Market Size of Europe Decorative Lighting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 2.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Decorative Lighting Market Analysis
The Decorative Lighting Market in Europe is expected to reach a CAGR of 2.8% during the forecast period. The rising popularity of LED lighting as an energy-efficient and green solution drives new lighting concepts and lamp designs in the region. On top of that, the "home sweet home" trend is driving the market growth for decorative lighting to enhance room ambiance.
- The industry is closely linked to economic conditions. When economic circumstances and prospects are dim, consumers postpone buying non-essential items or opt for cheaper ones. Conversely, when economic conditions are favorable, private consumption expenditure and purchases of non-essential home accessories surge.
- Furthermore, companies in the region are launching new products to cater to consumer demands in design, energy efficiency, applications, and other functionalities. In August 2020, for instance, Osram semiconductor of Germany launched a new Synios S 2222 product series with a compact size, high brightness value, and wide color range of light source. The Synios S 2222 product line comes in six different colors, providing high-quality personalized lighting solutions for different application scenarios such as architectural lighting.
- The home care and decor industry has been witnessing fluctuating growth since the spread of COVID 19 pandemic. As a result, there is a decline in overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. For instance, Frankfurt's Light + Building become the latest design fair to be postponed over coronavirus fears and took place in September 2020 instead of March 2020. The show, which describes itself as "the world's leading trade fair for lighting and building-services technology," was due to take place in the German city from 8 March to 13 March. Such delays and change in priorities at the consumer end in terms of area of expenditure has impacted the decorative lighting industry in Europe negatively.
