The latest report by IMARC Group titled, “Vietnam LED Market (SMD LEDs, Modules and Fixtures): Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022” finds that the Vietnam LED market reached a value of around US$ 147 Million in 2016, growing at a CAGR of 57% during 2009-2016. LED lights offer many advantages over incandescent or florescent technologies such as versatility, durability, energy efficiency, portability and long life. In Vietnam, the applications of LED lights were initially limited to traffic lights and in the advertising industry. Due to expanding applications in recent years, LED lights are now being used in a number of sectors. LED bulbs, in particular, are now replacing incandescent and fluorescent bulbs all across Vietnam. According to the report, the market is further expected to reach a value of more than US$ 370 Million by 2022, with a CAGR of around 14% during 2017-2022.
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The report evaluates several factors which have influenced the LED market in Vietnam. The major factor for the rising demand for LED lights can be accredited to their growing use in the production of flat TVs, digital cameras, smart phones and automotive. Apart from this, LEDs are also gaining momentum due to increasing environmental concerns. These lights offer a better alternative to other lighting solutions and help in harnessing the emission of greenhouse gases. Some of the other factors which have contributed to the market growth over the past few years include urbanization, increasing corporate investments and infrastructural development.
The increasing government regulations for energy saving projects has also led the lighting industry in Vietnam to shift from conventional lighting products to energy efficient LED lighting products. The government has encouraged the use of LEDs through two major projects: Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP). Implementation of these projects helps in ensuring lower energy consumption by replacing the prevailing lighting system with LED lighting. Therefore, Vietnam exhibits to be a lucrative option for domestic as well as foreign investors who want to invest in the LED market.
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The report provides an overview of the LED lighting products on the basis of type. These include LED Panel lights, LED Down lights, LED High Mast lights, LED lamps, LED strips, LED spot lights, LED flood lights, LED Tube lights, LED street lights, and LED bulbs. The report has also analysed the competitive landscape of the market with the major players being, Dien Quang, Rang Dong and Philips. Amongst these, Dien Quang holds the key position in the market.
The report gives a detailed roadmap for starting a LED manufacturing plant. The study, done by one of the leading research and advisory firms, covers all the requisite aspects of the Vietnam LED market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing & manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. The report also offers SWOT, Value Chain and Porter’s Five Forces analysis and regional segmentation followed by an analysis of the competitive landscape. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the LED market in any manner.
Browse related reports:
LED Panel Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022
LED Bulb Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022
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