Decorative lighting market size to grow by USD 9,990.33 million between 2022 and 2027; Advent of personalization and customization of decorative lighting products identified as a key trend - Technavio

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May 05, 2023, 23:45 ET

NEW YORK, May 5, 2023 /PRNewswire/ -- Technavio has been monitoring the decorative lighting market, and it is expected to grow by USD 9,990.33 million between 2022 and 2027. As per the latest report, the market will progress at a CAGR of 5.34% during the forecast period. This report aids business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. The advent of personalization and customization of decorative lighting products is identified as the key trend in the market. Vendors in the market are focused on providing personalized and customized products with growing design market, evolving decorative lighting trends, and rising consumer interest in home decoration. For instance, Hangout Lighting provides personalization and customization of its decorative lighting products, such as chandeliers and pendant lights. The company allows customers to personalize the lighting products as per their requirements. Customers can choose cord colors, ceiling plate finish, socket style, and types of bulbs in their chandeliers. This trend is encouraging many vendors in the market to offer personalization and customization options. All these factors will positively influence the market growth over the forecast period. Download the Latest Sample Report within minutes!

Technavio has announced its latest market research report titled Global Decorative Lighting Market

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AB Fagerhult, Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Capital Lighting Fixture Co., Crenshaw Lighting, Feit Electric Co. Inc., GE CURRENT A DAINTREE COMPANY, Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Lowes Co. Inc, Maxim Lighting International, OSRAM GmbH, Shimera Project Lighting Pvt. Ltd., Signify NV, The Jaquar Group, and Voylite are some of the major market participants.

Although the evolving lighting product design concept leading to premiumization will offer immense growth opportunities, the high use of alternative lighting products will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market is driven by the evolving lighting product design concept leading to premiumization. The increasing demand for luxury products among consumers has encouraged vendors to focus on product premiumization. They are focused on product innovation by incorporating modern designs, use of high-quality materials, and adopting the latest trends in interior design. For instance, some vendors are introducing decorative lighting products, such as luxury chandeliers designed by interior designers. These products have a high price tag and are in high demand among high-net-worth residential users. All these factors are driving the growth of the market.

Decorative Lighting Market 2023-2027: Segmentation

Distribution Channel

Offline
Online

Product

Ceiling
Wall Mounted
Others

Geography

APAC
Europe
North America
South America
Middle East and Africa

The market growth in the offline distribution channel segment will be significant over the forecast period. Offline stores allow customers to check and feel the product before purchasing. These stores offer a large portfolio and support and information on products, which is crucial in driving sales. Besides, many customers opt for retail lighting stores, especially specialty stores, due to the insights and personal assistance that the sales force provides. It helps them understand innovative features, the latest designs, patterns, and technology integrated into the products. Such factors drive the growth of the segment.

APAC will account for 49% of the market growth during the forecast period. The growth of the regional market can be attributed to various factors, including rising disposable income, growing urbanization, growth in living standards of households, increase in online shopping trends, and the growing hospitality sector. The rising expenditure capacities of consumers and the implementation of various government initiatives to enhance infrastructural development are other major factors driving the growth of the decorative lighting market in APAC.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions, download a sample report

Decorative Lighting Market 2023-2027: Scope

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our decorative lighting market report covers the following areas:

Decorative Lighting Market 2023-2027: Market Challenge

The high use of alternative lighting products is identified as the major challenge hindering the growth of the market. Decorative lighting products face stiff competition from traditional lighting products. Traditional products, such as normal bulbs and tube lights, are economical and provide the required brightness. Hence, they are used heavily by mass consumers. The increasing availability of low-cost LEDs will also pose a challenge to vendors operating in the market. Moreover, increased government support toward the adoption of LED lights will further challenge the sales of decorative lighting as well as the growth of the market in focus.

