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Vietnam Electrical Materials Market
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Vietnam Electrical Materials Market

Home Electronics And Semiconductor Vietnam Electrical Materials Market

Vietnam Electrical Materials Market, By Type (Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, Others); By Technology (Industrial, Commercial, Domestic); By Region (Southern Vietnam, Central Vietnam, Northern Vietnam); Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: August 2023
  • Report ID: BWC23632
  • Available Format: PDF
  • Page: 200

Report Overview

Growing popularity and sales of electric vehicles and increasing consumer awareness are expected to boost the growth of Vietnam electrical materials market during the forecast period between 2023 and 2029.

Vietnam Electrical Materials Market - Industry Trends & Forecast Report, 2029

Vietnam electrical materials market size was estimated at USD 1,389.56 million in 2022. During the forecast period between 2023 and 2029, the Vietnam electrical materials market size is projected to grow at a CAGR of 16.45% reaching a value of USD 3,986.17 million by 2029. Major growth factors for the Vietnam electrical materials market include rapid industrialization and economic development, boosting the demand for power in the country. The increasing construction activities and rising demand for residential facilities are also emerging as favorable factors for market growth.

Vietnam Electrical Materials Market

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.

Vietnam Electrical Materials Market

Growth Drivers

Rapid Economic Development and Investment in Renewable Sector

Vietnam made a statement in support of the goal of net zero emissions by 2050 during the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26), which was held in Glasgow, United Kingdom, in 2021. According to the Draft PDP8, the percentage of power produced by renewable energy sources should reach 31.5% in 2030 and rise to more than 36.3% in 2045. Vietnam's installed wind power capacity increased in 2021 from 637 MW to 787 MW. The increasing power demand with economic development and supply through renewable energy is anticipated to boost the Vietnam electrical materials market's growth during the forecast period.

Restraints

Limited Domestic Production Capacity

Vietnam is registering significant power demand in the country owing to the flourishing industrial and commercial sectors along with increasing residential capacity. However, limited domestic production capacity is failing to fulfill the growing need for power for the large population. According to the International Trade Administration, the manufacturing hub of Ho Chi Minh City is predicted to experience localized power shortages starting in 2021, and by 2030, more than 10,000 megawatts (MW), or 7.5% of total capacity, would be missing. This shortage may subsequently affect the demand for the electrical materials market in the country as well.

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.

Vietnam Electrical Materials Market

Segmental Coverage

Vietnam Electrical Materials Market – By Type

Based on type, the Vietnam electrical materials market is segmented into circuit breakers, light switches, plugs and sockets, voltage switchers, cable management, cable duct, electrical conduit, and others. Light switches account for the largest market share. A light switch is most frequently used in electrical wiring to control electric lights, permanently connected devices, or electrical outlets. The increasing penetration of smart light switches is also emerging as a favorable factor for market growth. It is more efficient to utilize smart switches since they make it simple to control and turn off lights and other appliances at home when they aren't in use. Thus, more energy and money are saved.

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 in 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.

Vietnam Electrical Materials Market Size

Vietnam Electrical Materials Market – By Region

The in-depth research report on the Vietnam electrical materials market covers the following major regions: Southern Vietnam, Central Vietnam, and Northern Vietnam. Central Vietnam dominates the Vietnam electrical materials market owing to being the most prominent industrial region of the country. Cities/provinces including Da Nang, Quang Nam, Quang Ngai, and Binh Dinh are leading industrial zones known for food processing, textiles, building materials, paper, and forest products. The developed industrial infrastructure in central Vietnam has a significant impact on the market development for electrical materials.

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.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

Southern Vietnam, Central Vietnam, Northern Vietnam

Product/ Service Segmentation

Type, Technology, Region

Key Players

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

 

 

By Type

  • Circuit Breakers

  • Light Switches

  • Plugs & Sockets

  • Voltage Switcher

  • Cable Management

  • Cable Duct

  • Electrical Conduit

  • Others

By Technology

  • Industrial

  • Commercial

  • Domestic

By Region

  • Southern Vietnam

  • Central Vietnam

  • Northern Vietnam

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Vietnam Electrical Materials Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing Consumer Awareness
        2. Increase Demand of EV vehicle
      2. Restraints
        1. Limited Domestic Production Capacity
        2. Infrastructure Limitations
      3. Opportunities
        1. Adoption of Smart Grid Technology
        2. Rise of the E-commerce Industry in Vietnam
      4. Challenges
        1. Energy Supply and Demand Imbalance
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Vietnam Electrical Materials Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Circuit Breakers
        2. Light Switches
        3. Plugs & Sockets
        4. Voltage Switcher
        5. Cable Management
        6. Cable Duct
        7. Electrical Conduit
        8. Others
      2. By Technology
        1. Industrial
        2. Commercial
        3. Domestic
      3. By Region
        1. Southern Vietnam
        2. Central Vietnam
        3. Northern Vietnam
  5. Southern Vietnam Electrical Materials Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
  6. Central Vietnam Electrical Materials Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
  7. Northern Vietnam Electrical Materials Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Technology
  8. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Vietnam Electrical Materials Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  9. Impact of Covid-19 on Vietnam Electrical Materials Market
  10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Mitsubishi Electric Vietnam Co., Ltd.
    2. Wonderful (Vietnam) Wire & Cable Co. Ltd
    3. Vconnex Industry Technology JSC
    4. Bich Hanh Electrical Production Trading Company Limited
    5. Helukabel Vietnam Co. Ltd
    6. Schneider Electric Vietnam Co. Ltd
    7. ABB Automation and Electrification (Vietnam) Company Limited
    8. Siemens Ltd
    9. An Phuc Electrical Equipment Co., Ltd
    10. Morning Star Electric Co., Ltd
    11. LS Electric Vietnam Co., Ltd.
    12. Other Prominent Players
  11. Key Strategic Recommendations
  12. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figure

