The electric lamp bulb and parts manufacturing industry in Canada has seen fluctuating revenues over the past decade. Starting from 2013 with a significant drop of 21.69%, the industry rebounded in 2015 with a remarkable growth of 115.24%. However, revenues saw a decline and subsequent moderate growth. By 2023, the industry's revenue stood at 87.96 million CAD, experiencing a 1.56% year-on-year increase from 2022. The average annual growth rate over the last five years was 2.29%, indicating a relatively stable upward trend.
Looking ahead, the forecasted data suggests continued growth in the sector, with a projected 1.21% annual growth rate over the next five years, reaching 95.1 million CAD by 2028. Future trends to watch for include technological advancements in energy-efficient lighting, government regulations promoting sustainable practices, and increased demand for smart lighting solutions which could drive further innovation and growth in the industry.
