LONDON--(BUSINESS WIRE)--Technavio estimates the global decorative lighting market to grow by USD 6.29 billion, progressing at a CAGR of almost 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by evolving lighting product design concepts. However, the perceived value gap of customers might challenge growth.
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Decorative Lighting Market: Product Landscape
Based on the product, the market saw maximum growth in the ceiling decorative lights segment in 2019. This is due to the wide availability of traditional, transitional, and modern designs made of varied materials. Also, they are less complicated, easy to handle, and are available in different attractive designs. The market growth in the segment will be significant over the forecast period.
Decorative Lighting Market: Geography Landscape
47% of the market’s growth originated from APAC in 2019. The presence of many domestic brands that offer a wide variety of products is one of the key reasons fueling the growth of the decorative lighting market in APAC. Besides, factors such as rising disposable income, growing urbanization, growth in living standards of households, increase in online shopping trends, and growing hospitality sector will significantly contribute to the market growth in the region.
China and Japan are the key markets for decorative lighting in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Decorative Lighting Market Vendors:
AB Fagerhult
AB Fagerhult operates its business through segments such as Northern Europe, UK and Ireland, Western and Southern Europe, and Africa, Asia and the Pacific. The company offers decorative lighting under the brands, Zkye 55 Pendant, Notor 65 Opal Wall, Skywalker, and other brands.
Acuity Brands Inc.
Acuity Brands Inc. operates its business through the Unified segment. The company offers decorative lighting under the brand, Lithonia Lighting.
Bridgelux Inc.
Bridgelux Inc. operates its business through the Unified segment. The company offers decorative lighting under the brand, Bridgelux Décor Series.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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