The global smart plug market size reached USD 4.92 Billion in 2020, and is expected to register a CAGR of 40.1% during the forecast period. Market revenue growth is primarily driven by shift in consumer preference towards smart home applications. Improving standard of living among consumers owing to increasing disposable income is expected to boost demand for smart plugs for household use. Rise in adoption of home automation technologies is projected to drive revenue growth of the market during the forecast period. Smart plug is a small adaptor that can be plugged into a regular electrical wall outlet and can be connected to a Wi-Fi network. The ability of smart plugs to convert ordinary devices and appliances in homes into smart ones is contributing to growing demand. Smart plugs allow consumers to control the power supply to the appliance through an app on a smartphone. Rising energy bills and need to minimize energy consumption are other key factors expected to drive growth of the smart plug market during the forecast period. A smart plug can monitor energy consumption of appliances and help consumers to become aware of and reduce power consumption. The consumers can easily turn off appliances with the help of smart plugs and avoid standby consumption. Consumption can be minimized with the use of smart appliances or switching on conventional schedulable appliances through smart plugs. Smart plug applications also include HVAC control, light control, sprinkle control, and control of other home appliances.
The report provides a comprehensive analysis in an organized manner in the form of tables, graphs, charts, figures, and diagrams. The organized data paves the way for thorough examination and research of the current and future outlook of the market. The report further offers a thorough SWOT and Porter’s Five Forces analysis to impart a better understanding of the competitive landscape of the Smart Plug market.
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Key companies operating in the Smart Plug market include:
Belkin International Inc, Panasonic Corporation, iHome Inc., Edimax Technology Co., Ltd., Etekcity Corporation, Xiaomi Corporation, Satechi Inc., Lenovo Group Limited, Leviton Manufacturing Company, and TP-Link Technologies Co., Ltd
Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Smart Plug market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Key Benefits of the Report:
- Comprehensive analysis of the competitive scenario and its changing dynamics
- Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
- In-depth 8-year analysis of the Global Smart Plug Market
- Critical understanding of the key market segments
- Comprehensive analysis of the drivers, restraints, trends, and opportunities
- Detailed regional analysis and extensive company profiling
- Extensive assessment of current and emerging trends of the market
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Smart Plug Market Segmentation:
-
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Wi-Fi
- Bluetooth
- Others
-
Application Outlook (Revenue, USD Billion; 2018–2028)
- Commercial Use
- Industrial Use
- Household Use
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- North America
Smart Plug Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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