Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The Vietnam LED lighting market size reached US$ 647.6 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 982.8 Million by 2028, exhibiting a growth rate (CAGR) of 7% during 2023-2028.
Light-emitting diodes (LEDs) are semiconductor devices that generate non-coherent, narrow-spectrum light when forward voltage is applied. The first LED was an infrared-emitting device patented in 1961 and the first practical visible spectrum LED was developed in 1962. Currently, LEDs are incorporated into bulbs and fixtures for general lighting applications. A well designed LED lighting system has several advantages over the conventional lighting system using incandescent or florescent technologies such as better efficiency, durability, versatility, smaller in size, longer-lasting and environment-friendly. Another big advantage of using LED lighting system is that it does not radiate heat as in incandescent or florescent light bulbs. A heat sink, which is a passive device, draws away the heat from LEDs by absorbing it and dispersing it into the surrounding environment. This prevents LED products from getting overheated or burnt-out.
In Vietnam, LED technology was first introduced in traffic lights and the advertisement industry. The apparent advantages of the LED technology in lighting system have driven its use in several other sectors also. Across Vietnam, incandescent bulbs, especially in street lighting, are being replaced with LED bulbs. The Vietnamese government is vigorously endorsing the use of LED lighting through two major projects - Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP) – aiming to reduce energy consumption and carbon footprints. Driven by its numerous advantages over conventional lighting technologies, the market for LED lighting in Vietnam is witnessing robust growth and is expected to dominate the country’s lighting industry in the coming years.
IMARC’s latest study “Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” provides a techno-commercial roadmap for setting up an LED manufacturing plant in Vietnam. The study, which has been done by one of the world’s leading research and advisory firms, covers all the requisite aspects of the LED market. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics including expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Vietnam LED lighting industry in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Vietnam LED lighting market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on product type, application and installation type.
Breakup by Product Type:
Bulb and Tube Light
Panel Light
Street Light
Down Light
Flood Light
Others
At present, LED panel lights hold the biggest market share as they are flexible and available in numerous designs across Vietnam.
Breakup by Application:
Commercial
Residential
Institutional
Industrial
The residential sector accounts for the majority of the market on account of rapid urbanization, improving economic conditions and the increasing construction of houses in Vietnam.
Breakup by Installation Type:
New Installation
Retrofit Installation
Retrofit installation dominates the market due to the rising replacement of incandescent lamps with energy-efficient light solutions like LED.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
Key Questions Answered in This Report
1. What was the size of the Vietnam LED lighting market in 2022?
2. What is the expected growth rate of the Vietnam LED lighting market during 2023-2028?
3. What are the key factors driving the Vietnam LED lighting market?
4. What has been the impact of COVID-19 on the Vietnam LED lighting market?
5. What is the breakup of the Vietnam LED lighting market based on the product type?
6. What is the breakup of the Vietnam LED lighting market based on the application?
7. What is the breakup of the Vietnam LED lighting market based on the installation type?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global LED Lighting Industry
- 5.1 Market Overview
- 5.2 Market Performance
- 5.2.1 Volume Trends
- 5.2.2 Value Trends
- 5.3 Market Breakup by Region
- 5.4 Market Breakup by Application
- 5.5 Market by LED Products: LED Lamps, Modules and Fixtures
- 5.5.1 Current and Historical Market Trends
- 5.5.2 Market Forecast
- 5.6 Market Forecast
- 6 Vietnam Lighting Industry
- 6.1 Market Overview
- 6.2 Market Performance
- 6.3 Market Breakup by Application
- 6.4 Market Breakup by Technology
- 6.5 Market Forecast
- 7 Vietnam LED Industry
- 7.1 Market Overview
- 7.2 Market Performance
- 7.2.1 Volume Trends
- 7.2.2 Value Trends
- 7.3 Price Analysis
- 7.3.1 Key Price Indicators
- 7.3.2 Price Structure
- 7.3.3 Price Trends
- 7.4 Impact of COVID-19
- 7.5 Market Breakup by Product Type
- 7.6 Market Breakup by Application
- 7.7 Market Breakup by Installation Type
- 7.8 Market Forecast
- 7.9 SWOT Analysis
- 7.9.1 Overview
- 7.9.2 Strengths
- 7.9.3 Weaknesses
- 7.9.4 Opportunities
- 7.9.5 Threats
- 7.10 Value Chain Analysis
- 7.10.1 Raw Material Procurement
- 7.10.2 Manufacturing
- 7.10.3 Marketing
- 7.10.4 Distribution
- 7.10.5 Exports
- 7.10.6 End-Use
- 7.11 Porter’s Five Forces Analysis
- 7.11.1 Overview
- 7.11.2 Bargaining Power of Buyers
- 7.11.3 Bargaining Power of Suppliers
- 7.11.4 Degree of Competition
- 7.11.5 Threat of New Entrants
- 7.11.6 Threat of Substitutes
- 7.12 Key Market Drivers and Success Factors
- 7.13 Key Risk Factors for LED Manufacturers
- 7.14 Comparison of LED’s with Conventional Lighting Technologies
- 8 Market Breakup by Product Type
- 8.1 Bulb and Tube Light
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Panel Light
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Street Light
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Down Light
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
- 8.5 Flood Light
- 8.5.1 Market Trends
- 8.5.2 Market Forecast
- 8.6 Others
- 8.6.1 Market Trends
- 8.6.2 Market Forecast
- 9 Market Breakup by Application
- 9.1 Commercial Application
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Residential Application
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Institutional Application
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Industrial Application
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 10 Market Breakup by Installation Type
- 10.1 New Installation
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Retrofit Installation
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 11 Competitive Landscape
- 11.1 Market Structure
- 11.2 Market Breakup by Key Players
- 12 SMD LED Manufacturing Process
- 12.1 Product Overview
- 12.2 Detailed Process Flow
- 12.3 Various Types of Unit Operations Involved
- 12.4 Mass Balance and Raw Material Requirements
- 12.5 Major Machinery Pictures
- 13 SMD LED Module Manufacturing Process
- 13.1 Product Overview
- 13.2 Detailed Process Flow
- 13.3 Various Types of Unit Operations Involved
- 13.4 Mass Balance and Raw Material Requirements
- 13.5 Major Machinery Pictures
- 14 SMD LED Based Fixture (Street Light) Manufacturing Process
- 14.1 Product Overview
- 14.2 Detailed Process Flow
- 14.3 Various Types of Unit Operations Involved
- 14.4 Mass Balance and Raw Material Requirements
- 14.5 Major Machinery Pictures
- 15 Project Details, Requirements and Costs Involved
- 15.1 Land Requirements and Expenditures
- 15.2 Construction Requirements and Expenditures
- 15.3 Plant Machinery
- 15.4 Raw Material Requirements and Expenditures
- 15.5 Raw Material and Final Product Pictures
- 15.6 Packaging Requirements and Expenditures
- 15.7 Transportation Requirements and Expenditures
- 15.8 Utility Requirements and Expenditures
- 15.9 Manpower Requirements and Expenditures
- 15.10 Other Capital Investments
- 16 Loans and Financial Assistance
- 17 Project Economics
- 17.1 Capital Cost of the Project
- 17.2 Techno-Economic Parameters
- 17.3 Product Pricing and Margins Across Various Levels of the Supply Chain
- 17.4 Taxation and Depreciation
- 17.5 Income Projections
- 17.6 Expenditure Projections
- 17.7 Financial Analysis
- 17.8 Profit Analysis
- 18 Key Player Profiles
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook