Decorative lighting market size to grow by USD 9,990.33 million between 2022 and 2027

The Global Decorative Lighting Market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

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.

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.