Vietnam: Chandelier Market 2024

Chandelier Market Size in Vietnam

In 2022, the Vietnamese chandelier market was finally on the rise to reach $X after two years of decline. Overall, consumption recorded a buoyant increase. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Chandelier Exports

Exports from Vietnam

In 2022, shipments abroad of chandeliers decreased by -11.1% to X units for the first time since 2011, thus ending a ten-year rising trend. In general, exports, however, recorded buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 29%. As a result, the exports reached the peak of X units, and then fell in the following year.

In value terms, chandelier exports declined dramatically to $X in 2022. Overall, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 167%. The exports peaked at $X in 2021, and then fell dramatically in the following year.

Exports by Country

The United States (X units) was the main destination for chandelier exports from Vietnam, accounting for a 210% share of total exports. Moreover, chandelier exports to the United States exceeded the volume sent to the second major destination, South Korea (X units), eightfold. The United Arab Emirates (X units) ranked third in terms of total exports with a 5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +58.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+10.8% per year) and the United Arab Emirates (+7.6% per year).

In value terms, the United States ($X) remains the key foreign market for chandeliers exports from Vietnam, comprising 42% of total exports. The second position in the ranking was taken by South Korea ($X), with a 6% share of total exports. It was followed by Germany, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +72.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+21.9% per year) and Germany (-0.6% per year).

Export Prices by Country

In 2022, the average chandelier export price amounted to $X per unit, dropping by -11.5% against the previous year. Over the period under review, the export price, however, saw a strong increase. The growth pace was the most rapid in 2021 when the average export price increased by 36% against the previous year. As a result, the export price attained the peak level of $X per unit, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Denmark ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Denmark (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chandelier Imports

Imports into Vietnam

In 2022, after two years of decline, there was significant growth in overseas purchases of chandeliers, when their volume increased by 61% to X units. Over the period under review, imports saw a significant increase. The growth pace was the most rapid in 2019 when imports increased by 82%. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, chandelier imports rose modestly to $X in 2022. In general, imports saw resilient growth. The growth pace was the most rapid in 2013 with an increase of 45% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest chandelier supplier to Vietnam, accounting for a 38% share of total imports. Moreover, chandelier imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The third position in this ranking was taken by Germany (X units), with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +22.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.5% per year) and Germany (+10.2% per year).

In value terms, China ($X) constituted the largest supplier of chandeliers to Vietnam, comprising 79% of total imports. The second position in the ranking was held by Italy ($X), with a 4.2% share of total imports. It was followed by Germany, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +27.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+25.2% per year) and Germany (+15.4% per year).

Import Prices by Country

The average chandelier import price stood at $X per unit in 2022, falling by -36.5% against the previous year. Overall, the import price recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 an increase of 113%. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Indonesia ($X per unit) and Italy ($X per unit), while the price for South Korea ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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