The global decorative lights market survey and estimation up to the year 2025

The global decorative lights market volume is estimated to be up to USD 69.1 billion by the year 2025 at a compound annual growth rate (CAGR) of 4%  from 2020 to 2025.

Manufacturers have been following up the market trend to innovate the decorative lightings that serve both style and functionality. Ceiling fans with light kits are among some of the recent innovations, which have created its demand at home or in office.Additionally, both the light kit and the fan function independently, and use of only one among the two is also possible. The light kit varies in shape, size, and structure for specific requirements. Besides, a buyer can customize the product in various forms such as chandelier-style assemblies, three or four-arm downlight assemblies, and globe assemblies.

Decorative lights such as chandeliers tend to have high demand in wealthy residential users for special-purpose requirements. The market has grown because of product modification by designers and their adoption by richest clients. The rising demand for LED decorative lights faciliate the market growth of decoratitve lights. LED lights can come in a variety of colors, forms, and brightness levels, which makes them suitable for usage in a variety of decorative designs.

One of the major trends in the decorative lights industry is the use of smart lighting systems. Pendants, chandeliers, string or tape lights, and lamps with smart LEDs are examples of decorative lighting goods that adopt smart lighting technology.A smart lighting system connects via wireless technology. Wi-Fi and Bluetooth technologies are used to link these smart lights wirelessly. Smart lighting systems are operated through voice control systems such as apples Siri, Amazon Alexa, Google Assistant, and Microsofts Cortana.

The commercial application segment covered the largest market share of exceeding 70.0% in 2018. Lightning is so important to  create ambiance in pubs, restaurants, hotels, malls, retail shops, libraries, and museums. The use of decorative lighting has become a trend to improve customer experience in these places. Restaurants and pubs are an essential place for the social gathering of friends and families, where the decorative lighting is expected to be warm and cheery. Also, shopping malls have turned from being the purchase destination to family and friends gathering spot and an entertainment venue. Decorative lighting is necessary for creating a welcoming and engaging experience.

The household application segment is expected to develop at the fastest CAGR of 3.7% up to the year 2025.Interior decorators have kept emphasizing the use of decorative lights to solve dual purposes for functionality and decoration for the room.

LED decorative lights cover a share of more than 45.0% in 2018. It has been found that these LED decorative lights are much energy-efficient, with an output of 135 lumens/watt. These decorative lightings are environmentally friendly as they do not have mercury.The intensity of the light in LED docorative lightssourced decorative lightings can be regulated, so that the consumers can set up an appropriate ambiance easily.

North America was the largest market, covering more than 35.0% share of the global revenue. The U.S. accounts for at least 116,108 malls now. The majority of the malls rely much on decorative lighting to create a welcoming experience. Similarly, according to the American Hotel & Lodging Association, the number of hotel properties in the U.S. recorded was 54,200+. Hotels need decorative lighting to create a rich experience bymaking calming and soothing effect on its residents.

Asia Pacific is expected to be the fastest-growing market at a CAGR of 4.1% up to the year 2025. Growing population and rapid urbanization in developing countries including China, India, Philippines, Indonesia, Sri Lanka, Bangladesh, and the Maldives form a large market for decorative lights. In recent years, most South Asian countries have become decent vacation spots for international customers, which leads to an increasing number of well-decorated hotels and restaurants,which are in great need of  decorative lights.

Manufacturers have been keen on innovating products by making them smart and artificial intelligent compatible.Controlled by a mobile application, it can be used as a fully functional light while reading or other similar kinds of work. The intensity of illuminance can be regulated using the app according to the ambiance expected.

Some of the key players operating in the market are Acuity, Philips (Signify), Home Depot, Hubbell, Generation Brands, Juno, Lowe’s, GE Lighting, LSI, Osram, Cree, Amerlux, Littmann, ETC, Columbia, AZZ, and Intense.