Reports
Vietnam LED Lighting Market: By Type: Panel Lights, Down Lights, Flood Lights, Street Lights, Bulb and Tube Light; By Installation Type; By End Use: Residential, Commercial, Industrial, Institutional, Others; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Vietnam LED Lighting Market Outlook
The Vietnam LED lighting market is being aided by the 35% per annum growth of the Vietnam LED lamp market. The Vietnam LED lighting market attained a value of USD 634.51 million in 2022. The Vietnam LED lighting industry is expected to grow at a CAGR of 6.8% in the forecast period of 2023-2028, attaining a value of USD 941.60 million by 2028.
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Rising Demand in the Residential Sector to Supplement the Market Growth of LED Lighting in Vietnam
The growing infrastructure sector in the country is anticipated to provide a push to the regional market. According to the Ministry of Planning and Investment of Vietnam, USD 150-160 billion was estimated to be invested in new infrastructure by 2020. The rising per capita income in Vietnam is expected to lead to an increasing demand for LED in the residential sector. Further, the market is witnessing an increasing demand from lighting projects for newly-built factories and other commercial infrastructure. The market share for traditional lighting industry in Vietnam is expected to decrease with the growth of the LED lighting industry. LED lighting technology is replacing incandescent bulbs for street lighting applications at a rapid rate. Initially, the technology in Vietnam was restricted in its utilisation to outdoor applications, finding uses in traffic lights and the advertisement industry. It has fast expanded to find applications in indoor settings, like in restaurants and hotels as interior and exterior decorations.
The thriving growth of commercial offices and a strong foreign investment in Vietnam is further expected to propel the industry forward. Currently, about 200 companies have registered their LED products in Vietnam and have been divided into three broad groups. The first group, which contains 3% of the companies holding 10-20% market share in the Vietnam LED lighting industry, have modern production lines, standard testing systems, and R&D centres. The second group comprises of foreign-invested enterprises whose selling prices are generally higher than the average prices by two to three times. Thirteen percent of the 200 companies are included in this second group, with their products holding a 15-20% market share. The third group dominates the market with 60-70% market share and comprises of 84% of the companies. These are the companies assembling their products from imported components, mostly from China.
Market Segmentation
LED is a Light Emitting Diode where a semiconductor is used to produce light through the process of electroluminescence. LED lights are fast replacing traditional incandescent lights as they last longer, have a comparably cooler operating temperature, and are far more energy efficient. They are also exceptionally versatile in their shape, form, and applications.
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By type, the market can be divided into:
- Panel Light
- Down Light
- Flood Light
- Street Light
- Bulb and Tube Light
- Others
Based on installation type, the market can be segmented into:
- New Installation
- Retrofit Installation
On the basis of end use, the market can be categorised into:
- Residential
- Commercial
- Industrial
- Institutional
- Others
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Favourable Government Schemes Supporting the Use of Energy Efficient Lighting Solutions to Spearhead the Vietnam Market for LED Lighting
The market is expected to be supported by the various schemes of the government of Vietnam, promoting the use of energy efficient lighting due to the rise in electricity prices, growing concerns over energy wastage, and climate change. The government programs in the region are promoting the widespread adoption of LED lighting by aiding the local manufacturing of LEDs. The move away from compact fluorescent lamps (CFLs) started in the early 2000s, as the consumers in Vietnam moved towards LED lighting technologies. With growing awareness among the consumers about the environmental issues, LED lighting has seen a rising demand due to their reduced energy consumption and decreased emissions of greenhouse gases, as compared to CFLs and High-Intensity Discharge (HID) lamps.
The thriving electronics industry is providing further impetus to the Vietnam LED Lighting industry. Vietnam is attracting international investors from electronics and home appliances sectors, especially from Korea, due to the lower land resources and labour force cost, growing infrastructure sector, rising economy, and political stability. The recently developed smart lighting system will also drive the regional LED lighting market. For now, the use of smart lighting is restricted to outdoor and high-end commercial lighting. In addition, the growing demand for LED solutions in the manufacturing of digital devices such as television, smartphones, digital cameras, and others, is anticipated to prove beneficial for the market growth in the coming years. The rising demand for digital devices, spurred by the growing disposable incomes and improved living standards of consumers, is anticipated to support the demand for LED solutions further. Furthermore, the growing research and development activities conducted by the market leaders in the development of smart lighting systems are anticipated to drive the Vietnam market for LEDs in the forecast period. For instance, in April 2022, Phenikaa Group introduced its new LED lighting technology, Phenikaa Natural TrueCircadian LED Lighting. This technology allows for the development of light sources that offer the closest light spectrum to natural sunlight, while also enhancing the biological spectrum regions for human eye absorption.
