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Smart Plug Market Revenue Share Analysis, Market Growth Forecast, 2021–2032

  • Writer: chhaya chavan
    chhaya chavan
  • Nov 25, 2024
  • 4 min read

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 market intelligence report offers a panoramic view of the global Smart Plug industry, with a special focus on the regional bifurcation and competitive landscape. Crucial information pertinent to the latest industrial growth trends, technological advancements, product offerings, production capacity, demand and supply ratio, and estimated growth rate have been included in this report. The research methodologies offered in the report are intended to help readers gain a competitive edge in the market. Additionally, the report undertakes the SWOT Analysis and Porter’s Five Forces Analysis to assess the market standing of the leading companies operating in this sector.

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 Key Players operating in the industry are:

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                                                       

Radical Features of the Smart Plug Market Report:

  • The report encompasses Smart Plug market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements

  • An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently

  • Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies

  • Supply chain analysis along with technological advancements offered in the report

  • The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Smart Plug industry

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

  • Regional Outlook (Revenue, USD Billion; 2018–2028)

    • North America

      1. U.S.

      2. Canada

      3. Mexico

    • Europe

      1. Germany

      2. France

      3. U.K.

      4. BENELUX

      5. Italy

      6. Spain

      7. Rest of Europe

    • Asia Pacific

      1. China

      2. Japan

      3. South Korea

      4. India

      5. Rest of APAC

    • Latin America

      1. Brazil

      2. Rest of LATAM

    • Middle East & Africa

      1. Saudi Arabia

      2. UAE

      3. South Africa

      4. Rest of MEA

Regional Analysis Covers:

  • 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)

Thank you for reading our report. To request a customization or for further inquiries, kindly get in touch with us. Our team will ensure the report is tailored meet to your needs.  

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