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Affected by various factors such as weak demand in the terminal market, slow depletion of LED inventory, and intensified market price competition, the development of the LED industry is expected to be relatively sluggish in 2023. In this context, the performance of LED packaging companies in the midstream of the industry was negatively affected to varying degrees last year.

Entering 2024, with signs of gradual recovery in downstream LED display and lighting market demand, many domestic listed packaging companies also welcomed good news of performance recovery in the first half of the year. However, with the recent release of the third quarter report, there have been changes in the development of the LED packaging industry this year.

Automotive LED has become a key focus for many LED packaging companies in recent years. As the automotive industry continues to move towards the new four modernizations, the demand for high-performance automotive lighting and displays continues to increase, allowing LED packaging companies to continue to profit in the automotive field.

Automotive LEDs performed exceptionally well in the first half of the year, becoming one of the key reasons for the rebound in performance of various packaging factories. With the development of electrification, networking, intelligence, and sharing in the automotive market, it is expected that the demand for automotive LED will continue to remain stable throughout 2024.

Despite some setbacks, LED packaging companies are still on a path of sustained recovery in 2024. Faced with insufficient market demand and intensified industry competition, more LED packaging companies are gradually withdrawing from the price war and finding a business path that suits their own situation. In the future market situation or when it is still unclear, LED packaging companies have realized the key to their future development.

That is to increase the exploration of new applications, technologies, and markets while stabilizing the industry, and maximize the value of LED products. This is not only a necessary path for LED packaging enterprises, but also for the entire LED industry to enter a new golden period of development.