With a population of more than 100 million people, the surveillance camera market in Vietnam is an extremely attractive "piece of cake", but more than 90% is in the hands of foreign businesses. To regain market share, Vietnamese businesses must have a different direction and form alliances and links with each other.
Potential from a market of 100 million people
Globe News Wire's report shows that the global security camera market value in 2023 will reach about 12.83 billion USD, and is forecast to reach about 41.32 billion USD in 2032, with a compound annual growth rate of about 13,000 USD. 9%.
In Vietnam, the demand for cameras is very large, estimated at more than 150 million units, of which 40% are infrastructure cameras, 30% are commercial cameras, 20% are home cameras, and the rest are other types. The total market capacity can reach 100 - 150 million cameras/year, but Vietnam currently only has about 10 - 15 million cameras. Each year, Vietnam imports 5 - 6 million cameras, mainly home and business cameras.
“The camera market in Vietnam is growing very quickly, at a rate of about 13 - 14%, of which home cameras are growing at a higher rate, at 17%. Currently, the capacity of factories is estimated to produce 2 - 2.5 million cameras/year... The market for surveillance camera equipment for infrastructure, businesses, and government organizations in Vietnam is relatively "In its infancy, there is still a lot of room for development," said Mr. Nguyen Trung Kien, General Director of Pavana Technology Joint Stock Company.
Also according to Mr. Kien, compiled from many sources of information, by 2023, the scale of Vietnam's camera market will reach about 175 million USD in revenue. Among them, the two largest Chinese brands are Dahua, HikVision, and their subsidiaries, accounting for nearly 90% of the market share; The rest are mainly small Chinese names.
In the camera market picture in Vietnam, the home camera market share accounts for 48% of revenue and about 60% of the number of products in circulation. The vast majority of cameras used by households are low-cost devices, from 200,000 VND to less than 1 million VND/unit, sold freely online.
(baodautu.vn)