further enhance their visibility. In addition, competitive pricing strategies and exceptional customer service help retain and attract customers, solidifying their position in the market.
In April 2024, Faina released Soniah floor lamps inspired by sunflowers made from a composite of organic matter. Available in neutral colors, these floor lamps feature a tapered stand, a round face, and a glowing spherical bulb.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Raw material analysis
3.3 Key news and initiatives
3.3.1 Partnership/Collaboration
3.3.2 Merger/Acquisition
3.3.3 Investment
3.3.4 Product launch & innovation
3.4 Regulatory landscape
3.5 Impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Consumer buying behavior analysis
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
3.10 Trade analysis
3.10.1 Export data
3.10.2 Import data
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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