The global decorative lighting products market was valued at USD 70.2 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. Decorative lighting products are used for aesthetic purposes and vary in size, shape, and design. They are used in homes, offices, and public spaces to create a visually appealing environment. Increasing demand for energy-efficient lighting solutions, along with the growing adoption of decorative lighting products in residential and commercial settings, is driving the market growth.

The emergence of the smart home industry has provided a significant boost to the decorative lighting products market. Smart home lighting products can be controlled remotely using mobile applications, voice commands, and various other devices. This has further increased the convenience of operating home lighting products and has resulted in the growing adoption of these products. Furthermore, the increasing use of LEDs in decorative lighting products due to their low power consumption, long life, and high efficiency has driven the market growth.

The growing trend of urbanization and the increasing disposable income are providing a boost to the demand for decorative lighting products. The growing trend of home renovation and remodeling activities is also contributing to the growth of the market. Furthermore, the increased focus on the aesthetic appeal of commercial spaces is expected to provide a boost to the decorative lighting products market in the coming years.

Moreover, the emergence of the internet of things (IoT) is further driving the demand for smart decorative lighting products. IoT-enabled products can be connected to the internet and controlled using mobile devices, thus providing users with more convenience and flexibility. In addition, the emergence of smart cities has provided a significant boost to the market as these cities are being equipped with smart lighting solutions.

The increasing awareness among consumers regarding the benefits of decorative lighting products is also driving the market growth. For instance, decorative lighting products provide energy savings as they consume lesser energy as compared to traditional lighting products. Furthermore, the increasing investment in research and development activities to develop energy-efficient decorative lighting products is expected to propel the market in the coming years.

The decorative ceiling lights segment accounted for the largest market share in 2022. The growing demand for aesthetically pleasing lighting solutions for residential and commercial spaces is driving the segment growth. The increasing demand for energy-efficient lighting solutions, such as LED lights and other smart lights, is also expected to contribute significantly to the segment’s revenue. According to an article published by the National Association of Home Builders, in April 2021, the decorative ceiling lights segment is the most popular lighting choice among homebuyers.

The wall-mounted lights segment is expected to expand at the fastest CAGR of 7.9% over the forecast period. Increasing demand for energy-efficient lighting solutions, such as energy-saving lamps and LEDs, is driving the demand for wall-mounted lights. The emergence of innovative wall-mounted lights with integrated motion sensors is further expected to boost the segment’s revenue. According to an article published by the Lighting Market Research Institute, in May 2021, the demand for wall-mounted lights with integrated motion sensors is expected to increase significantly in the coming years.

The home furnishing stores segment accounted for a major share of the decorative lighting products market in 2022. The growth of the segment is mainly attributed to the increasing consumer inclination towards shopping from home furnishing stores as they provide a wide selection of products and assist customers in making rapid purchasing decisions for the required decorative lighting products. The segment is also driven by the rising popularity of online home furnishing stores, which offer a wide range of products, discounts, and convenience in terms of delivery and payment options.

The online segment is anticipated to expand at the highest CAGR of 13.2% over the forecast period. The growing penetration of internet and the increasing number of online retailers offering decorative lighting products are some of the key factors driving the growth of this segment. In addition, the convenience of shopping from the comfort of home and the availability of discounted products are also driving the growth of the online segment. Furthermore, the increasing number of e-commerce companies such as Amazon, Flipkart, and Snapdeal are offering a wide range of decorative lighting products, which is further boosting the growth of the segment.

The LED decorative lighting segment accounted for the largest revenue share of 50.7% in the year 2022. The growing demand for energy-efficient lighting products is one of the major factors driving the LED decorative lighting segment. Furthermore, the increasing trend of decorative lighting products across the residential and commercial sectors is expected to further bolster the growth of the LED decorative lighting segment.

