Decorative Lighting Market Statistics, Emerging Trends, Key Drivers And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Decorative Lighting Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $49.04 billion In 2028 At A CAGR Of 4.2% :

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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Decorative Lighting Market Major Segments
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

Key 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.

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Prominent Trend - A Connected Future For Decorative Lighting Solutions

Strategic partnerships are shaping the decorative lighting market. Companies in the manufacturing of decorative lighting products are undergoing partnerships to develop and provide better lighting solutions. For instance, in April 2021, Trilux, a company that manufactures and develops decorative lighting based in Germany partnered with Carl Stahl Group, a manufacturer of decorative lighting products based in Germany. Through this partnership, Trilux expanded its portfolio in the network of international cooperation partners and decorative lighting solutions for facades and also aimed to provide customers with customized DMX-controlled LED solutions in the future. In February 2022, Acuity Brands Inc., a US-based industrial technology company comprising an indoor decorative lighting portfolio extended its partnership with Microsoft, a US-based technology company. This partnership allows Acuity Brands Inc in bringing new capabilities to Acuity brands including smart lighting, lighting controls, and building automation solutions by combining the power of Microsoft's Cloud for Sustainability and Microsoft Azure IoT.

Decorative Lighting Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the decorative lighting market in 2023. Asia- pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the decorative lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Decorative Lighting Market Report Structure
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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