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As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
According to a new report by EMR titled, ‘Vietnam LED Light Market Report and Forecast 2021-2026’, The Vietnam LED light market is supported by the global LED light market, which attained a value of almost USD 68 billion in 2020. The global market is likely to grow at a rapid rate in the forecast period of 2021-2026, growing at a CAGR of 14%. The market is expected to attain an estimated value of USD 150 billion by 2026.
The Vietnam LED light market is being driven by the rising penetration of LED lights in the country, with global players like Philips Lighting (OTCMKTS: RYLPF) 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. In addition, urbanisation, rising per capita incomes, rising population, and infrastructure development are some of the other variables that have further encouraged the market growth.
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As LED lights help reduce excess energy usage and carbon footprint, they have significantly replaced incandescent lights in the streets of Vietnam. In fact, the Government of Vietnam is promoting the use of LED lights 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).
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The major key players in the Vietnam LED light 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.
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