Vietnam Electrical Materials Market By Type (Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, Others), By End User (Industrial, Commercial, Domestic), By Region, Competition Forecast & Opportunities, 2031

  • Industry : Power
  • Pages : 86
  • Published Date : April, 2023
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Summary

Report Description

Vietnam Electrical Materials Market was valued at USD 1431.2 million in 2022 and is expected to project robust growth during the forecast period, registering a CAGR of 15.69% through 2031. The fundamental components and elements used in any construction project to link residential, commercial, and industrial buildings to an electrical power source are electrical materials. Electrical components can be as big as an industrial plant or as small as a home circuit. The least amount of electrical conductivity is appropriate for these substances. In addition to being used for the transmission and distribution of electrical energy, they are used to create conductors for all varieties of windings found in electrical machines, apparatus, and devices.

Increasing Consumer Awareness Expected to Boost the Market

Vietnamese customers are choosing electrical materials that are more energy efficient, demonstrating a greater understanding of the need of energy efficiency. Owing to their energy effectiveness and prolonged lifespan, LED lights are gaining popularity in Vietnam. Smart meters are also becoming more and more common since they allow users to monitor and optimise their energy use.  The Vietnamese government has taken various steps, such as implementing safety standards and regulations for electrical goods to raise awareness among consumers about electrical materials such as organizing public education campaigns and enforcing inspection programs to prevent substandard electrical materials from being imported and sold. However, there is always a need for greater initiatives to ensure that customers may receive dependable and correct information regarding electrical Materials and their safety requirements. These factors have significantly increased the demand for electrical materials in the Vietnam market.

Increase Demand of EV vehicle

According to data from the Vietnam Registry (VR), there were 65.2 million two-wheelers on the country's roads in 2020, resulting in a 2W ownership rate of 670 cars per 1,000 people. Vietnam's two-wheeler market comes in fourth overall and second in Asia, behind China, India, and Indonesia. The demand for electrical materials is likely to expand in the upcoming years due to the anticipated increase in the use of electric cars.

Adoption of Smart Grid Technology

The adoption of smart grid technology in the electrical materials market in Vietnam is a significant breakthrough that has the potential to completely change the country's power industry. An enhanced power distribution system known as a "smart grid" uses data analytics and digital communication technologies to increase the efficiency, dependability, and sustainability of electricity supply. The fast economic development and urbanization in Vietnam have increased the country's need for energy. Blackouts and frequent power outages are a result of the inability of Vietnam's current power system infrastructure to keep up with demand. By integrating renewable energy sources into the system and maximising the use of currently available resources, smart grid technology can assist in overcoming these difficulties. Using current resources to their fullest potential and incorporating renewable energy sources into the system are two ways that smart grid technology can assist in overcoming these difficulties. Significant economic potential for the energy industry are presented by the implementation of smart grid technology in Vietnam's electrical materials market. Digital sensors, communication systems, and energy storage devices are just a few examples of the products and services that companies who specialise in offering smart grid solutions are expected to see more demand in the upcoming years. Moreover, companies involved in allied sectors including renewable energy and energy management may gain from the use of smart grid technologies. In general, the use of smart grid technology in the Vietnamese market for electrical materials has the potential to increase the nation's energy security, lower greenhouse gas emissions, and boost the economy growth.

Rise of the E-commerce Industry in Vietnam Helps to Grow the Market

Companies that sell electrical materials online are seeing possibilities as e-commerce grows in Vietnam. E-commerce platforms are growing to become increasingly common in Vietnam, and businesses that are able to successfully promote and sell their products online will have a considerable competitive edge. Vietnamese customers are increasingly using e-commerce sites including Lazada, Shopee, and Tiki because of their ease and extensive product offerings. These platforms offer competitive prices, promotions, and cash-on-delivery options, which are attractive to consumers. As a result, Vietnam's providers of electrical materials are increasingly using e-commerce as a key sales channel.