The halogen lighting segment is anticipated to expand at the highest CAGR of 5.6% over the forecast period. The increasing adoption of halogen lighting products in the residential sector for decorative purposes is driving the segment’s growth. Moreover, the growing trend of dimmable halogen bulbs for decorative lighting purposes is further propelling the segment’s growth. Furthermore, the increasing demand for halogen lighting products in the hospitality industry is expected to further augment the market growth of the segment.

Asia Pacific is expected to be the largest and fastest-growing regional market for decorative lighting products. In the region, the decorative lighting products are becoming popular due to the rising disposable income, the increasing urbanization, and the rapidly growing demand for luxury products. For instance, in 2021, the Chinese market for decorative lighting products accounted for the largest revenue share of around 33.6%.

North America is expected to witness the second-fastest growth in the coming years. The growing demand for low-energy consumption decorative products and the increasing renovation activities have been driving the market in the region. Moreover, the presence of prominent players such as Philips, Osram, and GE Lighting has been further influencing the market growth. For instance, in April 2021, Philips launched a range of decorative lighting products in the U.S. market.

In this part of the decorative lighting products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your decorative lighting products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a decorative lighting products business is derived from the sale of products. Here you will find a list with a description of each product line and other possible sources of profit such as installation services, product rentals, and custom design services.

Projecting Expenses

In this section, all the regular expenses related to keeping the decorative lighting products business running will be described. The list of operating expenses includes wages, materials and supplies, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the decorative lighting products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In April 2022, Philips Lighting launched a range of LED decorative lighting products for residential and commercial applications.

– In June 2022, Havells India launched a range of decorative lighting solutions for home, office and hospitality applications.

– In August 2022, Osram launched a range of decorative lighting solutions with Bluetooth connectivity.

Some of the prominent players in the decorative lighting products market include:

– Philips Lighting
– Havells India
– Osram
– Acuity Brands, Inc.
– Cree, Inc.
– Signify Holding
– Hubbell Incorporated
– Eaton Corporation Plc.
– Cooper Lighting Solutions
– Zumtobel Group AG

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global decorative lighting products market based on product, distribution channel, type, application, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– LED
– Incandescent
– CFL
– Halogen
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Indoor
– Outdoor

4. Application Outlook (Revenue, USD Million, 2017 – 2030)

– Residential
– Commercial
– Industrial

5. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Factors Driving the Decorative Lighting Products Market?
[A]: Factors such as rising disposable income, changing consumer preferences, increasing trend of minimalism, and increasing demand for LED lighting in decorative lighting products are the key factors driving the decorative lighting products market. Furthermore, increasing focus on smart homes and energy-efficient lighting solutions are expected to contribute to the growth of the market.

[Q]: What are the Potential Opportunities for Decorative Lighting Products?
[A]: The market is expected to witness potential opportunities from product innovation and customization. As consumer preferences continue to evolve, manufacturers are focusing on developing products with enhanced features and better designs that meet consumer preferences. Moreover, companies are also introducing new products with customizable lighting options to meet the changing consumer requirements.

[Q]: Who are the Key Players in the Decorative Lighting Products Market?
[A]: Major players in the decorative lighting products market include Signify Holding B.V., Acuity Brands Lighting, Inc., Hubbell Incorporated, Zumtobel Group AG, Wipro Lighting, Osram GmbH, Cree, Inc., Havells India Limited, and Panasonic Corporation.

[Q]: What are the Major Applications of Decorative Lighting Products?
[A]: Major applications of decorative lighting products include residential, commercial, and industrial. The residential application is expected to account for the largest share of the market in terms of revenue. The increasing trend of minimalism and preference for smart lighting solutions are expected to drive the market for residential applications.

[Q]: Which Region Offers the Largest Opportunity for Sales of Decorative Lighting Products?
[A]: Asia Pacific is expected to be the largest and fastest growing decorative lighting products market, owing to the presence of a large population base and the presence of a large number of key manufacturers in the region. Furthermore, the increasing demand for energy-efficient lighting solutions and the increasing trend of minimalism are expected to drive market growth in the region.