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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.
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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.
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.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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.
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.
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.
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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.
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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.
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Smart Plug Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 29.7% |
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Market growth 2022-2026 |
$ 6.39 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
17.03 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 31% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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 |
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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. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Technology Adopters
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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