Decorative Lighting Market to Grow with a CAGR of 6.77% through 2029

Growing demand for personalized lighting products and increasing popularity of outdoor decorative lighting  are the factor driving the global decorative lighting market

 

According to TechSci Research report, “Decorative Lighting Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Decorative Lighting Market stood at USD 99.24 billion in 2023 and is anticipated to grow with a CAGR of 6.77% through 2029. The global decorative lighting market has witnessed substantial expansion, propelled by advancements in technology, shifting consumer preferences, and growing investments in both residential and commercial sectors. This market encompasses a diverse array of products, including chandeliers, pendant lights, sconces, and string lights, which play a crucial role in enhancing the visual appeal and atmosphere of various environments. Key drivers of this growth include innovations in lighting technology, heightened interest in interior design.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Decorative Lighting Market”.

 

A major factor driving the market is the advancement in lighting technologies, particularly the shift from traditional incandescent bulbs to energy-efficient LED and OLED solutions. LED technology has transformed decorative lighting by offering longer lifespans, reduced energy consumption, and enhanced design flexibility. These technological improvements enable the creation of sophisticated and innovative lighting designs that were previously unattainable. Furthermore, the development of smart lighting systems, which can be controlled via smartphones and voice-activated devices, has expanded the possibilities for customizing lighting schemes, catering to diverse consumer preferences.

Increased disposable incomes and spending on home improvement have further fueled the global decorative lighting market. With more financial resources available, consumers are investing in high-quality, stylish lighting products to enhance their living environments. This trend is evident in the growing demand for premium and luxury lighting options, such as designer fixtures and custom-made solutions. The expansion of the middle class in emerging markets has also contributed to market growth, as more consumers in these regions seek to upgrade their homes with modern decorative lighting solutions.

Despite the positive growth trends, the global decorative lighting market faces challenges such as environmental concerns and intense competition. The industry is increasingly scrutinized for the environmental impact of lighting products, particularly regarding energy consumption and disposal. In response, manufacturers are developing more sustainable products, such as energy-efficient LEDs and recyclable materials, to address these concerns. Additionally, the market is characterized by fierce competition, with numerous brands and designers vying for market share. To differentiate themselves, companies must focus on innovation, quality, and design excellence while navigating price pressures and evolving consumer preferences.

The global decorative lighting market is segmented into product, application, sales channel, regional distribution, and company.

Based on sales channel, the online segment is the fastest-growing sector in the global decorative lighting market, driven by the increasing preference for e-commerce shopping and the convenience it offers. Online retail platforms provide consumers with easy access to a vast selection of decorative lighting products, detailed product information, and customer reviews, facilitating informed purchasing decisions. The rise of digital marketplaces has expanded the reach of both established and new brands, offering a broader range of options and competitive pricing. The convenience of online shopping, combined with features like home delivery and hassle-free returns, has significantly contributed to the growth of this segment. Additionally, targeted online marketing and promotions have enhanced visibility and attracted a diverse customer base, further accelerating market expansion. As e-commerce continues to evolve, the online segment is expected to maintain its rapid growth trajectory, reshaping the dynamics of the global decorative lighting market.

 

Major companies operating in Global Decorative Lighting Market are:

• Acuity Brands, Inc.
• Cree Lighting USA LLC.
• Kichler Lighting LLC
• Hinkley, Inc.
• Hudson Valley Lighting, Inc.
• Lutron Electronics Co., Inc
• Maxim Lighting International
• Elk Lighting, Inc.
• Nichia Corporation
• Visual Comfort & Co.

 

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“The surge in interest towards interior design and home décor has also significantly influenced market growth. As consumers increasingly focus on creating personalized and aesthetically pleasing living spaces, decorative lighting has become a crucial component of interior design. Lighting products are now regarded not only as functional elements but also as integral design features that contribute to the overall ambiance of a space. This trend is reflected in the rising popularity of statement lighting fixtures, such as elaborate chandeliers and distinctive pendant lights, which serve as focal points in both residential and commercial settings. The adoption of various design styles, including minimalist, industrial, and bohemian, has further driven demand for decorative lighting that complements these aesthetics,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Decorative Lighting Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Sconce, Flush Mount, Others), By Application (Commercial, Household), By Sales Channel (Specialty Stores, Online, Hypermarkets/Supermarkets, Others), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of global decorative lighting market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global decorative lighting market.

 

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