Posted on 18 Jan 2019
Vietnam LED Lighting Market to Reach US$ 461 Million by 2024
Light emitting diodes (LEDs) are semiconductors that produce and emit light when activated. Owing to the benefits of LEDs, they are considered as better alternative to other sources of light. In comparison to conventional lights, LEDs use energy more efficiently as they are directional light sources that emit light in a specific direction. They are the ideal choice for use in rough conditions on account of their durability and strength. In addition, LEDs are environment-friendly as they radiate less heat and do not contain harmful chemicals like mercury.
Some of the other advantages include small size, good colour rendering, high luminescence and longer operational life. 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 and infrastructural development represent some of the other factors which have further facilitated the market growth.
Key findings from the report:
- The major end-uses of LEDs in Vietnam include residential, commercial and outdoor lighting.
- On the basis of product type, the Vietnam LED lighting market has been classified as LED lamps and modules and LED fixtures.
- Being concentrated in nature, the Vietnam LED lighting market is dominated by a small number of players which include Dien Quang, Rang Dong and Philips.
Click here for summary of the report with TOC: https://www.expertmarketresearch.com/reports/vietnam-led-market
Expert Market Research has analysed the Vietnam LED lighting market according to end-use, product type and top players:
Market breakup by End-use
- Residential Lighting
- Commercial Lighting
- Outdoor Lighting
Market breakup by Product Type
- LED Lamps and Modules
- LED Fixtures
Top players
- Dien Quang
- Rang Dong
- Philips
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