Decorative Lighting Market to Grow by USD 8.65 Billion from 2024-2028

The Global Decorative Lighting Market size is estimated to grow by USD 8.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.52%  during the forecast period. Evolving lighting product design concept leading to premiumization is driving market growth, with a trend towards increasing use of smart lighting systems.

The Decorative Lighting Market is experiencing growth due to the increasing adoption of smart lighting systems. These systems, which integrate IoT technology, enable users to control lighting products via mobile apps and voice-activated assistants. Smart LEDs, a key component of these systems, are driving this trend as vendors focus on LED technology. Philips Hue, a notable player, offers a range of smart lighting products including bulbs, lamps, and strips, controllable via Wi-Fi, Bluetooth, and voice assistants like Alexa, Siri, Google Assistant, and Cortana. This technology allows users to customize lighting experiences, controlling colors and syncing with media. The market's expansion is expected to continue during the forecast period.

The decorative lighting market is experiencing significant growth, with various types of lighting gaining popularity. Wall mounted and ceiling lights are trending, offering functional and aesthetic value. Flourescent and LED lights are favored for their energy efficiency and longevity. Bulk purchases and custom orders are common in this industry. The use of fiber optic and RGB lights adds a unique touch to interiors and exteriors. Decorative lighting is a crucial element in creating inviting and visually appealing spaces. The market is expected to continue growing, driven by technological advancements and consumer demand.