Outlook and Predictions for the Lighting Industry in 2024: A Look Ahead

This report explores the anticipated landscape of the lighting industry in 2024, featuring insights from prominent industry leaders.

Confidence Amidst Change

While acknowledging current market fluctuations, industry leaders remain optimistic. Gu Yong, General Manager of Longteng Lighting Group, emphasizes the importance of adapting strategies and capitalizing on national development initiatives like the Belt and Road.

Intensifying Competition and Specialization

Experts like Lin Yan, Vice President of Sanxiong Aurora, predict a continuation of fierce competition and market segmentation. This will likely involve increased price wars in the low-end market while mid-to-high-end customers prioritize quality and service. Industry consolidation is also expected, with leading brands acquiring a greater market share.

Emerging Trends and Strategies

Market trends highlighted by Zhang Xiao, Chief Product Officer of Foshan Lighting, include:

• Continued policy support for market growth

• Increased competition from outside industries, particularly technology companies

• Further segmentation within the intelligent lighting market, creating opportunities for niche players

• Significant growth (>20%) in specialized lighting applications, particularly energy-saving solutions for urban and industrial settings

• A shift in health lighting towards integrated medical applications and software platforms

• Innovation focused on lighting applications leveraging technological advancements

• A talent shortage in areas like digital and technical sales expertise

• Transformation of offline retail channels with a focus on experience and value-added services

• Content changes in engineering channels, emphasizing digital applications and energy-saving solutions

The Rise of Full-Spectrum Lighting

Tang Guoqing, Executive General Manager of Muling Sen Co., Ltd., predicts 2024 to be the year of full-spectrum semiconductor lighting. He emphasizes the potential of artificial light sources for health-focused lighting solutions.

Brand Consolidation and the Importance of Growth

Liu Baoliang, General Manager of Bulls Group's Light Source Division, anticipates accelerated brand concentration. He emphasizes the need for companies to seize growth opportunities during challenging economic times.

Key Takeaways for 2024

Industry leaders offer a variety of perspectives on navigating the lighting industry in 2024. Key takeaways include:

• The importance of innovation, specialization, and adaptation

• Embracing technological advancements and market shifts

• Prioritizing green, healthy, and intelligent lighting solutions

• Collaboration and exploration of new markets

• Adapting to evolving consumer demands and industry landscapes

Conclusion: A Bright Future Awaits

The lighting industry in 2024 presents both challenges and exciting opportunities. By embracing innovation, collaboration, and a commitment to meeting evolving customer needs, lighting industry players can illuminate a bright future.