VIETNAM LED LIGHTING MARKET

Vietnam LED lighting market is expected to witness a CAGR of approximately 8.5% during the forecast period, 2024-2031, due to growing environmental concerns coupled with innovations in lighting solutions.

Major Market Drivers and Emerging Trends

The Vietnam LED lighting market size expansion is primarily fueled by the growing focus on environmental issues. With environmental concerns and climate change becoming more pressing, consumers are adopting energy-saving measures to lower the carbon footprint which is affecting the market. In comparison to conventional lighting like fluorescent bulbs LED is significantly more energy efficient as it uses less power. LED lighting is also free from dangerous substances which ensures a safer and more environmentally friendly choice. Consequently, the increased attention on sustainability is propelling market growth throughout the country.

Market growth is also being fueled by the ongoing urbanization along with infrastructure advancements. The rapid urban growth is further driving the need for more efficient lighting systems. LED lighting is a highly adaptable solution thereby being widely implemented in urban development projects including smart cities and commercial buildings. Cities like Hanoi and Ho Chi Minh City are increasingly adopting smart technologies like intelligent lighting as part of their ongoing city development. The growing income in the country is also expected to drive higher need for LED lighting in residential applications. The tourism boom in Vietnam is also having a favorable impact on the market particularly with the expansion of hotels.

The Vietnamese government’s commitment to energy efficiency alongside regulations to curb greenhouse emissions is motivating manufacturers to create more efficient lighting products thereby fostering market expansion. The government is actively promoting LED lighting adoption through two key projects which are Vietnam National Energy Efficiency Plan along with Vietnam Energy Efficient Public Lighting Project. These initiatives are intended to decrease energy usage and carbon emissions with the target of converting all streetlights to LED by 2025.

In addition, continuous innovations in LED technology which focused on improving performance and efficiency are shaping a positive outlook for the market. Additionally, various major companies are combining advanced technologies like Bluetooth and sensors with smart LED. They offer homeowners real-time control of lighting levels including automatic adjustments based on occupancy or ambient light through smartphones. These different product options are becoming more popular with consumers which is helping to accelerate market growth. Furthermore, there is a noticeable trend toward personalized lighting systems in the market. There is a growing demand among consumers for lighting solutions that align with their unique needs which prompt manufacturers to develop various LED lighting products with adjustable features including brightness and color temperature.

Strong electronics industry in the country is further creating favorable conditions for market expansion. Vietnam is attracting investment from international companies particularly from South Korea due to its affordable labor and stable economy which further drive the LED market growth.

Based on installation type, the LED market can be divided into retrofit and new installation. The retrofit segment leads the market fueled by the growing desire for energy-efficient lighting systems which has encouraged consumers to retrofit their current lighting with LED. Moreover, government regulations and financial incentives are further accelerating the segment growth.

Based on end-use application, the market can be categorized into indoor and outdoor lighting. The residential sector in the indoor segment held the largest share in the market driven by the rising need for energy-saving lighting options. The reduction in LED lighting costs has contributed to their greater affordability which leads to a rise in their adoption for residential purposes.

Based on the product type, the market can be segmented into luminaires and lamps. Luminaires are increasingly adopted due to the rising need for troffers and downlights in indoor settings. The ongoing creation of new products that prioritize comfort has further fueled the demand for this segment. Meanwhile, the lamps segment is also growing propelled by the growing popularity of T-lamps and A-lamps in commercial and residential applications.

Top Market Players

Several significant players within the market are Dien Quang, Rang Dong, PARAGON, Signify, Philips, Samsung Electronics, Panasonic, among others. Competition within the market is intensifying as several prominent companies establish their foothold. Local companies hold the upper hand by leveraging their expansive distribution networks and regional expertise to tap into the growing demand while international firms are also making substantial progress in the market.

Key Developments

• • In 2024, Shenzhen Huadian Lighting has successfully completed its initial mass production run and shipment of LED High Bay Lights from its newly constructed manufacturing plant in Vietnam. The expansion underscores its commitment to addressing the rising global need for superior LED lighting products.
  • In 2023, a Vietnamese corporation Phenikaa Group unveiled its latest LED lighting solution which is the Phenikaa Natural TrueCircadian LED Lighting. The innovation makes it possible to develop light sources which closely replicate the natural sunlight spectrum while also boosting the biological spectrum areas for optimal eye absorption.

Segments covered in the Report:

Vietnam LED lighting market has been segmented on the basis of installation type, end-use application, and product type. The installation type segment market is segmented into New Installation and Retrofit. Based on end-use application, the market is segmented into Indoor Lighting and Outdoor Lighting. Indoor lighting is further segmented into Residential, Industrial, Commercial and Others. Outdoor lighting is further segmented into Architectural, Highway & Roadway, Public Places and Others. The product type segment market is segmented into Luminaries and Lamps.

Report Coverage	Details
Market Revenues (2023)	USD Million
Market Base Year	2023
Market Forecast Period	2024-2031
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Installation Type, By End-Use Application, By Product Type
Regional Coverage	Vietnam
Companies Profiled	Dien Quang, Rang Dong, PARAGON, Signify, Philips, Samsung Electronics, Panasonic., among others; a total of 7companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Vietnam LED Lighting Market by Installation Type

• • New Installation
  • Retrofit

Vietnam LED Lighting Market by End-Use Application

• • Indoor Lighting
    • Residential
    • Industrial
    • Commercial
    • Others
  • Outdoor Lighting
    • Architectural
    • Highway & Roadway
    • Public Places
    • Others

Vietnam LED Lighting Market by Product Type

• • Luminaries
  • Lamps

Vietnam LED Lighting Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Dien Quang
  • Rang Dong
  • PARAGON
  • Signify
  • Philips
  • Samsung Electronics
  • Panasonic