Vietnam LED Light Market to be Supported by the Global LED light Market, Expected to Grow at a CAGR of 14% between 2021 and 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).

Market Analysis by Type, Application, and Regions:

• The various types of LED lights include panel lights, downlights, floodlights, streetlights, tube lights, and bulbs.
• It finds its applications in residential, commercial, and industrial sectors, among others.
• The major regional markets covered are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The demand for LED lights in Vietnam is being driven by the various schemes of the government of Vietnam, supporting the use of energy-efficient lighting owing to the inflating electricity prices, growing concerns over energy wastage, and climate change.
• The increasing disposable income of consumers is likely supporting the demand growth for Led lights.
• The growing electronics industry is providing a further push to the Vietnam LED light market growth.
• The increasing international investors from electronics and home appliances sectors are also supporting the market growth.

 Key Offerings of the report:

• The EMR report provides an overview of the Vietnam LED light market for the periods (2016-2020) and (2021-2026).
• The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, applications, and regions.
• The EMR report provides the price analysis of LED light in Vietnam for the periods (2016-2020) and (2021-2026).

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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