A key factor driving the growth of the market is the evolving design of lighting products, which is leading to premiumization. The growing demand for luxury decorative lighting products among premium customers has encouraged manufacturers to come up with new and unique designs in this category.
This market research report on the global decorative lighting market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing use of smart lighting systems as one of the key emerging trends in the global decorative lighting market:
Global decorative lighting market: Increasing use of smart lighting systems
The use of smart lighting systems is increasing in residential places as they offer control over lighting products. Smart lighting systems also integrate the concept of the Internet of Things (IoT), as it helps the customers control the lighting products through apps installed on their mobile devices. Vendors are focusing on such concepts to attract more tech-savvy customers who want to stay up-to-date with the latest technology.
“Smart lighting systems are used in decorative lighting products such as chandeliers, lamps, string or tape lights, and pendants in which smart LEDs are used. For instance, Signify Holding, formerly known as Philips Lighting, came up with Phillips Hue, a smart lighting system that uses wireless technology for smart connectivity. In addition, Philips Hue smart lighting system can be controlled through voice-control platforms such as Amazon Alexa, Siri by Apple, Google Assistant, and Cortana by Microsoft,” says a senior analyst at Technavio.
Global decorative lighting market: Segmentation analysis
This market research report segments the global decorative lighting market by product application (ceiling, wall-mounted, and others) and by geographical regions (APAC, EMEA, and the Americas).
In 2017, the ceiling segment accounted for the largest share of the market with a market share of close to 60%. The market share of this segment is expected to witness a small decline over the forecast period. The wall mounted segment held the second largest share of the market, however, the market share of this segment is expected to decline over the forecast period in favor of the others segment.
APAC held the largest share of the market in 2017 accounting for more than 44% followed by EMEA, and the Americas. The market share of APAC is expected to increase by a further 2% over the forecast period while the other two regions will see a decline in their market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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