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Smart Plug Market by Technology Adopters, End-user and Geography Forecast 2022-2026

  • Published: Aug 2022
  • Pages: 120
  • SKU: IRTNTR43229
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The smart plug market share is expected to increase by USD 6.39 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 29.7%.

This smart plug market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers smart plug market segmentations by technology adopters (early majority, innovator, and early adopters), end-user (residential and commercial), and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The smart plug market report also offers information on several market vendors, including Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, Edimax Technology Co Ltd, Halonix Technologies Pvt Ltd, Hangzhou BroadLink Technology Co Ltd, Indiegogo Inc., Insteon Technologies LLC, ITEAD Intelligent Systems Co. Ltd, Lenovo Group Ltd., Leviton Manufacturing Co. Inc., Panasonic Corp, Revogi Innovation Co. Ltd., Satechi LLC, SDI Technologies Inc., Syska Led Lights Pvt. Ltd., TP Link Corp. Ltd, Vesync Co. Ltd., Wipro Ltd, and Xiaomi Inc among others.

What will the Smart Plug Market Size be During the Forecast Period?

Smart Plug Market Size

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Smart Plug Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. Energy efficiency as a motivating factor for consumers is notably driving the smart plug market growth, although factors such as the high cost of smart plugs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the smart plug industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Smart Plug Market Driver

Energy efficiency as a motivating factor for consumers is one of the major drivers impacting the smart plug market growth. Energy efficiency is a key parameter for consumers making purchase decisions for large appliances like air conditioners, washing machines, and microwave ovens, owing to the increasing concerns about the high-power consumption by such appliances. According to the U.S. Energy Information Administration, global energy consumption is expected to be $48 trillion, which will account for 37% of the global GDP by 2035. This is because of an increase in the energy requirement per household. The governments of many countries are encouraging the use of smart plugs to reduce energy consumption. This is creating more awareness among consumers about appliances that consume more power. The government initiatives to reduce energy consumption are driving the growth of the smart plugs market.

Key Smart Plug Market Trend

The promotion of smart plugs through trade exhibitions is one of the major trends influencing the smart plug market growth. Over the last few years, prominent players in the smart appliances market have been exhibiting appliances in trade exhibitions like the Consumer Electronics Show and IFA. For instance, in January 2020, LG Electronics and Samsung Electronics launched Wi-Fi-enabled smart TVs at CES 2020, with various features. Built-in smart appliance vendors are global brands, smart plugs vendors cannot match the aggressive promotion of built-in smart appliances. Smart plugs vendors promote their products through trade exhibitions. Though the smart plugs technology is relatively new, the scope for innovation is high. Several smart plugs with upgraded software and technology are expected to be launched during the forecast period. Vendors will need to market their smart products through promotional campaigns, digital marketing campaigns, and customer engagement through social media. Vendors are also collaborating with popular online retailers such as Amazon.

Key Smart Plug Market Challenge

The high cost of smart plugs is one of the major challenges impeding the smart plug market growth. The high cost of smart plugs and a long wait to get ROI is hindering the adoption of these devices. Despite the cost seeming low, a smart plug costs 8-10 times more than a regular plug socket. Manufacturers are facing a challenge in convincing consumers to upgrade their plug sockets to smart plugs because of these factors. These products are targeted at the high-end consumer segment, which includes a small consumer base for smart plugs. The technology used in smart plugs is complex and requires in-depth R&D, which demands a significant amount of investment. In addition, for the effective use of smart plugs, smart grid technology needs to be deployed globally. Currently, the adoption of smart plugs has not reached a mass level, which also adds to their high cost. However, vendors are trying to produce more affordable products and are positioning brands in such a way that consumers find a need for these products.

This smart plug market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global smart plug market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the smart plug market during the forecast period.

Who are the Major Smart Plug Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Ankuoo Electronics Inc
  • Belkin International Inc
  • D Link Corp
  • Edimax Technology Co Ltd
  • Halonix Technologies Pvt Ltd
  • Hangzhou BroadLink Technology Co Ltd
  • Indiegogo Inc.
  • Insteon Technologies LLC
  • ITEAD Intelligent Systems Co. Ltd
  • Lenovo Group Ltd.
  • Leviton Manufacturing Co. Inc.
  • Panasonic Corp
  • Revogi Innovation Co. Ltd.
  • Satechi LLC
  • SDI Technologies Inc.
  • Syska Led Lights Pvt. Ltd.
  • TP Link Corp. Ltd
  • Vesync Co. Ltd.
  • Wipro Ltd
  • Xiaomi Inc

 

This statistical study of the smart plug market encompasses successful business strategies deployed by the key vendors. The smart plug market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • belkin.com - The company offers products such as smart plugs named Wemo Wifi smart plug for smart control from smartphones or voice automation.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The smart plug market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Smart Plug Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the smart plug market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for the Smart Plug Market?

