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The Vietnam LED lighting market to reach a value of US$ 943 Million by 2027.
According to the estimates by IMARC Group, the Vietnam LED lighting market is expected to exhibit a CAGR of 7.5% during the forecast period (2022-2027).
As LED lights are environment-friendly and consume less energy, they are increasingly being preferred over conventional lighting technologies in the country. This represents one of the key drivers for the Vietnam LED lighting market.
At present, the Government of Vietnam is promoting the adoption of LED lights to combat high electricity consumption in the country. In line with this, it has also introduced programs, such as Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP), which are creating a positive outlook for the market. This represents one of the key trends in the Vietnam LED lighting market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations in Vietnam resulting in supply chain disruptions of LED bulbs and temporary shutdown of numerous manufacturing units.
On the basis of the product type, the market has been segmented into panel light, bulb and tube light, street light, down light, flood light, and others. At present, panel light exhibit a clear dominance in the market.
On the basis of the application, the market has been bifurcated into the commercial, residential, institutional, and industrial. Currently, the residential sector holds the majority of the total market share.
On the basis of the installation type, the market has been divided into new installation and retrofit installation. Among these, retrofit installation represent the largest segment.
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