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Vietnam's LED lighting market will reach 348 million US dollars in 2016
Due to the slowdown in the global LED lighting market, LED manufacturers have invested in emerging markets to find a new blue ocean. According to the latest research report, the LED lighting market in Vietnam reached 271 million US dollars in 2015. It is estimated that it will grow to 348 million US dollars in 2016, with a growth rate of 28%, making the Vietnamese market gradually favored by LED lighting manufacturers. Due to the slowdown in the global LED lighting market, LED manufacturers have invested in emerging markets to find a new blue ocean. According to the latest research report, the LED lighting market in Vietnam reached 271 million US dollars in 2015. It is estimated that it will grow to 348 million US dollars in 2016, with a growth rate of 28%, making the Vietnamese market gradually favored by LED lighting manufacturers. Observing the overall LED lighting market in Vietnam, Vietnam used to consume 200 million traditional light bulbs each year, including traditional tungsten filament bulbs that consume more electricity. With the increase of LED penetration rate, the traditional lighting market in Vietnam has continued to decline in the past few years, while the LED lighting market has maintained a rising trend. It is estimated that the penetration rate of LED lighting in Vietnam will reach about 35% in 2016. Chu Yuchao said that due to the low base period of Vietnam's LED lighting market, the market scale is growing faster than other countries in Southeast Asia. In recent years, with the improvement of consumption power in Vietnam, the LED lighting market demand will gradually shift from the current major engineering applications to home lighting applications. Chu Yuchao pointed out that under the conditions of cheap labor costs in Vietnam, many foreign companies have set up factories in the market, so LED lighting demand is mostly from the LED lighting needs of new projects. In addition, countries such as China, Japan and South Korea have also launched government development assistance for Vietnam to stimulate the demand for LED outdoor lighting in local infrastructure projects. However, since the government and other engineering standards are mostly controlled by Vietnamese locals, foreign companies need to integrate with Vietnam. Manufacturers have the opportunity to cut into the market. Chu Yuchao further said that as Vietnam's per capita income has gradually grown, its LED home lighting market has begun to flourish. Therefore, for LED manufacturers, local brand management and channel construction will become the key to market development.