Dimming Profits: Lighting Manufacturing Revenues Plunge

Demand remains subdued for most retail, indoor lighting, and specialised lighting manufacturers, according to a report by TrendForce. The revenues of the top ten manufacturers fell by 5% year-on-year in 2023, indicating a challenging market for the industry.

However, there is hope for a return to growth in demand in the second quarter of 2024. This positive outlook suggests that the market may be recovering from the recent decline.

In the third quarter, the combined revenues of the top ten lighting companies reached $5.2 billion, showing a slight quarter-on-quarter increase of 0.8%. This indicates a potential stabilization in the market, although growth remains modest.

Among the top three lighting companies, Signify, Acuity Brands, and Panasonic lead the pack, collectively accounting for about 63% of the total revenue. This dominance highlights the strong market position of these companies and their ability to withstand the challenging market conditions.

While there were no major changes in the rankings of the top ten manufacturers, LEDVANCE and MLS Lighting swapped positions with Panasonic. This minor shift suggests a relatively stable market landscape, with companies maintaining their positions from previous quarters.