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Electric Plugs and Sockets Market Global Size, Growth, Trends and Demand with Outlook 2021 to 2030

Electric Plugs and Sockets Market Global Size, Growth, Trends

The Global Electric Plugs & Sockets Market size was valued at USD 11.16 billion in 2019 and is predicted to reach USD 19.77 billion by 2030, with a CAGR of 5.2% from 2020-2030.

Electric plugs and sockets are devices that allow electric appliances to establish secure connection with power source. These are available in different frequencies with different shapes, sizes, colors, as well as different voltage and current ratings.

Plugs & sockets hold wide applications in residential, commercial, and industrial sectors for establishing secure electric connections, as they offer high impact strength and greater resistance to the flow of electric current.

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Top Companies: Philips, Legrand SA, Schneider Electric SE, Emerson Electric Co., ABB Ltd., Wenzhou Chmag Electrical Co Ltd., Mennekes Elecktrotechnik Gmbh, Eaton Corp., and Amphenol Corporation among others.

Market Dynamics and Trends

The booming construction sector, increasing influences of aesthetic interior designing concepts, rapid industrialization, renovation of existing infrastructures, escalation in commercialization with increasing penetration of malls, hypermarkets, supermarkets and retailers, as well as evolution of smart cities demanding for smart electric supply solutions, are the factors driving the growth of global electric plugs & sockets market.

Furthermore, growing demand of fire-proof, splash-proof and dust-proof electric plugs and sockets are gaining momentum in the global market, thereby propelling the growth of global electric plugs & sockets market.

However, demotion in mining industry is expected to limit the growth of global electric plugs & sockets market.

Moreover, increasing safety & security concerns, as well as increasing government investments in infrastructural developments, are anticipated to supplement the growth of global electric plugs & sockets market throughout the forecast period.

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Market Segmentations and Scope of the Study:

The global electric plugs & sockets market share has been analyzed based on type, power rate, end user and geography.

Based on type, the market is segmented into Two-Pin, Three-Pin, Four-Pin, and Five-pin. Based on power rate, the market is fragmented into high power, medium power, and low power. Based on end user, the market is divided into commercial, industrial, and residential. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America is estimated to hold the major market share in the electric plugs & sockets market over the forecast period owing to the increased adoption of electric plugs and sockets in the residential and commercial sector. Moreover, presence of developed infrastructure and tremendous growth in construction industry are expected to further drive the growth of electric plugs & sockets market in this region.

Asia Pacific is estimated to develop rapidly in the electric plugs & sockets market with substantial increase in market share, demonstrating the highest CAGR values throughout the forecast period. This is due to advancements of infrastructures, along with the increased demand of advanced and safe electric plugs and sockets.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

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