Vietnam LED Lighting Market Report and Forecast 2024-2032

Vietnam LED Lighting Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the Vietnam LED lighting market attained a value of USD 677.66 million in 2023. Aided by the robust growth in infrastructure development, a surge in consumer awareness regarding energy efficiency, and the Vietnamese government's strategic initiatives, the market is projected to further grow at a CAGR of 6.8% between 2024 and 2032 attaining a value of USD 1225.04 million by 2032.

As per the Vietnam LED lighting market analysis, Light Emitting Diodes (LEDs) have gained prominence in the country’s illumination industry, transforming how spaces, both residential and commercial, are lit. LEDs are known for their durability, energy efficiency, and decreased carbon footprint compared to traditional lighting solutions. Their versatile applications encompass everything from streetlights, home lighting, to industrial settings, and even intricate architectural lighting designs.

Vietnam, with its rapidly urbanising landscape and escalating emphasis on sustainable solutions, has witnessed a robust shift from conventional incandescent and fluorescent lights to LEDs. This transition is not merely driven by consumer preferences but is also a part of a broader framework of energy conservation and sustainable urban development, championed by the Vietnamese government.

The increased knowledge among Vietnamese consumers concerning the benefits of LED – primarily its longer lifespan, reduced electricity bills, and the positive environmental impact – has fostered the Vietnam LED lighting market growth. Concurrently, the global inclination towards sustainability has also permeated Vietnam, making LEDs, which use up to 80% less energy than traditional lighting, a preferred choice.

Industrial applications of LED lighting in Vietnam also underscore the market's potential. As Vietnam solidifies its position as a global manufacturing hub, the need for energy-efficient industrial lighting solutions becomes paramount. LEDs, with their durability and performance in varied conditions, prove to be an ideal choice for manufacturing units, warehouses, and assembly lines.

In addition, the Vietnamese government’s proactive stance on promoting LED lighting augments the market growth. Initiatives like tax reductions, subsidies for LED manufacturing, and public awareness campaigns highlighting the benefits of LEDs are instrumental in boosting Vietnam LED lighting market demand. Moreover, replacing conventional streetlights with LEDs in major cities is not just an infrastructural upgrade but also a testament to the government's commitment to sustainable development.

The tourism sector, a significant contributor to Vietnam's economy, also indirectly bolsters the LED market. As the country experiences a surge in tourist influx, there is a growing demand for aesthetic and energy-efficient lighting solutions in hotels, resorts, and public spaces, with LEDs fitting the bill perfectly.

Market Segmentation

The market can be divided based on type, installation type, and end use.

Market Breakup by Type

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

Market Breakup by Installation Type

• New Installation
• Retrofit Installation

Market Breakup by End Use

• Residential
• Commercial
• Industrial
• Institutional
• Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Vietnam LED lighting market. Some of the major players explored in the report by Expert Market Research are as follows:

• Rang Dong Light Source and Vacuum Flask JSC (Ralaco)
• Dien Quang Light Source Company
• Asled Co., Ltd
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.