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Decorative Lighting Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the decorative lighting market. Backed with competitive intelligence and benchmarking, our research report on the decorative lighting market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

AB Fagerhult - The company offers various types of indoor and outdoor decorative lighting.
Acuity Brands Inc. - The company offers various types of indoor and outdoor decorative lighting.
Bridgelux Inc. - The company offers various types of decorative lighting, which are state-of-the-art color lines designed specifically for premium applications, producing unmatched LED light quality with brilliant color-rendering options.
Honeywell International Inc. - The company offers various types of indoor ceiling decorative LED lighting solutions.
Amerlux LLC
Crenshaw Lighting
Feit Electric Co. Inc.
GE CURRENT A DAINTREE COMPANY
Generation Lighting
Hubbell Inc.
Hudson Valley Lighting Inc.
IDEAL INDUSTRIES Inc.
Lowes Co. Inc
Maxim Lighting International
OSRAM GmbH

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Decorative Lighting Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist decorative lighting market growth during the next five years
Estimation of the decorative lighting market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the decorative lighting market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of decorative lighting market vendors

Related Reports:

The general lighting market is estimated to grow at a CAGR of 6.97% between 2022 and 2027. The size of the market is forecasted to increase by USD 50.7 billion. The market is segmented by product (LED lighting and traditional lighting), application (residential, commercial, outdoor, industrial, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The outdoor landscape lighting market is estimated to grow at a CAGR of 6% between 2022 and 2027. The size of the market is forecasted to increase by USD 704.78 million. The market is segmented by application (ATG and underwater), source (led and traditional), end-user (commercial and residential), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Decorative Lighting Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.34%
Market growth 2023-2027	USD 9,990.33 million
Market structure	Fragmented
YoY growth 2022- 2023 (%)	4.13
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 49%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AB Fagerhult, Acuity Brands Inc., Amerlux LLC, Bridgelux Inc., Capital Lighting Fixture Co., Crenshaw Lighting, Feit Electric Co. Inc., GE CURRENT A DAINTREE COMPANY, Generation Lighting, Honeywell International Inc., Hubbell Inc., Hudson Valley Lighting Inc., IDEAL INDUSTRIES Inc., Lowes Co. Inc, Maxim Lighting International, OSRAM GmbH, Shimera Project Lighting Pvt. Ltd., Signify NV, The Jaquar Group, and Voylite
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse through Technavio's Industrials Market Reports

Table of contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Distribution Channel
Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global decorative lighting market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global decorative lighting market 2017 - 2021 ($ million)

4.2 Distribution channel Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Distribution channel Segment 2017 - 2021 ($ million)

4.3 Product Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Distribution Channel

6.1 Market segments

Exhibit 30: Chart on Distribution Channel - Market share 2022-2027 (%)
Exhibit 31: Data Table on Distribution Channel - Market share 2022-2027 (%)

6.2 Comparison by Distribution Channel

Exhibit 32: Chart on Comparison by Distribution Channel
Exhibit 33: Data Table on Comparison by Distribution Channel

6.3 Offline - Market size and forecast 2022-2027

Exhibit 34: Chart on Offline - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Offline - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Offline - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Offline - Year-over-year growth 2022-2027 (%)

6.4 Online - Market size and forecast 2022-2027

Exhibit 38: Chart on Online - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Online - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Online - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Online - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Distribution Channel

Exhibit 42: Market opportunity by Distribution Channel ($ million)

7 Market Segmentation by Product

7.1 Market segments

Exhibit 43: Chart on Product - Market share 2022-2027 (%)
Exhibit 44: Data Table on Product - Market share 2022-2027 (%)

7.2 Comparison by Product

Exhibit 45: Chart on Comparison by Product
Exhibit 46: Data Table on Comparison by Product

7.3 Ceiling - Market size and forecast 2022-2027

Exhibit 47: Chart on Ceiling - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Ceiling - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Ceiling - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Ceiling - Year-over-year growth 2022-2027 (%)

7.4 Wall mounted - Market size and forecast 2022-2027

Exhibit 51: Chart on Wall mounted - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Wall mounted - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Wall mounted - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Wall mounted - Year-over-year growth 2022-2027 (%)

7.5 Others - Market size and forecast 2022-2027

Exhibit 55: Chart on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 56: Data Table on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Others - Year-over-year growth 2022-2027 (%)

7.6 Market opportunity by Product

Exhibit 59: Market opportunity by Product ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 61: Chart on Market share by geography 2022-2027 (%)
Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 63: Chart on Geographic comparison
Exhibit 64: Data Table on Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027

Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 North America - Market size and forecast 2022-2027

Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.6 South America - Market size and forecast 2022-2027

Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.7 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.8 China - Market size and forecast 2022-2027

Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

9.9 US - Market size and forecast 2022-2027

Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

9.10 Germany - Market size and forecast 2022-2027

Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.11 Japan - Market size and forecast 2022-2027

Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

9.12 UK - Market size and forecast 2022-2027

Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 106: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 108: Overview on factors of disruption