Challenges: Energy Supply and Demand Imbalance

One of the world's fastest-growing energy markets is Vietnam, where the country's economy is expanding quickly and driving a 4.5% annual growth in energy consumption. Even so, due to the nation's continued reliance on fossil fuels, notably coal, there are still frequent power outages and price swings as a result of an imbalance between the supply and demand of energy. Vietnam challenges considerable obstacles in its transition to a more sustainable energy system, despite government efforts. Between 2020 and 2030, the nation is expected to invest over USD 13 billion per year in renewable energy infrastructure in order to reach its renewable energy goals. It will be difficult to achieve the government's lofty goals for boosting the proportion of renewable energy in the nation's energy mix. Vietnam's increasing reliance on fossil fuels and high energy demand provide considerable problems for the country's energy supply, and the switch to sustainable energy requires significant financial investment and policy modifications.

Impact of Covid: Shit to E-Commerce

The transition to e-commerce has a significant effect on the Vietnamese market for electrical materials. As more people in Vietnam turn to e-commerce platforms to buy different goods and services, including electrical equipment, since physical stores are forced to operate at reduced capacity or close down due to the COVID-19 outbreak. As a result, the market for electrical materials has seen a substantial movement provided by online buying. This development may be attributed to the country's expanded access to cellphones and the internet, which has made online shopping a more attractive and practical alternative for customers. The change has also increased competition among vendors, which has lowered costs and raised the quality of goods on sale. Overall, the growth of e-commerce has changed the Vietnamese electrical materials industry, allowing vendors to have a larger customer base and providing buyers more accessibility and convenience.

Recent Developments:

  • By 2030, the government wants to see renewable energy make up 10% of the nation's total energy consumption. About the same time, the National Power Development Plan 8 (PDP8) and the Vision 2050 National Energy Master Plan are being established.
  • More than USD50 million will be needed to build TNI Holdings Vietnam's third electronics facility. Also, the Samsung supplier Hansol Electronics Vietnam won two investment certifications from the southern province of Dong Nai in early 2022, totaling USD 100 million.


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Market Segmentation

The Vietnam Electrical Materials market is divided into type and end user.  Based on type, the market is further divided into circuit breakers, light switches, plugs & sockets, voltage switcher, cable management, cable duct, electrical conduit, and others. Based on end user, the market is further segmented into industrial, commercial, and domestic. On the basis of region, the market is divided into Southern Vietnam, Central Vietnam and Northern Vietnam.

Company Profiles

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, LS Electric Vietnam Co., Ltd. are among the major players that are driving the growth of the Vietnam Electrical Materials market.

Attribute

Details

Market Size Value in 2022

USD 1431.2 million

Revenue Forecast in 2031

USD 5184.8 million

Growth Rate

15.69%

Market Size Volume in 2022

271.23 million units

Volume Forecast in 2031

693.46 million units

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2031

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023E-2031F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type

End User

Regional Scope

Southern Vietnam, Central Vietnam and Northern Vietnam

Key Companies Profiled

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, LS Electric Vietnam Co., Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the Vietnam Electrical Materials Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam Electricals Materials Market, By Type:
    • Circuit Breakers
    • Light Switches
    • Plugs & Sockets
    • Voltage Switcher
    • Cable Management
    • Cable Duct
    • Electrical Conduit
    • Others
  • Vietnam Electricals Materials Market, By End User:
    • Industrial
    • Commercial
    • Domestic
  • Vietnam Electrical Materials Market, By Region:
    • Southern Vietnam
    • Central Vietnam
    • Northern Vietnam

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam Electrical Materials market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.          Markets Covered

1.2.2.          Years Considered for Study

1.2.3.          Key Market Segmentations

1.3.  Product Definition

1.3.1.          By Type

1.3.2.          By End User

1.3.3.          By Region

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.2.1.          Methodology Followed for Calculation of Market Size

