Vietnam: In 2023, the LED lighting market in Vietnam will reach a size of 692.9 million US dollars, and it is expected to reach 1.2008 billion US dollars by 2032, with a compound annual growth rate of 6.1% from 2024 to 2032. In addition, according to market research institutions, the smart lighting market in Vietnam is expected to grow at a rate of over 30% per year in the coming years, and is expected to reach a market size of 500 million US dollars by 2028.
Indonesia: According to Statista data, the lighting market revenue in Indonesia reached 219.5 million US dollars in 2022, and is expected to maintain an annual growth rate of 8.44% in the coming years. The market size is expected to reach 320 million US dollars by 2026.
Market demand and application areas
Stable demand for residential lighting: With the economic development of Southeast Asian countries and the increase in residents' income levels, the demand for lighting in residential environments continues to increase, and the size of the residential lighting market continues to expand.
The rapid growth of commercial lighting: The acceleration of urbanization has driven the construction of commercial buildings, such as shopping malls, hotels, office buildings, etc., and the demand for commercial lighting is increasing day by day.
There is great potential for industrial lighting demand: The industrial development in Southeast Asia has also brought opportunities to the industrial lighting market, as factories, mines, and other industrial sites require a large amount of lighting equipment.
The demand for outdoor lighting is increasing: The improvement of urban infrastructure construction, such as the construction of roads, bridges, parks, etc., has led to a continuous increase in the demand for outdoor lighting.