The Decorative Lighting Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Decorative Lighting Global Market Report 2024, 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.
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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The decorative lighting market covered in this report is segmented –
- Executive Summary
- Decorative Lighting Market Characteristics
- Decorative Lighting Market Trends And Strategies
- Decorative Lighting Market – Macro Economic Scenario
- Global Decorative Lighting Market Size and Growth
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- Global Decorative Lighting Market Competitive Benchmarking
- Global Decorative Lighting Market Competitive Dashboard
- Key Mergers And Acquisitions In Decorative Lighting Market
- Decorative Lighting Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- The Home Depot Inc.
- General Electric Co.
- Lowe’s Companies Inc.
- Honeywell International Inc.
- AB Electrolux
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 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 decorative lighting market report table of contents includes:
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