2.2.2.          Methodology Followed for Calculation of Market Share

2.2.3.          Methodology Followed for Forecasting

2.3.  Partial List of Companies Interviewed

2.4.  Partial List of Secondary Sources

3.    Executive Summary

4.    Impact of Covid-19 on Vietnam Electrical Materials Market

5.    Voice of Customer

5.1.  Brand Awareness

5.2.  Factors Considered for Selecting Manufacturer

5.3.  Key Satisfaction Level

5.4.  Current Need Gaps

6.    Vietnam Electrical Materials Market Outlook

6.1.  Market Size & Forecast

6.1.1.          By Value & Volume

6.2.  Market Share & Forecast

6.2.1.          By Type (Circuit Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical Conduit, Others)

6.2.2.          By End User (Industrial, Commercial, Domestic)

6.2.3.          By Region (Southern Vietnam, Central Vietnam and Northern Vietnam)

6.2.4.          By Company (2022)

6.3.  Pricing Analysis

6.4.  Product Market Map

6.4.1.          By Type

6.4.2.          By End User

6.4.3.          By Region

7.    Southern Vietnam Electrical Materials Market Outlook

7.1.  Market Size & Forecast

7.1.1.          By Value & Volume

7.2.  Market Share & Forecast

7.2.1.          By Type

7.2.2.          By End User

8.    Central Vietnam Electrical Materials Market Outlook

8.1.  Market Size & Forecast

8.1.1.          By Value & Volume

8.2.  Market Share & Forecast

8.2.1.          By Type

8.2.2.          By End User

9.    Northern Vietnam Electrical Materials Market Outlook

9.1.  Market Size & Forecast

9.1.1.          By Value & Volume

9.2.  Market Share & Forecast

9.2.1.          By Type

9.2.2.          By End User

10. Market Dynamics

10.1.             Drivers

10.2.             Challenges

11. Market Trends and Developments

12. Policy and Regulatory Landscape

13. Vietnam Economic Profile

14. Company Profiles

14.1.             Mitsubishi Electric Vietnam Co., Ltd

14.1.1.        Business Overview

14.1.2.        Key Financials & Revenue

14.1.3.        Key Products

14.1.4.        Key Personnel/Contact Person

14.1.5.        Headquarters Address

14.2.             Wonderful (Vietnam) Wire & Cable Co. Ltd.

14.2.1.        Business Overview

14.2.2.        Key Financials & Revenue

14.2.3.        Key Products

14.2.4.        Key Personnel/Contact Person

14.2.5.        Headquarters Address

14.3.             Vconnex Industry Technology JSC

14.3.1.        Business Overview

14.3.2.        Key Financials & Revenue

14.3.3.        Key Products

14.3.4.        Key Personnel/Contact Person

14.3.5.        Headquarters Address

14.4.             Bich Hanh Electrical Production Trading Company Limited

14.4.1.        Business Overview

14.4.2.        Key Financials & Revenue

14.4.3.        Key Products

14.4.4.        Key Personnel/Contact Person

14.4.5.        Headquarters Address

14.5.             Helukabel Vietnam Co. Ltd.

14.5.1.        Business Overview

14.5.2.        Key Financials & Revenue

14.5.3.        Key Products

14.5.4.        Key Personnel/Contact Person

14.5.5.        Headquarters Address

14.6.             Schneider Electric Vietnam Co. Ltd

14.6.1.        Business Overview

14.6.2.        Key Financials & Revenue

14.6.3.        Key Products

14.6.4.        Key Personnel/Contact Person

14.6.5.        Headquarters Address

14.7.             ABB Automation And Electrification (Vietnam) Company Limited

14.7.1.        Business Overview

14.7.2.        Key Financials & Revenue

14.7.3.        Key Products

14.7.4.        Key Personnel/Contact Person

14.7.5.        Headquarters Address

14.8.             Siemens Ltd.

14.8.1.        Business Overview

14.8.2.        Key Financials & Revenue

14.8.3.        Key Products

14.8.4.        Key Personnel/Contact Person

14.8.5.        Headquarters Address

14.9.             An Phuc Electrical Equipment Co., Ltd

14.9.1.        Business Overview

14.9.2.        Key Financials & Revenue

14.9.3.        Key Products

14.9.4.        Key Personnel/Contact Person

14.9.5.        Headquarters Address

