Smart Plug Market Share 2023 Growth, Industry Size, Trends, Upcoming Demand, Gross Margin and Forecast 2031

Global Smart Plug Market is valued at approximately USD $$ million in 2021 and is anticipated to grow with a healthy growth rate of more than $% 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.

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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.

D-Link Corporation

Panasonic Corporation

EDIMAX Technology Co. Ltd.

Etekcity Corporation

Leviton Manufacturing Co., Inc.

SDI Technologies, Inc.

TP-Link Technologies Co., Ltd.

Xiaomi Inc.

Ankuoo Electronics Inc.

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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:

Wi-Fi

Bluetooth

By Application:

Commercial

Household

Industrial

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

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ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

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

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market's future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players' products and the competitive landscape.

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