Vietnam has a young population structure, abundant labor force and low cost, which provides favorable conditions for the development of home appliance industry and attracts many foreign home appliance companies to settle in Vietnam, such as Midea, Haier, Toshiba, Panasonic, Sharp, Gree, Nepal, Samsung, LG, AQUA and other home appliance companies have invested and built factories in Vietnam.

In terms of economic growth, Vietnam’s economy has maintained rapid growth for many years since the 1986 reform. 2020 Vietnam’s GDP grew by 2.91%. 2021 Vietnam’s GDP rose to 362.619 billion USD, a real growth of 2.58%. Despite the decline in growth rate due to the New Crown Pneumonia epidemic, it is still one of the countries in the world that have achieved positive economic growth.

Foreign investment is also increasingly favorable to Vietnam. The processing and manufacturing industry has become the most attractive area for foreign investment. This indicates that foreign investors have placed high trust in Vietnam in the global supply chain. 2021 yearly Vietnam attracted a total of $30 billion in foreign investment, up 2% year-on-year.

According to CRI’s analysis, with the rapid growth of Vietnam’s economy, the demand for home appliances in Vietnam’s domestic market has also increased. Vietnam has a low penetration rate of domestic home appliances. Since the opening up of the country, its national economy has developed rapidly and the per capita income level has been increasing, making it one of the world’s most promising home appliance consumer markets.

Vietnam residents have a strong consumer consciousness. In addition to daily necessities, the products that ordinary residents spend more on are mainly motorcycles, home appliances and consumer electronics.

Currently, Vietnam’s major advantage in attracting foreign investment is the demographic dividend and population cost. The median age of Vietnam’s population is about 30 years old, and the population under 35 years old accounts for about 55.6% of the total population.

According to CRI’s analysis, the current minimum wage level in Vietnam is lower than Thailand and Indonesia, and is at a lower level among Southeast Asian countries. Apart from labor costs, Vietnam is one of the lowest countries in its neighborhood in terms of cost of doing business, second only to Cambodia and Myanmar.

At the same time, Vietnam actively pursues an all-round diplomatic course, developing friendly cooperation with ASEAN countries, while establishing ties with large economies such as China, the US, Russia, Japan and the EU, as well as the World Bank and the Asian Development Bank, and participating in multilateral trade.

With the entry into force of the Regional Comprehensive Economic Partnership (RCEP), investments in Vietnam from South Korea, Japan and Singapore have maintained a relatively rapid growth.

Vietnam has signed several new free trade agreements, especially the Vietnam-EU Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

So far, Vietnam has maintained economic and trade relations with 220 countries and regions and signed more than 80 double taxation avoidance agreements with foreign countries, which helps Vietnam integrate into the global economy, improve the business environment and effectively attract Foreign direct investment.

To increase the attractiveness of foreign investment, the Vietnamese government has introduced a series of tax incentives, including but not limited to preferential taxes for domestic companies, such as lower corporate income tax rates, exemption or reduction of import taxes on fixed assets and raw materials, exemption or reduction of land taxes, etc.

According to CRI, Vietnam’s home appliance market is expected to continue to grow from 2022-2031. On the one hand, the export volume of Vietnamese home appliances will continue to rise. Meanwhile, with the development of economy and population growth, the demand for home appliances in Vietnam’s domestic market is also on the rise.

Topics covered:

• Overview of Vietnam’s Home appliance Industry
• Economic and Policy Environment of Vietnam’s Home appliance Industry
• What is the impact of COVID-19 on the home appliance industry in Vietnam?
• Vietnam’s Home appliance Market Size, 2016-2021
• Import and Export Analysis of Home appliance in Vietnam
• Analysis of Vietnam’s Major Home appliance Plantation and Processing Enterprises
• Key Drivers and Market Opportunities in Vietnam’s Home appliance Industry
• What are the key drivers, challenges, and opportunities for Vietnam’s Home appliance industry?
• during 2022-2031?
• What is the expected revenue of Vietnam’s Home appliance market during 2022-2031?
• Which segment of Vietnam’s Home appliance market is expected to dominate the market in 2031?
• What are the major adverse factors facing the home appliance industry in Vietnam?
• Forecast on Vietnam’s Home appliance Market, 2022-2031

The post Research Report on Vietnam Home Appliance Industry, 2022-2031 first appeared on CRI Report.

Market insights:
The Indian television market comprises of the television sets incorporated with light-emitting diode (LED), liquid crystal display (LCD), high definition (HD), and ultra-high definition (UHD) technologies. The flat panel television (LED, LCD, HD, and UHD) market in India was valued at INR 690.16 Bn in FY 2018 and is expected to reach INR 1,238.33 Bn by FY 2024, expanding at a compound annual growth rate (CAGR) of ~9.25% during the FY 2019-FY 2024 period.
The reduction of import duty on open cell LED TV panels from 5% to 0% has led to the fall the cost of the overall television sets in the country. Moreover, the industry is witnessing a shift in consumer preferences towards flat panel televisions, with a spurt in its demand, from the traditional CRT displays. However, the adoption of substitute devices like laptops and mobile phones, coupled with a fall in profitability is impeding the growth of flat panel television market in India.

Segmentation insights:
The flat panel television market can be segmented into smart TV and non-smart TV. The smart TV segment accounts for a significant share of more than 70% of the overall television market. Foreign players like Xiaomi, OnePlus and Motorola have disrupted the smart TV segment in India with the launch of its range of affordable products. Domestic players are rapidly reducing prices to deal with the fierce competition in the industry. Xiaomi is one of the important players in the smart TV segment with a share of ~29.50%, followed by LG, Samsung and Sony.
In terms of display size, television sets between 32 inches and 43 inches account for the most notable percentage of sales since they are affordable to the masses. Further, as goods and services tax (GST) rates were reduced, prices of television sets went down.

Competition analysis:
The Indian television market is highly competitive and is dominated by significant players like Samsung, LG and Sony, and they collectively constitute a substantial share of the market. Nevertheless, foreign players like Xiaomi, Realme and OnePlus are flourishing and have captured a considerable share in a short span, owing to their affordable products with a wide variety of features. Moreover, the online sale of television sets has increased considerably in the past few years, posing a threat to conventional sales channels.

Companies covered:
• BPL Limited
• Intex Technologies (India) Limited
• Hitachi India Private Limited
• LG Electronics India Private Limited
• Panasonic India Private Limited
• Philips India Limited
• Samsung Electronics India Private Limited
• Sony India Private Limited
• TCL India
• Xiaomi Technology India Private Limited

The post Television Market in India (LED, LCD, HD, UHD) 2019 first appeared on CRI Report.

Competitive insights
The industry is fragmented but comprises a few well-established players like Wipro, Philips and Syska. As smart lighting technology is relatively untapped, new players like Xiaomi, Svarochi and Halonix are rapidly gaining market share. The industry is attracting investments from foreign players offering other smart devices.
Companies covered
• Bajaj Electricals Limited
• Wipro Lighting
• Philips India Limited
• Syska LED Light Private Limited
• Osram India
• Schneider Electric India Private Limited
• Samsung India Electronics Private Limited
• Xiaomi Technology India Private Limited
• Svarochi Lighting
• Halonix Technologies Private Limited

The post Smart Lighting Market in India 2019 first appeared on CRI Report.