As the global LED lighting market growth slowed down, LED manufacturers have to invest in emerging markets looking for a new blue ocean. According to the latest research report shows that in 2015 the size of Vietnam’s LED lighting market reached 271 million US dollars, estimated 2016 will grow to 348 million US dollars, the growth rate of 28%, so that the Vietnamese market gradually favored by the LED lighting industry.
Observation of the overall Vietnam LED lighting market, the past, Vietnam consumes about 200 million traditional light bulbs each year, of which more power consumption of the traditional tungsten filament lamp based. With the increase in LED penetration, the traditional lighting market in Vietnam in the past few years continued to decline, while the LED lighting market is rising trend, estimated 2016 Vietnam LED lighting penetration will reach about 35%.
Industry in the ultra-storage, said Vietnam’s LED lighting market as the base period is relatively low, so the market size of the growth rate faster than other Southeast Asian countries. In recent years, with the improvement of Vietnam’s consumption power, its LED lighting market demand will also be the main engineering applications, and gradually turned to home lighting applications.
Storage in the ultra-pointed out that cheap labor costs in Vietnam under the conditions of many foreign companies have entered the plant, so the demand for LED lighting from the new project of LED lighting needs. In addition, China, Japan and South Korea and other countries also launched a government development assistance for Vietnam, driving the local infrastructure projects in the LED outdoor lighting needs, but because most of the project by the Vietnamese natives grasp, foreign investors need to combine the local Vietnam Manufacturers have the opportunity to cut into the market.
With the Vietnamese per capita income gradually grow, the LED home lighting market has begun to flourish, so the LED manufacturers, in the local brand management and access to build will become the key to open up the market.