Decorative Lighting Market to Grow by USD 8.65 Billion from 2024-2028, Driven by Premiumization from Evolving Product Design, with AI Redefining the Market Landscape - Technavio

Oct 14, 2024

Sep 30, 2024, 16:50 ET

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NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The Global Decorative Lighting Market size is estimated to grow by USD 8.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.52% during the forecast period. Evolving lighting product design concept leading to premiumization is driving market growth, with a trend towards increasing use of smart lighting systems. However, perceived value gap of customers poses a challenge - Key market players include Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Capital Lighting Fixture Co., Crenshaw Lighting, Current Lighting Solutions LLC, Fagerhults Belysning AB, Feit Electric Co. Inc., Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Jaquar India, Lowes Co. Inc., Maxim Lighting International, OSRAM Licht AG, Shimera Project Lighting Pvt. Ltd., Signify NV, and Voylite.

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Decorative Lighting Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 - 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 4.52%

Market growth 2024-2028

USD 8651.1 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.25

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 49%

Key countries

China, US, Germany, Japan, and UK

Key companies profiled

Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Capital Lighting Fixture Co., Crenshaw Lighting, Current Lighting Solutions LLC, Fagerhults Belysning AB, Feit Electric Co. Inc., Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Jaquar India, Lowes Co. Inc., Maxim Lighting International, OSRAM Licht AG, Shimera Project Lighting Pvt. Ltd., Signify NV, and Voylite

Market Driver

The Decorative Lighting Market is experiencing growth due to the increasing adoption of smart lighting systems. These systems, which integrate IoT technology, enable users to control lighting products via mobile apps and voice-activated assistants. Smart LEDs, a key component of these systems, are driving this trend as vendors focus on LED technology. Philips Hue, a notable player, offers a range of smart lighting products including bulbs, lamps, and strips, controllable via Wi-Fi, Bluetooth, and voice assistants like Alexa, Siri, Google Assistant, and Cortana. This technology allows users to customize lighting experiences, controlling colors and syncing with media. The market's expansion is expected to continue during the forecast period.

The decorative lighting market is experiencing significant growth, with various types of lighting gaining popularity. Wall mounted and ceiling lights are trending, offering functional and aesthetic value. Flourescent and LED lights are favored for their energy efficiency and longevity. Bulk purchases and custom orders are common in this industry. The use of fiber optic and RGB lights adds a unique touch to interiors and exteriors. Decorative lighting is a crucial element in creating inviting and visually appealing spaces. The market is expected to continue growing, driven by technological advancements and consumer demand.

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Market Challenges

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Segment Overview

This decorative lighting market report extensively covers market segmentation by

1.1 Offline- The decorative lighting market primarily relies on offline sales channels, including retail formats such as specialty stores, furniture stores, department stores, DIY stores, hypermarkets, and wholesalers. Builders and contractors also purchase decorative lights from these sources. Customers prefer retail lighting stores for personalized assistance and product insights, leading to increased sales. Wholesalers, contractors, and distributors cater to the needs of builders of residential apartments. This offline distribution strategy will continue to drive growth in the decorative lighting market.

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Research Analysis

The Decorative Lighting Market encompasses a wide range of lighting fixtures designed to enhance Room ambiance and complement Modern décor. Producers focus on Functionality and Design, offering various options such as Fiber fixtures, Ceramic, Glass, Bamboo, Carved wood, and LED filament or LED light solutions. Decorative lighting comes in various forms, including LED decorative lighting, incandescent decorative, pendants, string lights, tape lights, lamps, and wireless technology-enabled smart lighting systems. Energy efficiency is a key consideration, with rising disposable income driving demand for energy-efficient decorative options. Service quality is paramount, with offerings including flush mount, sconce lightings, and ceiling lighting solutions.

Market Research Overview

The Decorative Lighting Market encompasses a wide range of lighting fixtures designed to enhance interior and exterior spaces for aesthetic and functional purposes. These lighting solutions include wall lights, floor lamps, table lamps, chandeliers, and more. Decorative lighting is often used to create mood, highlight specific areas, and add visual interest to living spaces. Materials used in decorative lighting can vary from glass, metal, plastic, and fabric, among others. LED technology is increasingly popular due to its energy efficiency and long lifespan. Smart technology integration allows users to control lighting through apps or voice commands, adding convenience and customization options. Decorative lighting is a growing market, driven by consumer demand for unique and innovative designs, as well as the ongoing shift towards energy-efficient solutions.

Table of Contents:

1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation

7 Customer Landscape8 Geographic Landscape9 Drivers, Challenges, and Trends10 Company Landscape11 Company Analysis12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio