Growing Demand for Smartphones Fuel Vietnam's Semiconductors Market

A recent report by PR Newswire projects that the semiconductors market in Vietnam will experience remarkable growth, with a compound annual growth rate (CAGR) of 6.12% between 2022 and 2027. This growth is attributed to the increasing demand for devices such as PMICS, microchips, and RFID.

One of the key drivers of market growth is the growing number of smartphone users in Vietnam. With 61.3 million users, Vietnam has one of the fastest rates of smartphone adoption in Southeast Asia, driven by the increasing smartphone ownership in suburban and urban areas, rising living standards, the launch of premium devices at affordable prices, and the government's focus on 5G development.

Another emerging trend driving market growth is the increasing popularity of smart homes in Vietnam. Smart home technology, also known as home automation, offers homeowners comfort, convenience, security, and energy efficiency through the use of networked devices and mobile applications. Although the Vietnamese smart home market is still in its early stages of development, it is expected to grow significantly over the forecast period.

Smart homes are a part of the Internet of Things (IoT), where devices collaborate by exchanging information about consumer usage and automating processes in accordance with user preferences.

These systems and appliances have integrated circuits and smart home systems are connected to cameras, sensors, and control systems, where technology is used to distribute services and manage. All of these devices require semiconductors to function and the increasing adoption of smart home devices in Vietnam is expected to fuel market growth during the forecast period.