Dec 8, 2016: The LED market in Vietnam is expected to grow at a CAGR of 18.2% during the forecast period 2016-2022, to reach $729.0 million by 2022, states a Research and Markets report called “Vietnam Light Emitting Diodes (LEDs) Market – Drivers, Opportunities, Trends & Forecasts: 2015-2022”.
The LED market in Vietnam has been analyzed based on major application areas–lighting, displays & backlights, mobile devices, signs & boards and others. The application area of lighting has further been divided into sub-application areas of indoor lighting and outdoor lighting along with bifurcation into the products of bulbs, street lights, and spotlights. The LED lighting segment is expected to grow fastest among application areas for LED in 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.