Vietnam Connectors Market Synopsis
The Vietnam Connector Market has shown decent growth during the pre-COVID years owing to the rise in the number of smartphone users along with the growing adoption of EVs. In 2020, the market has seen a decline in revenues due to the COVID restriction imposed in the country which has delayed transportation projects such as Hanoi's second metro line, the North-South Expressway. However, the industrial sector made significant progress and grew by 9% in 2022 despite various challenges including global geopolitical issues, and interrupted supply chains during a pandemic. The market recovered on account of rising government support to facilitating the development of 5G infrastructure and providing tax breaks for telecom companies along with the implementation of tax incentives for electronics manufacturers and promoting the development of local supply chains.
According to 6Wresearch, Vietnam Connectors Market size is projected to grow at a CAGR of 7.4 during 2023–2029. The growing investment in data centres in the nation for instance VNG Company investing $424.4 million, Quang Dung Technology Distribution (QD TEK), and NTT Global Data Centers (GDC) investing $56 million for expansion of data centre infrastructure is anticipated to further propel the demand for connectors during the forecast period. Additionally, the digital economy is projected to amount to $57 billion by 2025 which is further boosting the growth in digital technologies and is expected to boost the demand of the connectors market during the forecast period. The Vietnamese government has been encouraging the adoption of EVs in the country by offering various incentives and tax exemptions. The country has set a target of having 1 million EVs on its roads by 2030, and this has created a significant market opportunity for connectors in EV charging infrastructure.
Market by Product Type
By product types, PCB connectors lead the Connectors Market in Vietnam revenues in 2022, owing to the rising number of smartphone subscribers which has increased from 91.3 million smartphones in 2021 to 93.5 million in 2022 along with rising investment in the transportation sector which has increased from $640 million in 2021 to $656.4 million in 2022. Additionally, the government of Vietnam has approved the National Digital Transformation Program through 2025, which would boost the growth of telecom and increase the demand for consumer electronics which would contribute to the segment growth.
Market by Applications
By application, transportation garnered the major revenue share in the Vietnam Connectors Industry owing to the adoption of electric vehicles along with rising investment from foreign and local companies in EV charging infrastructure. For instance, EVN 2022 invested $2 billion in EV charging infrastructure to install 1,000 charging stations across the country by 2025. Additionally, the Transport Ministry of Vietnam has announced its US$65 billion transport infrastructure master plan between 2021 and 2030, to build high-speed rail routes and new international airports, which would increase the demand for connectors.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Vietnam Connectors Market Overview
- Vietnam Connectors Market Outlook
- Vietnam Connectors Market Forecast
- Historical Data and Forecast of Vietnam Connectors Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By Product Types, for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By Applications, for the Period 2019-2029F
- Market Drivers and Restraints
- Vietnam Connectors Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Vietnam Connectors Market Revenue Ranking, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Product Type
- PCB (Printed circuit board) Connectors
- Rectangular I/O
- Fiber Optic Connectors
- RF (Radio Frequency) Coax
- Circular Connectors
- Others (Application specific, USB connectors, etc.)
By Applications
- Transportation
- Consumer Electronics
- Computer and Peripherals
- Industrial
- Telecom
- Others (Military, Instrumental)
