Kenneth Research, in its repository of market research reports, have recently added a report on Vietnam Light Emitting Diodes (LEDs) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Vietnam Light Emitting Diodes (LEDs) Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Vietnam Light Emitting Diodes (LEDs) Market products.
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Factors such as the growing trade of semiconductors for use in different consumer electronic products, along with the growing trend of automation and IoT, which is raising the need for the deployment of advanced electronic chipsets, therefore the advancement in the trade of semiconductors. According to the statistics by World Semiconductor Trade Statistics (WSTS), semiconductor billings around the globe per 12 months rolling average increased from around USD 250 billion in the year 2010 to around USD 460 billion in the year 2019.
Vietnam Light Emitting Diodes (LEDs) Market – Drivers, Opportunities, Trends & Forecasts: 2015–2022
Vietnam market is one of the fast growing markets in South Asian region. The growing economy is also giving rise to systematic hindrances such as electricity supply shortage and price hikes among others. Light Emitting Diodes (LEDs) based lighting is currently being witnessed as a solution to increasing electricity cost as LED based lighting needs 30–90% less electricity when compared to other lighting sources. Further, high economic growth has also resulted in rapid urbanization in the country. This ongoing trend would not only increase the pressure on existing infrastructure but also would demand new and better infrastructure in both commercial and residential categories. This is further expected to boost the LED demand in Vietnam during the forecast period.
The study of Vietnam LEDs market provides the market size information and market trends along with the factors and parameters impacting in both short and long term. The study also covers the competitive scenario of the market with respect to the raw material availability, major players with their branding strategies, and differentiating factors among others. The study ensures a 360° view, bringing out the complete key insights of the industry. These insights help the business decision makers to make better business plans and informed decisions for the future business. In addition, the study helps the venture capitalist in understanding the companies better and take informed decisions.
Vietnam LEDs market is expected to grow at a CAGR of 18.2% during the forecast period to reach $729.0 million by 2022. The lighting segment is expected to contribute the largest contribution towards the growth which is expected to be benefitted by the entry of large MNCs in countries, decreasing LED prices, and industrial development of Vietnam market.
The established trade relations between Vietnam and China would be helpful in sourcing LEDs for the LED products manufacturing facilities in Vietnam. The LED products manufacturing capabilities in Vietnam is constantly improving. Many international players have already established their manufacturing set-ups in the country in order to reap benefits of growing market opportunities. Some of the prominent players in Vietnam LED market are OSRAM, Philips and New Light LED Technology Ltd.
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