Decorative Lighting Global Market Size is Forecasted to Reach $49.04 Billion at a CAGR of 4.2% By 2028

Overview and Scope
Decorative lighting is a type of lighting that helps to enhance the beauty of enclosed spaces, homes, and outdoor spaces. These lights help create a mood or highlight an object or an area in the room and offer illumination and additional ambiance to a particular area.

Sizing and 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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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

The decorative lighting market report table of contents includes:
1. Executive Summary

2. Decorative Lighting Market Characteristics

3. Decorative Lighting Product

4. Decorative Lighting Market Trends And Strategies

5. Decorative Lighting Market - Macro Economic Scenario

.....

31. Decorative Lighting Market Other Major And Innovative Companies

32. Global Decorative Lighting Market Competitive Benchmarking

33. Global Decorative Lighting Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Decorative Lighting Market

35. Decorative Lighting Market Future Outlook and Potential Analysis

36. Appendix

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