Smart Plug Market to Record a CAGR of 29.7%, North America to be Largest Contributor to Market Growth -Technavio
NEW YORK, Sept. 15, 2022 /PRNewswire/ -- The smart plug market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. 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 are some of the major market participants.
The smart plug market size is expected to grow by USD 6.39 bn from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 29.7% during the forecast period, according to Technavio.
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The smart plug market report covers the following areas:
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- Technology
- Early Majority
- Innovator
- Early Adopters
- End-user
- Residential
- Commercial
- Geography
- North America
- Europe
- APAC
- The Middle East And Africa
- South America
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report
The early majority segment will be the largest revenue-generating segment during the forecast period. The individuals in the early majority segment are willing to invest in smart plugs, as they are passionate and knowledgeable about the product. The segment accounts for one-third of the total population in the market that has reached saturation. Consumers from the early majority segment are the last adopters of smart plugs in the market, as the technology is still in its nascent stage and the market has not yet reached the mainstream audience.
North America will account for 31% of the market's growth during the forecast period. The growth of this region is attributed to factors such as an increase in the popularity and adoption of smart homes. Market growth in this region will be faster than the growth of the market in regions. The US is a key country for the smart plug market in North America.
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist smart plug market growth during the next five years
- Estimation of the smart plug market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart plug market
- 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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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 | USD 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 |
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 future consumer dynamics, and market condition analysis for the forecast period. |
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 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
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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