Key Players in the Vietnam LED Lighting Market Landscape
The report provides a detailed analysis of the following key players in the Vietnam LED lighting market, looking into their competitive landscape, capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and applications:
Regional Players:
- Rang Dong Light Source and Vacuum Flask JSC (Ralaco)
- Dien Quang Light Source Company
- Asled Co., Ltd
- Others
Global Players:
- Signify (Philips Lighting)
- Osram Licht AG
- Nichia Corporation
- Cree Inc.
- Seoul Semiconductor Co Ltd
- Others
The EMR report gives an in-depth insight into the market by providing an analysis of the value chain and Porter’s five forces. It also provides a SWOT analysis of the market.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Installation Type, End Use |
| Breakup by Type | Panel Light, Down Light, Flood Light, Street Light, Bulb and Tube Light, Others |
| Breakup by Installation Type | New Installation, Retrofit Installation |
| Breakup by End Use | Residential, Commercial, Industrial, Institutional, Others |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Price Analysis | Historical and Forecast Price Trends- Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Rang Dong Light Source and Vacuum Flask JSC (Ralaco), Dien Quang Light Source Company, Asled Co., Ltd, Signify NV (Philips Lighting), Osram Licht AG, Nichia Corporation, Cree Inc., Seoul Semiconductor Co Ltd, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Vietnam
7 Industry Opportunities and Challenges
8 Global LED Lighting Market Overview
8.1 Key Industry Highlights
8.2 Global LED Lighting Historical Market (2018-2022)
8.3 Global LED Lighting Market Forecast (2023-2028)
8.4 Global LED Lighting Market by Type
8.5 Global LED Lighting Market by Region
8.5.1 Market Share
8.5.1.1 North America
8.5.1.2 Europe
8.5.1.3 Asia Pacific
8.5.1.4 Latin America
8.5.1.5 Middle East and Africa
9 Vietnam LED Lighting Market Analysis
9.1 Key Industry Highlights
9.2 Vietnam LED Lighting Historical Market (2018-2022)
9.3 Vietnam LED Lighting Market Forecast (2023-2028)
9.4 Vietnam LED Lighting Market by Type
9.4.1 Panel Light
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2022)
9.4.1.3 Forecast Trend (2023-2028)
9.4.2 Down Light
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2022)
