Vietnam LED Lighting Market Report and Forecasts 2017 To 2022

REPORT DESCRIPTION
Vietnam LED Lighting Market to Reach US$ 384 Million by 2022
Light emitting diodes (LEDs) are semiconductors that produce and emit light when activated. Owing to
the benefits of LEDs, they are considered as better alternative to other sources of light. In comparison
to conventional lights, LEDs use energy more efficiently as they are directional light sources that emit
light in a specific direction. They are the ideal choice for use in rough conditions on account of their
durability and strength. In addition, LEDs are environment-friendly as they radiate less heat and do not
contain harmful chemicals like mercury.
Some of the other advantages include small size, good colour rendering, high luminescence and
longer operational life. In Vietnam, LEDs were initially used in traffic lights and advertising industry.
However, with the increasing awareness about their advantages, they are now being used in various
sectors such as residential lighting, street lighting, commercial lighting, etc. According to a new report
by Expert Market Research, the Vietnam LED lighting market reached a value of US$ 152 Million in
2016 and is further expected to reach US$ 384 Million by 2022.
The production of LEDs in Vietnam has witnessed a significant growth during the year 2009-2016. This
can be accredited to a number of forces. With the rising environmental concerns and increasing
expenses on the generation of electricity, the Vietnamese government is encouraging the use of
energy-efficient lights. The growing use of LEDs in high-tech products such as television, digital
camera, smart phones and automobiles have also resulted in rising demand for LEDs in Vietnam.
Moreover, urbanization, rising population, increasing disposable incomes and infrastructural
development represent some of the other factors which have further facilitated the market growth.