 

Figure 1 Vietnam Electrical Materials Market Segmentation

Figure 2 Vietnam Electrical Materials Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Vietnam Electrical Materials Market Size, By Value (USD Million), 2019–2029

Figure 5 Vietnam Electrical Materials Market Share, By Type, By Value, 2019–2029

Figure 6 Vietnam Electrical Materials Market Share, By Technology, By Value, 2019–2029

Figure 7 Vietnam Electrical Materials Market Share, By Region, By Value, 2019–2029

Figure 8 Southern Vietnam Health Sensors Market Size, By Value (USD Million), 2019–2029

Figure 9 Southern Vietnam Health Sensors Market Share, By Type, By Value, 2019–2029

Figure 10    Southern Vietnam Health Sensors Market Share, By Technology, By Value, 2019–2029

Figure 11    Central Vietnam Health Sensors Market Size, By Value (USD Million), 2019–2029

Figure 12    Central Vietnam Health Sensors Market Share, By Type, By Value, 2019–2029

Figure 13    Central Vietnam Health Sensors Market Share, By Technology, By Value, 2019–2029

Figure 14    Northern Vietnam Health Sensors Market Size, By Value (USD Million), 2019–2029

Figure 15    Northern Vietnam Health Sensors Market Share, By Type, By Value, 2019–2029

Figure 16    Northern Vietnam Health Sensors Market Share, By Technology, By Value, 2019–2029

 

List of Tables

 

Table 1    Vietnam Electrical Materials Market Size, By Type, By Value, 2019–2029

Table 2    Vietnam Electrical Materials Market Size, By Technology, By Value, 2019–2029

Table 3    Vietnam Electrical Materials Market Size, By Region, By Value, 2019–2029

Table 4    Southern Vietnam Electrical Materials Market Size, By Type, By Value, 2019–2029

Table 5    Southern Vietnam Electrical Materials Market Size, By Technology, By Value, 2019–2029

Table 6    Central Vietnam Electrical Materials Market Size, By Type, By Value, 2019–2029

Table 7    Central Vietnam Electrical Materials Market Size, By Technology, By Value, 2019–2029

Table 8    Northern Vietnam Electrical Materials Market Size, By Type, By Value, 2019–2029

Table 9    Northern Vietnam Electrical Materials Market Size, By Technology, By Value, 2019–2029

Table 10  Mitsubishi Electric Vietnam Co., Ltd. Company Overview

Table 11  Mitsubishi Electric Vietnam Co., Ltd. Financial Overview

Table 12  Wonderful (Vietnam) Wire & Cable Co. Ltd Company Overview

Table 13  Wonderful (Vietnam) Wire & Cable Co. Ltd Financial Overview

Table 14  Vconnex Industry Technology JSC Company Overview

Table 15  Vconnex Industry Technology JSC Financial Overview

Table 16  Bich Hanh Electrical Production Trading Company Limited Company Overview

Table 17  Bich Hanh Electrical Production Trading Company Limited Financial Overview

Table 18  Helukabel Vietnam Co. Ltd Company Overview

Table 19  Helukabel Vietnam Co. Ltd Financial Overview

Table 20  Schneider Electric Vietnam Co. Ltd Company Overview

Table 21  Schneider Electric Vietnam Co. Ltd Financial Overview

Table 22  ABB Automation and Electrification (Vietnam) Company Limited Company Overview

Table 23  ABB Automation and Electrification (Vietnam) Company Limited Financial Overview

Table 24  Siemens Ltd Company Overview

Table 25  Siemens Ltd Financial Overview

Table 26  An Phuc Electrical Equipment Co., Ltd Company Overview

Table 27  An Phuc Electrical Equipment Co., Ltd Financial Overview

Table 28  Morning Star Electric Co., Ltd Company Overview

Table 29  Morning Star Electric Co., Ltd Financial Overview

Table 30  LS Electric Vietnam Co., Ltd. Company Overview

Table 31  LS Electric Vietnam Co., Ltd. Financial Overview

 

 

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: Central Vietnam is expected to grow at the fastest rate in Vietnam Electrical Materials Market during the forecast period between 2023 and 2029.
Ans: Vietnam Electrical Materials Market size was estimated at USD 1,389.56 million in 2022.
Ans: Major factors driving the growth of Vietnam Electrical Materials Market include increasing consumer awareness and increasing demand of EV vehicles.
Ans: Key players in 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.
Ans: The industrial segment held the highest market share in the Vietnam Electrical Materials Market by technology.