9.4.2.3 Forecast Trend (2023-2028)
9.4.3 Flood Light
9.4.3.1 Market Share
9.4.3.2 Historical Trend (2018-2022)
9.4.3.3 Forecast Trend (2023-2028)
9.4.4 Street Light
9.4.4.1 Market Share
9.4.4.2 Historical Trend (2018-2022)
9.4.4.3 Forecast Trend (2023-2028)
9.4.5 Bulb and Tube Light
9.4.5.1 Market Share
9.4.5.2 Historical Trend (2018-2022)
9.4.5.3 Forecast Trend (2023-2028)
9.4.6 Others
9.5 Vietnam LED Lighting Market by Installation Type
9.5.1 New Installation
9.5.1.1 Market Share
9.5.1.2 Historical Trend (2018-2022)
9.5.1.3 Forecast Trend (2023-2028)
9.5.2 Retrofit Installation
9.5.2.1 Market Share
9.5.2.2 Historical Trend (2018-2022)
9.5.2.3 Forecast Trend (2023-2028)
9.6 Vietnam LED Lighting Market by End Use
9.6.1 Residential
9.6.1.1 Market Share
9.6.1.2 Historical Trend (2018-2022)
9.6.1.3 Forecast Trend (2023-2028)
9.6.2 Commercial
9.6.2.1 Market Share
9.6.2.2 Historical Trend (2018-2022)
9.6.2.3 Forecast Trend (2023-2028)
9.6.3 Industrial
9.6.3.1 Market Share
9.6.3.2 Historical Trend (2018-2022)
9.6.3.3 Forecast Trend (2023-2028)
9.6.4 Institutional
9.6.4.1 Market Share
9.6.4.2 Historical Trend (2018-2022)
9.6.4.3 Forecast Trend (2023-2028)
9.6.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Price Analysis
13 Manufacturing Process (SMD LED, Module, Fixture)
13.1 Product Overview
13.2 Detailed Process Flow
13.3 Various Types of Unit Operations Involved
13.4 Mass Balance and Raw Material Requirements
14 Project Requirement and Cost Analysis
14.1 Land, Location and Site Development
14.2 Construction
14.3 Plant Machinery
14.4 Raw Material
14.5 Packaging
14.6 Transportation
14.7 Utilities
14.8 Manpower
14.9 Other Capital Investment
15 Loans and Financial Assistance
16 Project Economics
16.1 Capital Cost of the Project
16.2 Techno-Economic Parameters
16.3 Product Pricing and Margins
16.4 Taxation and Depreciation
16.5 Income Projections
16.6 Expenditure Projections
16.7 Financial Analysis
16.8 Profit Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.3 Regional Key Players
17.3.1 Rang Dong Light Source and Vacuum Flask JSC (Ralaco)
17.3.1.1 Company Overview
17.3.1.2 Product Portfolio
17.3.1.3 Demographic Reach and Achievements
17.3.1.4 Certifications
17.3.2 Dien Quang Light Source Company
17.3.2.1 Company Overview
17.3.2.2 Product Portfolio
17.3.2.3 Demographic Reach and Achievements
17.3.2.4 Certifications
17.3.3 Asled Co., Ltd
17.3.3.1 Company Overview
17.3.3.2 Product Portfolio
17.3.3.3 Demographic Reach and Achievements
17.3.3.4 Certifications
17.3.4 Others
17.4 Global Key Players
17.4.1 Signify NV (Philips Lighting)
17.4.1.1 Company Overview
17.4.1.2 Product Portfolio
17.4.1.3 Demographic Reach and Achievements
17.4.1.4 Certifications
17.4.2 Osram Licht AG
17.4.2.1 Company Overview
17.4.2.2 Product Portfolio
17.4.2.3 Demographic Reach and Achievements
17.4.2.4 Certifications
17.4.3 Nichia Corporation
17.4.3.1 Company Overview
17.4.3.2 Product Portfolio
17.4.3.3 Demographic Reach and Achievements
17.4.3.4 Certifications
17.4.4 Cree Inc.
17.4.4.1 Company Overview
17.4.4.2 Product Portfolio
17.4.4.3 Demographic Reach and Achievements
17.4.4.4 Certifications
17.4.5 Seoul Semiconductor Co Ltd
17.4.5.1 Company Overview
17.4.5.2 Product Portfolio
17.4.5.3 Demographic Reach and Achievements
17.4.5.4 Certifications
17.4.6 Others
18 New Technologies
19 Industry Events and Developments
List of Key Figures and Tables
1. Global LED Lighting Market: Key Industry Highlights, 2018 and 2028
2. Global LED Lighting Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global LED Lighting Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global LED Lighting Historical Market: Breakup by Region (USD Million), 2018-2022
5. Global LED Lighting Market Forecast: Breakup by Region (USD Million), 2023-2028
6. Vietnam LED Lighting Market: Key Industry Highlights, 2018 and 2028
7. Vietnam LED Lighting Historical Market: Breakup by Type (USD Million), 2018-2022
8. Vietnam LED Lighting Market Forecast: Breakup by Type (USD Million), 2023-2028
9. Vietnam LED Lighting Historical Market: Breakup by Installation Type (USD Million), 2018-2022
10. Vietnam LED Lighting Market Forecast: Breakup by Installation Type (USD Million), 2023-2028
11. Vietnam LED Lighting Historical Market: Breakup by End Use (USD Million), 2018-2022
12. Vietnam LED Lighting Market Forecast: Breakup by End Use (USD Million), 2023-2028
13. Vietnam LED Lighting Market Structure
Key Questions Answered in the Report
The Vietnam LED lighting market attained a value of USD 634.51 million in 2022.
The Vietnam LED lighting market is expected to grow at a CAGR of 6.8% in the forecast period of 2023-2028.
The Vietnam LED lighting market is expected to reach a value of about USD 941.60 million by 2028.
The major drivers for the market include the thriving lighting market, benefits of using LED over traditional lights, rising disposable incomes, increasing population, and the rapidly rising urbanisation.
With the growing awareness about the environment, various government programs are seeking greater adoption of LED lighting by supporting the local LED lighting products manufacturers and encouraging its use among the consumers.
The leading types of LED lighting in the market are panel lights, down lights, flood lights, street lights, and bulb and tube light, among others.
The significant installation types of LED lighting in the market are new installation and retrofit installation.
The major end use sectors in the market are residential, commercial, industrial, and institutional, among others.
The leading players in the market are Rang Dong Light Source and Vacuum Flask JSC (Ralaco), Dien Quang Light Source Company, and Asled Co., Ltd, among others. The key players in the global industry include Signify (Philips Lighting), Osram Licht AG, Nichia Corporation, Cree Inc., and Seoul Semiconductor Co Ltd, among others.
Analyst Review
The Vietnam LED lighting market attained a value of USD 634.51 million in 2022. The Vietnam LED lighting industry is expected to grow at a CAGR of 6.8% in the forecast period of 2023-2028, attaining a value of USD 941.60 million by 2028.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on types, the market can be segmented into panel lights, down lights, flood lights, street lights, and bulb and tube light, among others. By installation type, the market can be segmented into new installation and retrofit installation. On the basis of end use, the industry is divided into residential, commercial, industrial, and institutional, among others. The key players in the Vietnam LED lighting market include Rang Dong Light Source and Vacuum Flask JSC (Ralaco), Dien Quang Light Source Company, and Asled Co., Ltd, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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