Lamps & Lighting - Vietnam

Vietnam

In 2024, the Lamps & Lighting market in Vietnam is projected to generate a revenue of €100.60m.
This market is anticipated to experience an annual growth rate of 2.01% (CAGR 2024-2029).
When compared globally, in the United States leads the pack with a revenue of €29,640m in 2024.
In terms of per capita income, the revenue generated per person in Vietnam's Lamps & Lighting market is estimated to be 0.00 in 2024.
Vietnam's booming tourism industry has led to a surge in demand for decorative lamps and lighting fixtures.

Key regions: Brazil, China, Denmark, United Kingdom, Worldwide

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Analyst Opinion

The Lamps & Lighting market in Vietnam is experiencing significant growth due to customer preferences for energy-efficient and aesthetically pleasing lighting solutions, as well as local special circumstances and underlying macroeconomic factors.

Customer preferences: in Vietnam are shifting towards energy-efficient lighting solutions. With increasing awareness of environmental issues and the need to reduce energy consumption, customers are opting for led lighting products that offer energy savings and longer lifespans compared to traditional incandescent bulbs. Additionally, customers are also looking for lighting solutions that enhance the aesthetics of their homes and workplaces, leading to a demand for innovative and stylish designs in the market. Trends in the market include the growing popularity of smart lighting systems. As technology advances, customers are increasingly adopting smart lighting solutions that can be controlled remotely through smartphones or voice-assisted devices. These systems offer convenience, energy efficiency, and customization options, making them highly desirable among consumers in Vietnam. Another trend in the market is the increasing demand for decorative lighting. Vietnamese customers have a strong appreciation for design and aesthetics, and they are willing to invest in decorative lighting fixtures to enhance the ambiance of their spaces. This trend has led to the emergence of a wide range of decorative lighting options in the market, including pendant lights, chandeliers, and wall sconces.

Local special circumstances: in Vietnam contribute to the growth of the Lamps & Lighting market. The country's rapid urbanization and expanding middle class have resulted in a higher demand for lighting products. As more people move to urban areas and improve their living standards, the need for lighting solutions in residential, commercial, and industrial spaces increases. Additionally, the government's initiatives to promote energy efficiency and sustainable development further drive the demand for energy-efficient lighting solutions in the country.

Underlying macroeconomic factors: also play a role in the development of the Lamps & Lighting market in Vietnam. The country's strong economic growth and increasing disposable income levels have led to a higher purchasing power among consumers. As a result, more people are willing to invest in high-quality lighting products that offer long-term benefits. Furthermore, the government's focus on infrastructure development, such as the construction of new residential and commercial buildings, creates opportunities for the lighting industry to supply lighting solutions for these projects. Overall, the Lamps & Lighting market in Vietnam is experiencing growth driven by customer preferences for energy-efficient and aesthetically pleasing lighting solutions, local special circumstances such as rapid urbanization and government initiatives, and underlying macroeconomic factors such as strong economic growth and increasing disposable income levels.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.