11.4 Industry risks

Exhibit 109: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 110: Vendors covered

12.2 Market positioning of vendors

Exhibit 111: Matrix on vendor position and classification

12.3 AB Fagerhult

Exhibit 112: AB Fagerhult - Overview
Exhibit 113: AB Fagerhult - Product / Service
Exhibit 114: AB Fagerhult - Key offerings

12.4 Acuity Brands Inc.

Exhibit 115: Acuity Brands Inc. - Overview
Exhibit 116: Acuity Brands Inc. - Business segments
Exhibit 117: Acuity Brands Inc. - Key news
Exhibit 118: Acuity Brands Inc. - Key offerings
Exhibit 119: Acuity Brands Inc. - Segment focus

12.5 Amerlux LLC

Exhibit 120: Amerlux LLC - Overview
Exhibit 121: Amerlux LLC - Product / Service
Exhibit 122: Amerlux LLC - Key offerings

12.6 Bridgelux Inc.

Exhibit 123: Bridgelux Inc. - Overview
Exhibit 124: Bridgelux Inc. - Product / Service
Exhibit 125: Bridgelux Inc. - Key offerings

12.7 Capital Lighting Fixture Co.

Exhibit 126: Capital Lighting Fixture Co. - Overview
Exhibit 127: Capital Lighting Fixture Co. - Product / Service
Exhibit 128: Capital Lighting Fixture Co. - Key offerings

12.8 Crenshaw Lighting

Exhibit 129: Crenshaw Lighting - Overview
Exhibit 130: Crenshaw Lighting - Product / Service
Exhibit 131: Crenshaw Lighting - Key offerings

12.9 GE CURRENT A DAINTREE COMPANY

Exhibit 132: GE CURRENT A DAINTREE COMPANY - Overview
Exhibit 133: GE CURRENT A DAINTREE COMPANY - Product / Service
Exhibit 134: GE CURRENT A DAINTREE COMPANY - Key offerings

12.10 Generation Lighting

Exhibit 135: Generation Lighting - Overview
Exhibit 136: Generation Lighting - Product / Service
Exhibit 137: Generation Lighting - Key offerings

12.11 Honeywell International Inc.

Exhibit 138: Honeywell International Inc. - Overview
Exhibit 139: Honeywell International Inc. - Business segments
Exhibit 140: Honeywell International Inc. - Key news
Exhibit 141: Honeywell International Inc. - Key offerings
Exhibit 142: Honeywell International Inc. - Segment focus

12.12 Hubbell Inc.

Exhibit 143: Hubbell Inc. - Overview
Exhibit 144: Hubbell Inc. - Business segments
Exhibit 145: Hubbell Inc. - Key offerings
Exhibit 146: Hubbell Inc. - Segment focus

12.13 Hudson Valley Lighting Inc.

Exhibit 147: Hudson Valley Lighting Inc. - Overview
Exhibit 148: Hudson Valley Lighting Inc. - Product / Service
Exhibit 149: Hudson Valley Lighting Inc. - Key offerings

12.14 IDEAL INDUSTRIES Inc.

Exhibit 150: IDEAL INDUSTRIES Inc. - Overview
Exhibit 151: IDEAL INDUSTRIES Inc. - Product / Service
Exhibit 152: IDEAL INDUSTRIES Inc. - Key offerings

12.15 Maxim Lighting International

Exhibit 153: Maxim Lighting International - Overview
Exhibit 154: Maxim Lighting International - Product / Service
Exhibit 155: Maxim Lighting International - Key offerings

12.16 OSRAM GmbH

Exhibit 156: OSRAM GmbH - Overview
Exhibit 157: OSRAM GmbH - Business segments
Exhibit 158: OSRAM GmbH - Key offerings
Exhibit 159: OSRAM GmbH - Segment focus

12.17 Signify NV

Exhibit 160: Signify NV - Overview
Exhibit 161: Signify NV - Business segments
Exhibit 162: Signify NV - Key news
Exhibit 163: Signify NV - Key offerings
Exhibit 164: Signify NV - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 165: Inclusions checklist
Exhibit 166: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 167: Currency conversion rates for US$

13.4 Research methodology

Exhibit 168: Research methodology
Exhibit 169: Validation techniques employed for market sizing
Exhibit 170: Information sources

13.5 List of abbreviations

Exhibit 171: List of abbreviations

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