Vietnam Electrical Materials Market Size Almost Triples to Touch USD 4 Billion by 2029

Published | 04 August 2023

Vietnam electrical materials market is gaining traction because of the increasing consumer awareness and increasing demand of EV vehicles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam electrical materials market size at USD 1,389.56 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam electrical materials market size to grow at a robust CAGR of 16.45% reaching a value of USD 3,986.17 million by 2029. Rapid industrialization and economic expansion, which are increasing the need for power and energy across the nation, are significant growth factors for the Vietnamese electrical materials market. Increasing development activity and increased demand for housing facilities are both emerging as positive market growth factors.

Vietnam Electrical Materials Market – Overview

Electrical supplies, materials, and equipment are necessary components or elements used in construction projects to link a building, home, or office to an electrical power source. Electrical components can range in size from a small domestic circuit to a sizable industrial plant. The electrical materials can be used to regulate the current flow in an electric circuit, among their many other uses. Additionally, there are some electrical components, such as circuit breakers and fuses, that can be utilized to safeguard electrical equipment and appliances while reducing the risk of fire and property damage.

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Vietnam Electrical Materials Market – By Technology

Based on technology, the Vietnam electrical materials market is segmented into industrial, commercial, and domestic. Due to a thriving manufacturing sector, the industrial technology segment holds a significant share of the Vietnam electrical materials market. The demand for electrical materials is being directly impacted by Vietnam's emergence as a significant exporter of computer and telecommunications equipment parts. A sizable market share is also covered by domestic technology. The rise in residential facilities is also driving the need for electrical materials.

Impact of COVID-19 on the Vietnam Electrical Materials Market

The COVID-19 pandemic halted the growth of the Vietnam electrical materials market. The pandemic caused low-scale operations and eventually had a negative influence on production levels, which had a variety of effects on the nation's manufacturing sector. This eventually had a negative impact on Vietnam's industrial sector's revenue and turnover. A triple trifecta of manufacturing closures, supply chain disruptions, and a decline in demand have all hit the automotive industry hard. The industrial sector's constraints had a direct impact on consumer demand for electrical materials, which restrained the market's expansion during the pandemic.

Competitive Landscape

Major players operating in the Vietnam electrical materials market include Mitsubishi Electric Vietnam Co., Ltd., Wonderful (Vietnam) Wire & Cable Co. Ltd, Vconnex Industry Technology JSC, Bich Hanh Electrical Production Trading Company Limited, Helukabel Vietnam Co. Ltd, Schneider Electric Vietnam Co. Ltd, ABB Automation and Electrification (Vietnam) Company Limited, Siemens Ltd, An Phuc Electrical Equipment Co., Ltd, Morning Star Electric Co., Ltd, and LS Electric Vietnam Co., Ltd.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Vietnam Electrical Materials Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Electrical Materials Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Electrical Materials Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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