Vietnam LED Lighting Market Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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According to IMARC Group’s latest report, titled “Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, ...,” the Vietnam LED lighting market size reached US$ 604 Million in 2021. Looking forward, IMARC Group expects the market value to reach US$ 943 Million by 2027, exhibiting a CAGR of 7.5% during the forecast period (2022-2027).

A light emitting diode (LED) is a semiconductor device that emits non-coherent and narrow-spectrum light when an electric current is passed through it. LED lights offer various advantages over conventional lights, such as fast switching, longer lifespan, improved physical robustness, low heat output, and minimum radiation emissions. In addition, they are environment friendly and consume less energy. Owing to these properties, LED lighting solutions have gained immense popularity in Vietnam.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Vietnam LED Lighting Market Trends:

The market is primarily driven by the increasing usage of LED lightings in various sectors. For instance, LED bulbs are rapidly replacing incandescent bulbs in street lighting across Vietnam. Besides this, the increasing demand for LED lights in commercial spaces, such as buildings, offices, supermarkets, and shopping malls, is also contributing to the market growth. Moreover, the Government of Vietnam is encouraging citizens to adopt LED lighting through two major projects, namely, Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP), which aim to reduce energy consumption and carbon footprints. Furthermore, the rapid urbanization and increasing influx of Foreign Direct Investments (FDI) is supporting the real estate sector in the country, which, in turn, is strengthening the growth of the Vietnam LED lighting market. 

Key Market Segmentation:

The report has segmented the Vietnam LED lighting market on the basis of product type, application, installation type and region.

Breakup by Product Type:

• Bulb and Tube Light
• Panel Light
• Street Light
• Down Light
• Flood Light
• Others

Breakup by Application:

• Commercial
• Residential
• Institutional
• Industrial

Breakup by Installation Type:

• New Installation
• Retrofit Installation

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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