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2016 Vietnam LED lighting market scale will up to 3. $4. 8 billion

by:ALLTOP      2020-01-18
As the growth of the LED lighting market has slowed down, LED manufacturers have invested in emerging markets to find new blue seas. According to a new research report, Vietnam's LED lighting market reached 2. In 2015. 7. 1 billion US dollars, estimated to grow to 3. In 2016. US $4. 8 billion, with a growth rate of 28, has gradually made the Vietnamese market popular with LED lighting industry. As the growth of the LED lighting market has slowed down, LED manufacturers have invested in emerging markets to find new blue seas. According to a new research report, Vietnam's LED lighting market reached 2. In 2015. 7. 1 billion US dollars, estimated to grow to 3. In 2016. US $4. 8 billion, with a growth rate of 28, has gradually made the Vietnamese market popular with LED lighting industry. Looking at the overall LED lighting market in Vietnam, Vietnam used to consume about 0. 2 billion traditional bulbs every year, mainly traditional tungsten bulbs that consume more electricity. With the increase of LED penetration rate, Vietnam's traditional lighting market has continued to decline in the past few years, while the LED lighting market has maintained an upward trend. It is estimated that Vietnam's LED lighting penetration rate will reach about 35 in 2016. Chu Yuchao said that due to the low base period of the LED lighting market in Vietnam, the market size is growing faster than other countries in Southeast Asia. In recent years, with the improvement of Vietnam's consumption power, its LED lighting market demand will gradually shift from the current major engineering applications to home lighting applications. Chu Yuchao pointed out that under the cheap labor cost conditions in Vietnam, many foreign businessmen have set up factories, so the demand for LED lighting comes from the LED lighting demand of new projects. In addition, China, Japan, South Korea and other countries have also launched government development assistance for Vietnam to stimulate the demand for LED outdoor lighting in local infrastructure construction, however, since the government and other engineering projects are mostly controlled by Vietnamese locals, foreign businessmen need to combine local Vietnamese manufacturers to have the opportunity to enter the market. Chu Yuchao further said that with the gradual growth of per capita income in Vietnam, its LED home lighting market has also begun to flourish. Therefore, for LED manufacturers, local brand management and channel construction will become the key to market development.
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