Vietnam LED Lighting Market is driven by 35% annum growth of Vietnam LED Lamp Market and is expected to grow steadily in the Forecast Period of 2022-2027 – FortBendNow – FortBendNow
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.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/vietnam-led-market/requestsample
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.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/vietnam-led-market
Based on Type, the market covers:
- Panel Light
- Down Light
- Flood Light
- Street Light
- Tube Light
Based on Installation Type, the market categorised into:
- New Installation
- Retrofit Installation
Based on End Use, the market is divided into:
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 …….