Global Smart Plug Market – Industry Trends and Forecast to 2029

Smart Plug Market Analysis and Size

Smart plugs are gaining popularity as well as are providing numerous benefits such as remote monitoring, remote control, and other features that is cost saving and allowing convenience for the consumer. It delivers easy access via an app, which successively allows functionalities even when consumer are not in the area to physically function the switch. The smart plug market will be witness the development due to the varying customer’s preferences leaning towards smart home applications and fast adoption of home automation technologies. The rising requirement of individuals for a convenient lifestyle, improved energy savings and advancements in the IoT framework will complement the smart plug market.

Data Bridge Market Research analyses that the smart plug market was valued at USD 1.76 billion in 2021 and is expected to reach USD 22.03 billion by 2029, registering a CAGR of 37.15% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Smart Plug Market Scope and Segmentation

Market Definition

A smart plug is device which plugs into the socket which is placed on wall and with another socket to plug an electrical appliance into. At their most simple, smart plugs offer the consumer to turn the devices on and off from the smartphone

Smart Plug Market Dynamics

Drivers

• Increasing demand of Wi-Fi smart plug

The rising popularity of the smart homes encourage the demand of Wi-Fi smart plugs are one of the most impactful devices which is available in smart homes. Wi-Fi products provide suitability to the consumers by saving money and time and provide peace of mind to buyers. These Wi-Fi products take voice commands through Siri, Alexa and Google Assistant, thus this is expected to drive the growth of the smart plug market.

• Technological advancement

The rising demand of Advances wireless technology have also empowered the ability the market. Now, Countries are using innovative Internet of Things (IoT) solutions, such as contact tracing applications. These use a variety of technologies, including WiFi and Sigfox, Bluetooth Low Energy (BLE) incorporated into bracelets, bands, and other consumer wireless devices.

Furthermore, the substantial boosting the determinants of smart plug business is a high need for the distant approach to instruments, shifting customer inclinations tending and accelerated enactment of residence mechanization technologies to approach smart home purposes. The burgeoning requirement of consumers for an enhanced power economies, comfortable lifestyle and developments in the internet of things (IoT) structure are thrusting the smart plug market

Opportunities

• Surging Product Launches

Moreover, the surging product launches and other innovations by major market players further provide many growth opportunities within the smart plug market. For Instance, TP-link has introduced Kasa Smart Wi-Fi Power Strip delivering six grounded outlets which could be independently controlled and scheduled. Additionally, it has three quick USB charging ports.

Furthermore, increase the number of emerging new markets and rise in strategic collaborations will also act as market drivers and also increase the favourable opportunities for the growth of the smart plug market.

Restraints/ Challenges

• Delay in deliveries

Increasing online sales have been a major factor which drive the smart plug sales, however, delay in deliveries of the smart plug product can impact the sales of the product which negatively affect the growth of the smart plug market. Although the smart plugs are not so expensive, but these are still considered an extra cost to invest among consumer which will hinder the market growth rate of smart plug.

This smart plug market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart plug market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Smart Plug Market

The outbreak of COVID-19 has led the globe to smart plug and function digitally are being considered as save the time of the consumer with automated tasks, energy-efficient and enhances security. Moreover, People were obliged to stay home during early months, especially when numerous nations around the world which has imposed either partial or lockdowns to contain spread of the coronavirus. The lockdown has disrupted the supply chain for several industries, which, in turn, late supply of smart plugs in the market globally. Hence, the smart plugs industry witnessed slow growth during this pandemic. 

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Smart Plug Market Scope

The smart plug market is segmented on the basis of type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Bluetooth
• Wi-Fi

Application

• Household Use
• Commercial Use
• Industrial Use

Smart Plug Market Regional Analysis/Insights

The smart plug market is analysed and market size insights and trends are provided by country, type and application as referenced above.

The countries covered in the smart plug market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the smart plug market in terms of market revenue and will continue to flourish its dominance during the forecast period. This is due to the surging ratio of IoT activities and smart connectivity in this region.

Europe is expected to be the fastest developing region due to the growing consumer interest in energy saving and rising luxury lifestyle in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Smart Plug Market Share Analysis

The smart plug market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart plug market.

Some of the major players operating in the smart plug market are:

• Ashtead Group plc. (U.K.)
• Belkin International, Inc. (U.S.)
• D-Link Corporation (Taiwan)
• Panasonic Corporation (Japan)
• EDIMAX Technology Co. Ltd. (Taiwan)
• Etekcity Corporation (U.S.)
• Insteon (U.S.)
• Leviton Manufacturing Co., Inc. (U.S.)
• SDI Technologies, Inc. (U.S.)
• TP-Link Corporation Limited (China)
• Xiaomi (China)
• Ankuoo Electronics inc. (China)
• Satechi (U.S.)
• Lenovo (China)

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