Global Smart Plug Market is valued at approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2028. A smart plug is a power plug that is arranged between power cords and sockets. This plug functions as a remote-controlled power switch, which allows the user to control the devices by the usage of a mobile phone application remotely. The rapid penetration of smart devices in the household and commercial applications, the rising trend of smart homes, coupled with the surging demand for energy-efficient household appliances are the primary factors burgeoning the market growth across the globe. For instance, according to Statista, in 2021, nearly 259.89 million smart homes were recorded and the figure is projected to increase and reach about 478.22 million by 2025. Thereby, rising consumer preference for smart homes is soaring the demand for a smart plug, which, in turn, accelerates the global market growth. However, rising security concerns associated with smart plugs and IoT, along with a lack of knowledge and design complexity hinder the growth of the market over the forecast period of 2022-2028. Also, the growing advancements in the IoT framework and the introduction of technologically advanced products are anticipated to act as catalyzing factors for the market demand during the forecast period.
The key regions considered for the global Smart Plug Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the rising proliferation of smart home technology and growing inclination towards energy-efficient smart appliances. Whereas, Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2022-2028. Factors such as the growing demand for digital solutions and services, as well as rising government initiatives for smart infrastructure development projects, would create lucrative growth prospects for the Smart Plug Market across the Asia-Pacific region.
Major market players included in this report are:
Belkin International, Inc.
EDIMAX Technology Co. Ltd.
Leviton Manufacturing Co., Inc.
SDI Technologies, Inc.
TP-Link Technologies Co., Ltd.
Ankuoo Electronics Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Support:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Smart Plug Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers