Overview of the global socket converter market

Research analysis on the global socket converter market identifies that the increase in electronic devices in households will be one of the major factors that will have a positive impact on the market's growth. Developing countries of APAC are witnessing an increase in the demand for consumer electronics including refrigerators, air conditioners, and TVs due to the increasing spending capacity among the middle class population and the availability of trained labor. This in turn, increases the demand for socket converters. Additionally, the growing use of smartphones, tablets, and other wireless communication devices will also resutl in a rise in the demand for socket converters. Technavio's market research analysts predict that this market will grow at a CAGR of almost 7% by 2021.

The increase in electrification through hybrid decentralization power systems will be one of the latest trends that will gain traction in the socket converter market during the next four years. The developing countries are increasingly investing towards achieving higher electrification rates. For instance, the Indian government has already made plans to electrify almost 600 thousand partially electrified and more than 120 thousand un-electrified villages. This in turn, will increase the demand for home electrical consumables such as socket converters.  

Competitive landscape and key vendors

Owing to the presence of several national and international vendors, this market appears to be highly fragmented. The rising need to save energy that increases the need for energy-efficient electrical consumables, will offer growth opportunities for which includes socket converter manufacturers. the market is competitive product cost, performance, product innovation, and service and support are the major factors the vendors usually compete on.

The leading vendors in the market are -

• BULL
• Koninklijke Philips
• Schneider Electric

The other prominent vendors in the market are Hangzhou Honyar Electrical, Huntkey Enterprise Group, and Xiaomi.

Segmentation by product and analysis of the socket converter market

• 3- pin
• 2- pin

3-pin sockets are used for class-III electrical appliances which includes ovens, refrigerators and AC's. These sockets allow electricity to the appliances in a secure and safe way and avoids electricity leakage from the metal bodies, which eliminates the risk of electrocution. According to this researhc and analysis, the 3-pin segment accounted for the major shares of this market during 2016. 

Geographical segmentation and analysis of the socket converter market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market till 2021. The increasing disposable income of consumers in the region that will lead to the growth in demand for electronic devices will be a major factor augmenting the demand for socket converters in APAC.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global socket converter market?
• What are the key market trends impacting the growth of the global socket converter market?
• What are the challenges to market growth?
• Who are the key vendors in the global socket converter market?
• What are the market opportunities and threats faced by the vendors in the global socket converter market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global socket converter market?

Technavio also offers customization on reports based on specific client requirement.

This upcoming research report on the global socket converter market offers insights into trends and drivers stimulating the growth of the hardware and semiconductor industry. Our reports for the hardware and semiconductor industry also follow a scrupulous data collection methodology and present an extensive analysis of fast growing market segments like embedded systems.   

Moreover, to achieve higher accuracy, our industry experts implement an extensive research approach of primary and secondary data collection methods and assess the changing demand-supply landscape of the embedded systems sector. Few of the key approaches involved in the in this methodology are detailed vendor briefing, online surveys, and consultation of industry journals and publications. Also, by considering the market forecast and size, surging demand for various segments of the embedded systems sector, the market research professionals at Technavio present an all-inclusive picture of the socket converter market from 2017 to 2021. 

This forthcoming market research report on the socket converter market also covers vendors like Norwood, Clipsal, BluMagix, Eterna, and Schnieder?. Furthermore, to present clients with the opportunities to identify and expand in niche markets, this report on the socket converter market also covers multiple regions across the globe.

The upcoming industry research report for the socket converter market also categorizes the major drivers, upcoming trends, along with the restraints that the embedded systems sector currently experiences. This upcoming report on the socket converter market presents insights into the rapidly changing vendor landscape to give clients a complete outlook of the forthcoming events within the hardware and semiconductor industry. Technavio also offers a detailed market insight into the sectors such as computing devices, displays, and sensors.

Technavio also offers clients the possibility to customize every report to suit their specific requirements and offers attractive discounts on all forthcoming reports and future purchases.