The employment in Austria’s Manufacture of Electric Lighting Equipment Sector has witnessed various trends from 2013 to 2023. The sector showed a steady growth, particularly between 2013 and 2017, averaging an annual increase in employment. The years 2018 and 2021 registered notable spikes in employment numbers, though the sector faced slight declines in 2019 and 2020. In 2023, employment stood at 6.75 thousand FTE, reflecting a year-on-year growth of 3.07% from 2022. Over the last two years, the growth rates are 3.2% and 3.07%, showcasing a stable increment. The compounded annual growth rate (CAGR) over the last five years is approximated at 4.18%.
Examining future trends, employment in this sector is expected to continue its upward trajectory, albeit at a moderated pace with a forecasted CAGR of 2.12% over the next five years, ultimately reaching around 7.72 thousand FTE by 2028. This indicates an overall growth rate of 11.05% from 2023 to 2028.
Future trends to watch for include:
- The impact of technological advancements and automation on job creation and labor efficiency in the electric lighting equipment sector.
- Market demand shifts towards energy-efficient and smart lighting solutions.
- Government regulations and incentives promoting sustainable manufacturing practices.
