Vietnam LED Lighting Market to Reach US$ 982.8 Million by 2028, Facilitated by Increasing Renovation and Upgradation Activities

March 22, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled " Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Global Vietnam LED lighting market size reached US$ 647.6 Million in 2022. The light-emitting diode (LED) lighting refers to a semiconductor device that is reliable, efficient, durable, versatile, and environment-friendly. It can withstand shock, vibration, and extreme temperatures as it is manufactured using different materials, such as gallium phosphide, aluminum gallium arsenide, indium gallium nitride, and aluminum gallium indium phosphide. It also offers a longer lifespan, improved physical robustness, low heat output, minimum radiation emissions, and fast switching as compared to traditionally used lighting solutions. It is commonly available in various shapes and sizes, such as bulbs, tubes, panels, and strips. Nowadays, LED lighting solutions can be customized according to the specific needs of the consumer, such as color temperature, brightness, and directional light.

Vietnam LED Lighting Market Trends:

The increasing renovation activities on account of rapid urbanization, inflating per capita income levels, and improving living standards represent one of the major factors driving the demand for LED lighting in Vietnam. Moreover, the rising commercial spaces, such as shopping malls, cafes, hotels, restaurants, offices, distilleries, and offices, is bolstering the growth of the market. In addition, due to growing environmental concerns, the governing agencies operating in the country are undertaking measures to promote the adoption of LED lighting and reduce carbon emissions. Apart from this, product manufacturers are introducing smart LED lighting that is integrated with advanced technologies, such as sensors, Wi-Fi, Bluetooth, and voice assistant. These advancements allow homeowners to control or adjust the LED lighting levels or turn lights on and off based on the occupancy and ambient light levels from anywhere in real time via smartphone or voice commands. Furthermore, the increasing awareness about the benefits of installing LED lighting is creating a favorable outlook for the market in the country. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 982.8 Million by 2028, exhibiting a CAGR of 7% during 2023-2028.

Market Summary:

  • On the basis of the product type, the market has been segmented into bulb and tube light, panel light, street light, down light, flood light, and others. At present, panel light represented the most commonly used product types.
  • Based on the application, the market has been classified into commercial application, residential application, institutional application, and industrial application. Presently, residential application accounted for the largest market share.
  • On the basis of the installation type, the market has been bifurcated into new installation and retrofit installation. Amongst these, retrofit installation holds the biggest market share.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Million
Segment Coverage Product Type, Application, Installation Type
Customization Scope 10% Free Customization
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Vietnam LED Lighting Market to Reach US$ 982.8 Million by 2028, Facilitated by Increasing Renovation and Upgradation Activities
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