The new report by Expert Market Research titled, ‘Vietnam LED Lighting Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Vietnam LED lighting market, assessing the market based on its segments like type, installation type and end use. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2022)
- Historical Global Market Value (2020): USD 52 Billion.
- Forecast Global CAGR (2022-2027): 14%
- Forecast Global Market Value (2026): USD 26 Billion.
The traditional lighting sector’s market share in Vietnam is likely to decline as the LED lighting industry grows. Incandescent bulbs are rapidly being replaced by LED lighting technology in street lighting applications. Initially, the technology’s application in Vietnam was limited, with applications in traffic lights and the advertising industry. It has quickly spread to a variety of industries, including restaurants and hotels, where it is used for interior and external decorating.
Due to the country’s expanding urbanisation, LED will have a stronger market penetration in Vietnam. The booming rise of commercial offices, as well as substantial foreign investment, are likely to move the industry forward even more.
In Vietnam, over 200 enterprises have registered their LED products, which have been classified into three categories. The first group, which comprises 3% of the enterprises in the Vietnam LED lighting sector with a market share of 10% to 20%, has contemporary manufacturing lines, standard testing procedures, and R&D centres. The second group consists of foreign-invested businesses with selling prices that are two to three times higher than the norm. This second category comprises 13% of the 200 companies, with their products accounting for 15-20% of the market share. The third group dominates the market with 60-70% market share and comprises of 84% of the companies. These are the companies assembling their products from imported components, mostly from China.
Industry Definition and Major Segments
A Light Emitting Diode (LED) is a device that uses electroluminescence to produce light from a semiconductor. LED lights are rapidly replacing traditional incandescent lights because they last longer, operate at a lower temperature, and use less energy. They’re also more adaptable in terms of shape, form, and application.
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Based on Type, the market covers:
- Panel Light
- Down Light
- Flood Light
- Street Light
- Tube Light
- Bulbs
- Others
Based on Installation Type, the market categorised into:
- New Installation
- Retrofit Installation
Based on End Use, the market is divided into:
- Residential
- Commercial
- Industrial
- Others
Market Trends
Due to rising electricity prices, growing worries about energy waste, and climate change, the Vietnam LED Lighting sector is likely to be backed by numerous government programmes promoting the adoption of energy efficient lighting. Government programmes aim to increase LED lighting use by assisting local LED lighting product manufacturers. In the early 2000s, customers in Vietnam began to transition away from compact fluorescent lamps (CFLs) in favour of LED lighting technologies. LED lighting has witnessed a rise in demand due to its lower energy consumption and greenhouse gas emissions as compared to CFLs and High-Intensity Discharge (HID) lamps, owing to growing consumer concern about the environment.
The increased per capita income in Vietnam is predicted to drive up demand for LED lighting in the country. The Vietnam LED lighting business will benefit from the country’s expanding infrastructure sector. According to Vietnam’s Ministry of Planning and Investment, new infrastructure is estimated to cost between USD 150 and 160 billion by 2020. As a result, the LED lighting industry in the region is seeing an increase in demand from lighting projects for newly constructed factories and other commercial facilities.
The booming electronics industry is giving the LED lighting business in Vietnam a boost. Due to its low land resources and labour force costs, developing infrastructure sector, rising economy, and political stability, Vietnam is drawing international investors from the electronics and home appliances sectors, particularly from Korea. The LED sector will also be fueled by the recently established smart lighting system. Smart lighting is now limited to outdoor and high-end commercial lighting.
Latest News on Vietnam LED Lighting Market: https://www.expertmarketresearch.com/pressrelease/vietnam-led-lighting-market
Key Market Players
The major regional players in the market are Rang Dong Light Source and Vacuum Flask JSC (Ralaco), Dien Quang Light Source Company, Asled Co., Ltd, among others. While the major global players are Signify (Philips Lighting), Osram Licht AG, Nichia Corporation, Cree Inc, Seoul Semiconductor Co Ltd.
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