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【English Market Research Report】Global Market for Decorative Lighting

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The global decorative lighting market expanded from $37.92 billion in 2022 to $39.91 billion in 2023, growing at a CAGR of 5.3%. The Russia-Ukraine war has disrupted the potential for global economic recovery from the COVID-19 pandemic, at least in the short term. This bilateral conflict has led to economic sanctions against multiple countries, soaring commodity prices, and supply chain disruptions, causing inflation across goods and services and impacting many markets worldwide. The decorative lighting market is expected to grow to $48.43 billion by 2027, with a CAGR of 5.0%. In 2022, North America was the largest region in the decorative lighting market. The Asia-Pacific region is expected to be the fastest-growing region during the forecast period. The regions covered in the decorative lighting market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East & Africa.

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[English Market Research Report] Market for Decorative Lighting

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The global market size for decorative lighting reached 40 billion USD in 2022. The IMARC Group forecasts a growth rate of 3.5% (CAGR) from 2023 to 2028, predicting it will reach 50 billion USD by 2028. Decorative lighting refers to lighting fixtures made using incandescent bulbs, fluorescent lights, and light-emitting diodes (LEDs) that emit various colors of dim light or bright light. Common types of decorative lighting include chandeliers, ceiling lights, flush mounts, pendants, and sconces. These lights are available in various shapes, textures, styles, and sizes, allowing for customization accordingly. Decorative lighting helps enhance the overall aesthetics of a room, improving the beauty of living spaces and homes. They are easy to hardwire or connect to outlets and can be powered by batteries or solar energy. Additionally, they can be used for indoor and outdoor lighting to highlight various models, paintings, and objects in rooms or halls. As a result, decorative lighting is widely used in salons, restaurants, and homes.

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【English Market Research Report】Global Market for Decorative Lighting

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The report forecasts that the market size of decorative lighting is expected to increase by $9.9033 billion from 2022 to 2027, growing at a CAGR of 5.34% during the forecast period. This report provides a comprehensive analysis of the decorative lighting market, including market size and forecasts, trends, growth drivers and challenges, as well as vendor analysis covering approximately 25 vendors. It offers the latest analysis of current market trends and drivers, as well as the overall market environment. The market is driven by the evolution of design concepts for lighting products leading to premiumization, increasing demand for energy-efficient decorative lighting products, and the development of smart cities. The study identifies the increasing use of smart lighting systems as one of the key reasons driving growth in the decorative lighting market over the next few years. Additionally, the emergence of personalization and customization of decorative lighting products, along with the advent of smart and enhanced shopping experiences utilizing augmented reality (AR), will lead to significant demand in this market.

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