Vietnam Market Potential:

Vietnam LED Market to Reach US$ 461 Million by 2024

   In Vietnam, LEDs were initially used in traffic lights and advertising industry. However, with the increasing awareness about their advantages, they are now being used in various sectors such as residential lighting, street lighting, commercial lighting, etc. According to a new report by Expert Market Research, the Vietnam LED lighting market reached a value of US$ 229 Million in 2018 and is further expected to reach US$ 461 Million by 2024.

   The production of LEDs in Vietnam has witnessed a significant growth during the year 2014-2018. This can be accredited to a number of forces. With the rising environmental concerns and increasing expenses on the generation of electricity, the Vietnamese government is encouraging the use of energy-efficient lights. The growing use of LEDs in high-tech products such as television, digital camera, smart phones and automobiles have also resulted in rising demand for LEDs in Vietnam.

Moreover, urbanization, rising population, increasing disposable incomes represent some of the other factor which have further facilitated the market growth.

Revenue in the Comfort and Lighting segment amounts to US$8m in 2019.

In the Comfort and Lighting segment, the number of active households is expected to amount to 0.9m by 2023.

The Vietnamese digital signage market was valued at USD 373.55 million in 2017, and is expected to reach USD 645.83 million by 2023, recording a CAGR of 9.39% during the forecast period (2018-2023).

Asia-Pacific has several developing nations with rapidly developing economies. There have been large scale investments by major players, in various regional industries. In Vietnam, there exists cut-throat competition between the companies of the neighboring origin and large multi-national corporations trying to establish a foothold on the regional market. Technological advancements in the recent past have led to the development of OLEDs that offer much clearer picture and are not very expensive, than the other available solutions.

The retail industry was expected to be the largest revenue share holder in the display advertising revenue. Vietnam lags behind on the economic scale, as compared to the neighboring nations in the region, and is expected to witness significant growth in the near future, owing to the increasing interest of large conglomerates willing to enter the market and compete with local manufactures and enterprises for control over the market.


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