Global Smart Plug Market Report and Forecast 2024-2032

Global Smart Plug Market Outlook

The global smart plug market size is expected to grow at a CAGR of 27.40% between 2024 and 2032, driven by the massive increase in their usage and the development of technology surging its convenience.

Key Trends in the Market

Smart plugs are electronical appliances which are loT based and can be used from anywhere in the home or building and connect directly into electrical sockets. These plugs are wireless and are more electricity efficient and run with the help of Wi-Fi and Bluetooth. The demand for smart plugs is expected to grow primarily as the customers preferences are changing. Technological advancements and increase in wireless connections are some of the factors contributing to the expanding reach of smart plugs in the global market.

• With the rapid increase in switching towards convenient appliances, and the ease of smart plugs that can also be controlled by voice commands and gestures, more appliances are being connected with smart plugs. Any wireless or wired appliance like lamps, lights, fans and more can be operated through these smart plugs, creating a larger market base. The ability to remotely control aspects such as colour of the lights and fan speed is also a great factor contributing to the demand for the smart plug market.

• Most electronical appliances can create dangerous situations when left unattended. Smart plugs are user friendly and increase safety of most electronical devices which can be hazardous if left unattended. Smart plugs come in very handy and can lower the risk of short circuit or malfunction as control is just a click away from smartphones.

• The smart plug market is growing rapidly due to their nature of being easy to install. Users can buy these plugs online and install them themselves in just minutes, and the smart plugs also come in different sizes and features according to the need of the customers.

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Market Analysis

Based on technology, the market is divided into Wi-Fi and Bluetooth, among others. On the basis of application, the market is segmented into industrial, commercial, and household. The regional markets for smart plugs are categorised into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global smart plug market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• D-Link Corporation

• Panasonic Corporation

• EDIMAX Technology Co., Ltd.

• Leviton Manufacturing Co., Inc.

• TP-Link Corporation Limited.

• Xiaomi Group

• Satechi

• Lenovo

• Belkin International, Inc.

• Meross Technology Limited

• Others

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Market Share by Technology

As more users are switching towards the internet, Wi-Fi technology for smart plugs is witnessing steady growth in the smart plug market. Users often prefer Wi-Fi as they are more familiar with using the internet, Wi-Fi has a wider range, and can be instantly connected. They find convenience as Wi-Fi creates a more accessible and easier way for the users to access appliances connected to the smart plugs in their home, office, and other areas. Using the internet, these plugs are also often compatible with voice assistants like Alexa, Google Assistant and Siri and can be connected to these devices easily.

Market Share by Application

Household applications of smart plugs account for a sizable share of the smart plug market as they are easy to use, household friendly, and provide comfort as well as reduce electricity bills. They are easily accessible, are hassle free, and easy to install. Users can remotely turn on and off their household appliances even when they are on vacation making smart plugs a preferable choice. Smart plugs have the ability to eliminate chances of overheating and can be effectual to manage time as users can schedule their appliances automatically.

In recent years, the demand for the smart plug market has elevated as more users are switching towards these plugs. Not only do they provide easy access with smartphones, they are furthermore cost effective and eliminate standby power consumption by letting the user identify the energy that is being wasted.

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Competitive Landscape

D-Link Corporation is a global leader which provides connectivity and networking products. Founded in 1987 and headquartered in Taipei, Taiwan, D-Link produces devices like Wi-fi routers, smart home appliances, IP cameras and more. Providing products with high efficiency and at affordable rates to their consumers, the company caters to homes, businesses, and service providers.

Panasonic Corporation is an electronics manufacturing company which was established in 1918 with headquarters in Osaka, Japan. Panasonic offers a wide range of electronical appliances as well as other services like rechargeable batteries and industrial systems that are also used in automotives and construction. For its smart plugs, Panasonic also has a fully compatible built-in app.

Leviton Manufacturing Co. Inc., based in New York, United States, and founded in 1906 is a global provider of electrical wiring equipment and electronics, manufacturing a vast range of products like switches, dimmers, lamp holder, smart home, plugs, room controllers, and panels. Leviton also offers energy management systems with security and automated appliances.

Other market players include EDIMAX Technology Co., Ltd., TP-Link Corporation Limited., Xiaomi Group, Lenovo, Satechi, Belkin International, Inc., and Meross Technology Limited, among others.

Key Highlights of the Report