Demand remains subdued for most retail, indoor lighting, and specialised lighting manufacturers, says TrendForce.

In 2023 the revenues of the top ten manufacturers fell 5% y-o-y.

A return to growth in demand is expected in Q2 2024

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In Q3, the top ten lighting companies’ combined revenues reached $5.2 billion, a slight QoQ increase of 0.8%.

Signify, Acuity Brands and Panasonic lead the top three, collectively accounting for about 63% of the total revenue.

Except for the swap in rankings between LEDVANCE and MLS Lighting with Panasonic, the rest maintained their positions from previous quarters.