14.10.          Morning Star Electric Co., Ltd.

14.10.1.     Business Overview

14.10.2.     Key Financials & Revenue

14.10.3.     Key Products

14.10.4.     Key Personnel/Contact Person

14.10.5.     Headquarters Address

14.11.          LS Electric Vietnam Co., Ltd.

14.11.1.     Business Overview

14.11.2.     Key Financials & Revenue

14.11.3.     Key Products

14.11.4.     Key Personnel/Contact Person

14.11.5.     Headquarters Address

15. Strategic Recommendations

16.  About Us & Disclaimer

Figures and Tables

List of Figures:

Figure 1:   Vietnam Electrical Materials Market Size, By Value (USD Million), 2018-2031F

Figure 2:   Vietnam Electrical Materials Market Share, By Type, By Value, 2018-2031F

Figure 3:   Vietnam Electrical Materials Market Share, By End User, By Value, 2018-2031F

Figure 4:   Vietnam Electrical Materials Market Share, By Region, By Value, 2018-2031F

Figure 5:   Vietnam Electrical Materials Market Share, By Company, By Value, 2022

Figure 6:   Vietnam Electrical Materials Market Map, By Type, Market Size (USD Million) & Growth Rate (%)

Figure 7:   Vietnam Electrical Materials Market Map, By End User, Market Size (USD Million) & Growth Rate (%)

Figure 8:   Vietnam Electrical Materials Market Map, By Region, Market Size (USD Million) & Growth Rate (%)

Figure 9:   Southern Vietnam Electrical Materials Market Size, By Value (USD Million), 2018-2031F

Figure 10: Southern Vietnam Electrical Materials Market Share, By Type, By Value, 2018-2031F

Figure 11: Southern Vietnam Electrical Materials Market Share, By End User, By Value, 2018-2031F

Figure 12: Central Vietnam Electrical Materials Market Size, By Value (USD Million), 2018-2031F

Figure 13: Central Vietnam Electrical Materials Market Share, By Type, By Value, 2018-2031F

Figure 14: Central Vietnam Electrical Materials Market Share, By End User, By Value, 2018-2031F

Figure 15: Northern Vietnam Electrical Materials Market Size, By Value (USD Million), 2018-2031F

Figure 16: Northern Vietnam Electrical Materials Market Share, By Type, By Value, 2018-2031F

Figure 17:        Northern Vietnam Electrical Materials Market Share, By End User, By Value, 2018-2031F

Frequently asked questions

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The market size of the Vietnam Electrical Materials market was estimated to be USD 1431.2 million in 2022.

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Cable management & circuit breaker both cumulatively hold around 45% of the market share in 2022 due to the growing popularity of smart homes, commercial buildings, and industrial automation has created the demand for cable management systems across the country. This sector is projected to be dominated by the cable management & circuit breaker section. This could be due to a variety of causes, such as producing high-quality items, having a solid reputation for dependability, giving excellent customer service, or charging fair prices.

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Southern Vietnam dominates the Vietnam Electrical Materials Market accounting for a market share of 50.18% in 2022. Southern Vietnam is the most economically developed region in the country, with several major cities such as Ho Chi Minh City, Bien Hoa, and Vung Tau. This region has a well-established commercial and industrial infrastructure, including factories, offices, and shopping malls, which require a significant number of electrical materials to operate.

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Increasing consumer awareness and growing demand of EV vehicles are the major drivers of the Vietnam Electrical Materials market.

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Parvati Sharma

Account Manager BD
Press Release

Vietnam Electrical Materials Market To Register A CAGR Of 15.69% During The Forecast Period, 2024-2031

Apr, 2023

Increasing Consumer Awareness and rising demand for electric vehicles are driving the Vietnam Electrical Materials market across the country.

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