Semiconductors Market in Vietnam - 2022 to 2027 | The rapid adoption of smartphones drives market growth
NEW YORK, Sept. 18, 2023 /PRNewswire/ -- The Semiconductors Market in Vietnam is projected to have a remarkable growth, with a Compound Annual Growth Rate (CAGR) of 6.12% between 2022 and 2027. This expansion is expected to result in a substantial increase in market size, amounting to USD 1.66 billion. A comprehensive analysis of the market reveals that the growing number of smartphone users, increasing investments in the developing semiconductor industry, and the growing use of IoT are the primary driving forces behind this robust growth. Download a free sample report here
The Semiconductors Market in Vietnam report, covering the period from 2022 to 2027, encompasses an extensive examination of market segmentation, including application (consumer electronics, communications, automotive, medical devices, and others), and device (PMICS, microchips, and RFID). Additionally, the report provides a detailed analysis of key drivers, trends, challenges, and historical market data spanning from 2017 to 2021.
The rapid adoption of smartphones in Vietnam, with 61.3 million users, is driving semiconductors market growth. This is due to increasing smartphone ownership in urban and suburban areas, rising living standards, premium devices at affordable prices, and government emphasis on 5G development. To meet the demand, companies are establishing more factories in Vietnam, exporting 40 mobile phone brands, including Sony and Samsung. Overall, the growing number of smartphone users in Vietnam is boosting market expansion.
The growing number of smart homes in Vietnam, driven by technology offering comfort, convenience, security, and energy efficiency, is expected to increase the semiconductor market growth. Smart homes are a part of the Intrnet of Things (IoT), where devices collaborate based on user preferences and share information. These homes rely on intelligent appliances, mobile devices, and home automation systems with integrated circuits. They are connected to cameras, sensors, and control systems, all are dependent on semiconductors. The increasing adoption of smart home devices in Vietnam is set to fuel market growth. For more details, get the free sample report now
One of the challenges affecting semiconductor market growth is Vietnam is the scarcity of skilled labour. The semiconductor industry is looking to expand in Vietnam due to factors like the US-China trade dispute, but there's a shortage of workers with the necessary skills. This forces employers to either pay high wages or invest in training. When there's high demand, existing employees have to work long hours, straining budgets and affecting profitability. These challenges may impede market growth in the region.
Companies in the Semiconductors Market in Vietnam are deploying various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence. Notable market players include:
Discrete Semiconductors Market: The discrete semiconductors market share is expected to increase by USD 4.04 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 3%.
Automotive Semiconductor Market: The automotive semiconductor market size is estimated to grow at a CAGR of 8.8% between 2022 and 2027. The automotive semiconductor market size is forecast to increase by USD 26,676.35 million.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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