According to a new report, ‘Vietnam LED Lighting Market Report and Forecast 2021-2026’ by EMR; The Vietnam LED lighting market is supported by the global LED Lighting market, which attained a value of almost USD 68 billion in 2020. The global market is likely to grow at a CAGR of 14% in the forecast period of 2021-2026. The market is expected to attain an estimated value of USD 150 billion by 2026.
The Vietnam LED lighting market is being driven by the rising penetration of LED lighting in the country, with global players like Philips Lighting also investing in the regional market. LEDs were originally used, in the traffic light and advertising industry in Vietnam. Nevertheless, with increasing awareness of their benefits, they are now being used in various sectors, such as residential lighting, street lighting, industrial lighting, etc. The increasing use of LEDs in high-technology products like television, digital cameras, smartphones, or even cars has also resulted in an increased demand for LEDs in Vietnam. Additionally, urbanization, rising per capita incomes, rising population, and infrastructure development are some of the other variables that have further encouraged market growth.
As LED lighting help reduce excess energy usage and carbon footprint, they have significantly replaced incandescent lights in the streets of Vietnam. The Government of Vietnam is promoting the use of LED lighting to reduce high electricity consumption in the country by implementing programs such as the Vietnam Energy Efficient Public Lighting Project (VEEPL) and the Vietnam National Energy Efficiency Program (VNEEP).
The demand for LED lighting in Vietnam is being driven by the various schemes of the government of Vietnam, supporting the use of energy-efficient lighting owing to the inflating electricity prices, growing concerns over energy wastage, and climate change.
The major key players in the Vietnam LED lighting market include Rang Dong Light Source and Vacuum Flask JSC (Ralaco), Dien Quang Light Source Company, and Asled Co., Ltd, among others. The key players included in the global market are Signify (Philips Lighting), Osram Licht AG, Nichia Corporation, Cree Inc., Seoul Semiconductor Co Ltd, and others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions and capacity expansions.