Vietnam LED Street Lights Manufacturers Market Analysis
The LED street light industry has achieved rapid growth in the past decade. So far, "deceleration" is a keyword that describes the current global LED industry. In order to gain more industry share, many Led street lights Manufacturers(CLASSIC) are vying for new markets to seek new opportunities.
According to the latest report, Vietnam’s marketing scale in 2016 exceeded US$271 million and is expected to grow to US$348 million, an increase of 28% over last year. This growing prospect makes the Vietnamese market popular on a global scale.
In the past few years, Vietnam has consumed 200 million traditional light bulbs each year, most of which are traditional filament bulbs. With the rapid development of the LED industry, traditional lighting products on the market are emerging in recent years, and LED products have become stars in the past few years. It is estimated that LED products accounted for 35% of the market in 2017.
The market is growing faster than any other country in Southeast Asia because the LED lighting market base is far below any country. As the economy grows, the demand for LED products in Asia is growing very fast. Due to the low cost of human resources, many investors have flooded into the Vietnamese LED market and established many factories based on local low labor costs.
With the rapid increase in per capita income, residential lighting is also booming. Therefore, LED street lights manufacturers are key to building a brand for a larger market.
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