Posted On: 2022-02-17
Low voltage segment acquired the largest market revenue share in the Vietnam Wires and Cables Market – 6Wresearch
Vietnam Wires and Cables Market experienced a downfall in the year 2020 owing to the outbreak of COVID-19 and subsequent steps taken by the authorities to contain the spread of the disease resulting in slowdown in major economic sectors which negatively impacted the demand for wires and cables in 2020. Global supply chain disruption further causing shortage and price rise in raw material prices affecting the overall market.
According to 6Wresearch, Vietnam Wires and Cables Market size is projected to grow at a CAGR of 7.6% during 2021-2027. Vietnamese government’s power Development Plan 8 with investment outlay of $128.3 billion towards the development of country’s power sector and Vietnam’s digital transformation plan, 2025 coupled with growing housing construction sector is expected to drive the wires and cables market.
According to Chhavi Malpani, Research Manager, 6Wresearch, “By installation types, underground cables acquired the highest share in the market and is further expected to rapidly increase in the coming years owing to government efforts to move overheads cables underground in order to improve safety and avoid accidents related with overhead cables.”
According to Arjun Khurana, Research Associate, 6Wresearch, “By products, other cables which include twisted pair cable, non-metallic sheathed, metallic sheathed cables, among others, garnered majority market share in market owing to the rising demand from commercial and residential infrastructure driven by rising population and urbanization. By end-users, building & construction sector acquired leading revenue share in the Vietnam wires and cables market owing to the government’s housing development plan that includes residential projects such as 99 Binh Don Wharf apartment, Huong Viet 2 apartment, Housing area in An Phu Dong, and others. The sector would continue to dominate the market in the coming years on account of government efforts towards the development of affordable housing and rising private and public investments in the construction sector.”
Some of the major companies in Vietnam Wires & Cables market include Vietnam Electric Cables Corporation, Thinh Phat Electric Cable Joint Stock Company, Nhat Linh Co. Ltd, among others.
“Vietnam Wires and Cables Market (2021-2027)” report provides an in-depth analysis with 17 figures and 05 tables, covered in 77 pages. The report estimates and forecast the overall Vietnam Wires and Cables Market by voltage, installation, products, end-users. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.