Decorative Lighting Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Decorative Lighting Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The decorative lighting market size has grown steadily in recent years. It will grow from $39.84 billion in 2023 to $41.54 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to urbanization and infrastructure development, hospitality and retail sector growth, consumer spending patterns, real estate development, aesthetic preferences, architectural and interior design.

The decorative lighting market size is expected to see steady growth in the next few years. It will grow to $49.04 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to smart home integration, health and wellness considerations, rise of online retail channels, government initiatives for energy efficiency, popularity of open-concept living. Major trends in the forecast period include smart lighting integration, energy-efficient led technology, customization and personalization, vintage and retro styles, wireless and cordless designs, innovations in materials and finishes.

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Market Segmentation:
The decorative lighting market covered in this report is segmented -
1) By Product: Ceiling, Wall-Mounted, Other Products
2) By Light Source: Light Emitting Diode (LED), Fluorescent, Incandescent, Other Light Sources
3) By Distribution Channel: Offline, Online
4) By End Use: Commercial, Household

Major Driver - The Surge In Decorative Lighting Market Fueled By Renovation Boom
The growing remodeling and renovation activities are expected to propel the growth of the decorative lighting market. The remodeling and renovation refer to the changing in the structure of the layout and restoring something to a good condition. The COVID-19 pandemic saw an increase in remodeling of enclosed spaces like bedrooms and kitchens, caused by consumers working from home and social distancing. Decorative lighting plays a key role in modern renovation activities, it helps with bringing interest to a particular object or an area in a room. Different shades and colors of fixtures and fittings enhance and vary the perception of size and space available. For instance, according to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, year-over-year gains in annual improvement and repair spending reached 9% in the fourth quarter of 2021 and will maintain that pace into 2022, with annual improvement and repair expenditures to reach $400 billion by the third quarter of 2022. Therefore, the growing remodeling and renovation activities will drive the growth of the decorative lighting market.

Competitive Landscape:
Major companies operating in the decorative lighting market report are The Home Depot Inc., General Electric Co., Lowe's Companies Inc., Honeywell International Inc., AB Electrolux, Newell Brands Inc., Signify NV, Hubbell Incorporated, OSRAM Light AG, Acuity Brands Lighting Inc., Columbia Sportswear Company, Havells India Limited, AZZ Inc., Fagerhults Belysing AB, Ideal Industries Inc., LSI Industries Inc., Electronic Theatre Controls Inc., Heritage Bag Company, Artemide S.p.A., Flos S.p.A., Generation Brands LLC, Cree Lighting Inc., Savant Systems Inc., Juno Lighting LLC, Amerlux LLC, Maxim Lighting International, Bridgelux Inc., Nichia Corporation, Crest LED Lighting Manufacturing Company, Fagerhult Group

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Top Trend - The Rise Of Smart Lights In Decorative Lighting
Major companies operating in the decorative lighting market are launching new products such as smart lights to increase their profitability in the market. Smart lights in decorative lighting refers to the integration of intelligent lighting technology into decorative lighting fixtures. For instance, in November 2023, Laser, an Australia-based technology company launched AmbiColour decorative smart lighting as part of the Connect SmartHome lineup. The versatile RGB lighting options, including LED panels, Smart Light Bars, Hexagon Lights, Triangle Lights, and LED strips, offer a spectrum of colors for diverse atmospheres. These ambient color lights, designed for use with Google Home and Amazon Alexa, offer affordable and creative smart lighting solutions, enabling voice control and automation through the Connect SmartHome app to enhance living spaces. The Curtain Light strips provide versatile and affordable decor for homes and businesses, effortlessly adorning windows, walls, or garage doors. Smart lighting technology empowers users to effortlessly schedule and automate lighting for diverse occasions, from ""entertainment moments"" to ""cozy evenings,"" enhancing their daily lives.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Decorative Lighting Market Characteristics
3. Decorative Lighting Market Trends And Strategies
4. Decorative Lighting Market - Macro Economic Scenario
5. Decorative Lighting Market Size And Growth
…..
27. Decorative Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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