NEW YORK, Nov. 21, 2022 /PRNewswire/ -- The decorative lighting market is growing at a CAGR of 4.75% and is expected to register an incremental growth of USD 8.32 from 2021 to 2026. The report has analyzed the market size, growth, and provides accurate predictions on the growth of the market.
Market Dynamics
The decorative lighting market is expected to witness substantial growth during the forecast period, primarily due to the evolving lighting product design concept leading to premiumization. Growing demand for luxury decorative lighting products among premium customers has encouraged manufacturers to come up with new and unique designs in this category. Luxury decorative lighting products are available as per innovations, quality standards, modern designs, and the latest trends formed by famous interior designers. Interior designers introduce innovative and attractive design concepts such as traditional, modern, contemporary, and transitional. Decorative lighting products such as luxury chandeliers designed by interior designers are available at premium prices. These chandeliers enjoy huge demand among high-net-worth residential users. Several luxurious decorative lighting products are manufactured in Italy, the UK, Spain, Germany, and the US. Thus, the premiumization of decorative lighting products through distinctive design concepts has led to increased adoption by premium customers.
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