Smart Plug Market Share by Geography

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31% of the market’s growth will originate from North America during the forecast period. The US is the key market for the smart plug market in North America. Market growth in this region will be faster than the growth of the market in regions.

An increase in the popularity and adoption of smart homes in North America will facilitate the smart plug market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic hurt the demand for smart plugs smart plugins in the region. The governments of various countries such as the US, Canada, and Mexico imposed nationwide lockdowns and social distancing norms to curb the spread of the disease. This led to the shutting down of various retail stores offering smart plugs, which decreased the demand for smart plugs from these channels. However, in 2021, the COVID-19-related restrictions in the region eased due to the availability of vaccines. This led to the lifting of lockdown restrictions and the opening of retail stores with COVID-19-appropriate behavior in place, leading to improved sales at offline retail units for smart plugs.

What are the Revenue-generating Technology Segments in the Smart Plug Market?

Smart Plug Market Share

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The smart plug market share growth by the early majority segment will be significant during the forecast period.  The segment accounts for one-third of the total population in the market that has reached saturation. As the technology is still in its nascent stage and the market has not yet reached the mainstream audience, the early majority are the last adopters of smart plugs in the market. The individuals in the early majority segment are willing to invest in smart plugs because they are passionate and knowledgeable about the product.

This report provides an accurate prediction of the contribution of all the segments to the growth of the smart plug market size and actionable market insights on post COVID-19 impact on each segment.

 

Smart Plug Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 29.7%

Market growth 2022-2026

$ 6.39 billion

Market structure

Fragmented

YoY growth (%)

17.03

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 31%

Key consumer countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, Edimax Technology Co Ltd, Halonix Technologies Pvt Ltd, Hangzhou BroadLink Technology Co Ltd, Indiegogo Inc., Insteon Technologies LLC, ITEAD Intelligent Systems Co. Ltd, Lenovo Group Ltd., Leviton Manufacturing Co. Inc., Panasonic Corp, Revogi Innovation Co. Ltd., Satechi LLC, SDI Technologies Inc., Syska Led Lights Pvt. Ltd., TP Link Corp. Ltd, Vesync Co. Ltd., Wipro Ltd, and Xiaomi Inc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this Smart Plug Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive smart plug market growth during the next five years
  • Precise estimation of the smart plug market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the smart plug industry across North America, Europe, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of smart plug market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2019
    • Market outlook: Forecast for 2019 - 2024

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Technology Adopters

    • Market segments
    • Comparison by Technology Adopters
    • Early majority - Market size and forecast 2019-2024
    • Innovator - Market size and forecast 2019-2024
    • Early adopters - Market size and forecast 2019-2024
    • Market opportunity by Technology Adopters

    Market Segmentation by End-user

    • Market segments
    • Comparison by End-user
    • Residential - Market size and forecast 2019-2024
    • Commercial - Market size and forecast 2019-2024
    • Market opportunity by End-user

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2019-2024
      • Europe - Market size and forecast 2019-2024
      • APAC - Market size and forecast 2019-2024
      • MEA - Market size and forecast 2019-2024
      • South America - Market size and forecast 2019-2024
      • Key leading countries
      • Market opportunity by geography
      • Volume drivers - Demand led growth
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Belkin International Inc.
      • D-Link Corp.
      • EDIMAX Technology Co. Ltd.
      • Etekcity Corp.
      • Insteon
      • iSmart Alarm Inc.
      • Leviton Manufacturing Co. Inc.
      • Panasonic Corp.
      • SDI Technologies Inc.
      • TP-Link Technologies Co. Ltd.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      Smart Plug market growth will increase by $6390.68 million during 2022-2026.
      The smart plug market is expected to grow at a CAGR of 29.7% during 2022-2026.
      Technavio has segmented the smart plug market by technology (Early majority, Innovator, and Early adopters) ,end-user (North America, Europe, APAC, and South America) , and geographic (North America, Europe, APAC, Middle East and Africa, and South America).
      Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, Edimax Technology Co Ltd, Halonix Technologies Pvt Ltd, Hangzhou BroadLink Technology Co Ltd, Indiegogo Inc., Insteon Technologies LLC, ITEAD Intelligent Systems Co. Ltd, Lenovo Group Ltd., Leviton Manufacturing Co. Inc., Panasonic Corp, Revogi Innovation Co. Ltd., Satechi LLC, SDI Technologies Inc., Syska Led Lights Pvt. Ltd., TP Link Corp. Ltd, Vesync Co. Ltd., Wipro Ltd, Xiaomi Inc are a few of the key vendors in the smart plug market.
      North America will register the highest growth rate of 31.4% among the other regions. Therefore, the smart plug market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the smart plug market growth are:
      • Use of connectivity as a differentiating feature by manufacturers
      • Promotion of smart plugs through trade exhibitions
      The smart plug market vendors should focus on grabbing business opportunities from the early majority segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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