5% Dip Predicted in 2023 Revenues for Top 10 Lighting Giants, Demand Recovery Expected by 2Q24
December 27, 2023 | TrendForceEstimated reading time: 2 minutes
TrendForce’s lighting market research indicates a noticeable improvement in inventory depletion for lighting companies compared to the first half of 2023. Growth has been seen in outdoor lighting orders and renovation projects. However, demand remains subdued across most retail, indoor lighting, and specialized lighting sectors. The gloomy global economy this year has also led to a consolidation phase in the lighting market, resulting in stable overall demand. Consequently, TrendForce anticipates a slight YoY decrease of about 5% in the revenues of the world’s top ten lighting manufacturers for 2023. Despite the ongoing uncertainty in the lighting market, after two years of adjustment, a resurgence in demand is anticipated in the second quarter of 2024.
The third quarter performance of various companies suggests slight revenue recovery. The top ten lighting companies’ combined revenues reached US$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.
Signify’s third-quarter revenue was approximately US$1.75 billion, a 2.5% decrease from the previous quarter. This decline in revenue is primarily attributed to continuous weak demand in retail and indoor lighting, as well as a slowdown in OEM sales. The company saw significant revenue dips in key European markets, such as Germany, Belgium, the Netherlands, Luxembourg, and the UK, and also in North American markets, including the US and Canada. Recovery in the Chinese market also fell short of expectations.
Acuity Brands reported close to US$1 billion in revenue for the third quarter, down 1% from the previous quarter. This decline in lighting revenue was linked to extended product replacement cycles and the overall economic downturn. Still, the company maintains its position in the global top three, representing roughly 20% of total revenue among the top ten lighting manufacturers. In 2023’s first half, Acuity Brands launched its innovative Design Select project to offer customers high-quality lighting products and solutions. This initiative includes around 3,000 selectable products from leading brands such as Aculux, Gotham, Lithonia, nLight, and SensorSwitch.
Overseas operations now contribute over 50% to MLS Lighting’s overall revenue following its acquisition of LEDVANCE. For the first three quarters of 2023, lighting sales constituted 73% of total revenue, with the latter half primarily bolstered by seasonal demand in China’s lighting industry. However, a saturated overseas market has restrained growth, reflected in MLS Lighting’s third-quarter performance, which saw a modest increase of about 2.3%. Notably, LEDVANCE performed well in China’s industrial lighting market in the first half of 2023. With strategic positioning and product upgrades, LEDVANCE’s annual lighting revenue is expected to grow throughout the year.
Suggested Items
The Global Electronics Association Releases IPC-8911: First-Ever Conductive Yarn Standard for E-Textile Application
07/02/2025 | Global Electronics AssociationThe Global Electronics Association announces the release of IPC-8911, Requirements for Conductive Yarns for E-Textiles Applications. This first-of-its-kind global standard establishes a clear framework for classifying, designating, and qualifying conductive yarns—helping to address longstanding challenges in supply chain communication, product testing, and material selection within the growing e-textiles industry.
SMT007 Magazine July—What’s Your Competitive Sweet Spot?
07/01/2025 | I-Connect007 Editorial TeamAre you in a niche that’s growing or shrinking? Is it time to reassess and refocus? We spotlight companies thriving by redefining or reinforcing their niche—what are their insights? In the July 2025 issue of SMT007 Magazine, we spotlight companies thriving by redefining or reinforcing their niche and offer insights to help you evaluate your own.
TRI Unveils New Multi-Camera AOI, TR7500 SIII Ultra
06/27/2025 | TRITest Research, Inc. (TRI), the leading test and inspection systems provider for the electronics manufacturing industry, proudly introduces the new TR7500 SIII Ultra.
NVIDIA RTX PRO 6000 Shipments Expected to Rise Amid Market Uncertainties
06/24/2025 | TrendForceThe NVIDIA RTX PRO 6000 has recently generated significant buzz in the market, with expectations running high for strong shipment performance driven by solid demand.
Green Circuits Boosts Test Capacity with New Takaya APT-1600FD System
06/24/2025 | Green CircuitsGreen Circuits, a full-service Electronics Manufacturing Services (EMS) partner to leading OEMs, is pleased to announce the purchase of its fourth Takaya APT-1600FD Double-sided Flying Probe Test System.