Posted On: 2022-03-09
Sockets acquired the largest revenue share in the wiring devices market of Vietnam in recent years – 6Wresearch.
Vietnam wiring devices market has witnessed growth during 2017-2019 due to growth in commercial and residential sector. The market experienced a slow growth rate in 2020 on account of the Covid-19 pandemic, which caused a disruption in the supply chain and halt in economic activity. However, steady growth is anticipated in the forecast period on account of government investments such as Resolution 115/NQ-CP to boost industrialization and infrastructure development activities in the country.
According to 6Wresearch, Vietnam Wiring Devices Market size is projected to grow at a CAGR of 9.0% during 2021E-2027F. The Vietnam wiring devices market is primarily driven by revival in construction activities. In Aug 2020, the government has approved a USD 9.3 billion residential and tourism development project within the buffer zone of the Can Gio Mangrove Biosphere Reserve. The project is expected to be completed in 2031, with 230,000 people living there in long-term and approximately 9 million tourists visiting annually. Further, growing interest from foreign investors, coupled with domestic support for facilitating more foreign investments in the housing sector are expected to continue driving the demand for wiring devices in residential application.
According to Ramit Behl, Research Analyst, 6Wresearch, Commercial sector accounted for maximum revenue size in 2020 and the same trend is expected in the upcoming years as well on account of rising commercial activity in the country. The ongoing heavy migration from rural to urban spheres for better economic prospects has led to significant infrastructure deficit in key cities such as Ho Chi Minh and Hanoi, which is likely to supplement the wiring devices demand in the country.
According to Saurav Kumar Singh, Research Associate, 6Wresearch, Sockets garnered the maximum revenue share in 2020 due to rising focus of the Government of Vietnam on Healthcare sector. Further demand from the healthcare domain with healthcare expenditure of the country expected to grow to $ 26 billion, by 2025.
"Additionally, the country is also focusing on their tourism sector by continuously supporting the tourism sector with policy measures such as such as Vietnamese people travel in Vietnam, in May 2020 and with a theme, Viet Nam tourism- a safe and attractive destination in September 1010, which is likely to induce development of the hospitality sector, thereby strengthening the wiring devices market.” Saurav further added.
Vietnam Wiring Devices Market (2021-2027) provides an in-depth analysis with 24 figures and 02 tables, covered in 74 pages. The report estimates and forecasts the overall Vietnam wiring devices market by types and verticals. The report provides an unbiased and detailed analysis of the Vietnam wiring devices market on-going trends, outlook, 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.