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The Smart Plug Market Size was USD 400.95 million in 2023 and is expected to Reach USD 4423.44 billion by 2031 and grow at a CAGR of 35% over the forecast period of 2024-2031.
Smart plugs' market power has been bolstered by the fast adoption of a wide range of smart home and other intelligent technology and equipment. The rising adoption of home automation and technology tools is also propelling the smart plugs market forward internationally. Manufacturers and competitors in the worldwide smart plug market offer goods that employ a variety of technologies, including original designers, pre-existing, and founder. Wi-Fi-enabled smart plugs and Bluetooth-enabled smart plugs are two popular types of products offered by manufacturers and players in the worldwide smart plugs market. In the global market for smart plugs, these goods and solutions are utilised for industrial, commercial, and home purposes.
KEY DRIVERS:
Surging Demand for Smart Homes
Consumers are increasingly embracing smart home technology for its convenience, security, and potential energy savings. Smart plugs act as an affordable entry point into home automation, allowing users to control various appliances remotely.
Smart plugs empower users to monitor and regulate energy consumption of their appliances.
RESTRAINTS:
Compared to traditional plugs, smart plugs come with a significant price premium
Smart plugs depend on a reliable internet connection to function properly.
OPPORTUNITIES:
Deeper Integration with Smart Home Ecosystems
Streamlined compatibility with popular platforms like Google Home and Alexa will attract a wider audience already invested in smart homes.
Lower price points through cost optimization opens the market to more users
CHALLENGES:
Smart plugs raise concerns about data breaches and potential vulnerability to cyberattacks
The war in Ukraine casts a dark shadow on the smart plug market. Disrupted supply chains due to the conflict limit access to crucial materials, causing potential shortages and pushing production costs upwards. This translates to price hikes of 10-15% for smart plugs. Furthermore, the war disrupts global logistics, leading to shipping delays and inflated transportation costs, impacting inventory levels and increasing consumer waiting times. The ripple effects extend beyond just production and logistics. The war triggers a global economic slowdown, causing a dip in consumer confidence and spending.
An economic slowdown casts a shadow on the smart plug market, potentially leading to a 20-30% decline in demand. This data reflects historical trends, and the actual impact can vary depending on the economic downturn's severity. Consumers become more budget-conscious, leading to a potential 5-10% decrease in the average selling price of smart plugs. Manufacturers might need to offer discounts to stay competitive in a price-sensitive market even if production costs remain stable.
Furthermore, economic uncertainty discourages investments in new technologies. Industry reports suggest a 15-20% reduction in investments in smart home advancements during past downturns, potentially hindering the adoption rate of smart plugs, especially in commercial and industrial settings.
However, a silver lining exists. Consumers seeking cost-saving solutions might drive a 5-10% increase in sales for smart plugs. The ability to reduce energy consumption through features like automatic shut-off becomes more attractive during economic hardships, potentially justifying the cost of smart plugs.
By Product Type
The Wi-Fi sector held a significant share of approximately 88% of the revenue market in 2023, poised to maintain its dominance throughout the forecast period. This growth is primarily driven by the rising adoption of Wi-Fi-enabled smart devices in conjunction with voice assistant technologies like Google Assistant, Alexa, and Siri. The Wi-Fi smart plug offers a host of benefits, including convenient smartphone access to devices and outdoor functionality. Nevertheless, the relatively higher cost of Wi-Fi chipsets compared to Bluetooth alternatives is anticipated to impede market expansion in the coming years.
By Application:
In 2023, the household application sector emerged as the frontrunner in the market, capturing approximately 78% of the total revenue share, with strong prospects for significant growth in the forecasted period. The surge in smart plugs market is fueled by the increasing embrace of energy-efficient smart home appliances. Moreover, the demand for smart plugs for household use is being propelled by government-mandated energy efficiency standards imposed on specific home appliances.
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In 2023, North America took the lead in the smart plugs market, commanding a share of about 35% in total revenue. This was spurred by the growing adoption of smart home technologies, which have had a positive impact on market expansion. Key factors driving this growth include the increasing popularity of home automation, consumer preferences for energy-efficient smart appliances, and government initiatives promoting the development of smart cities to enhance living standards.
Within North America, the United States stands out as the largest market for smart plugs. This is due to the presence of major established market players and a rapid uptake of emerging home automation technologies. Additionally, shifts in consumer preferences and rising disposable incomes are expected to further boost market growth in the country.
Meanwhile, the Asia Pacific region is anticipated to experience the swiftest growth throughout the forecast period. The rising demand for digital solutions and services, an expanding middle-class population, and evolving consumer preferences are the primary drivers of smart plugs demand in this region. Moreover, government efforts to develop smart infrastructure projects such as smart buildings and homes are contributing significantly to the region's burgeoning market growth.
Some of the major players in the Smart Plug Market are D-Link Corporation, Panasonic Corporation, SDI Technologies Inc., TP-Link Corporation Limited., EDIMAX Technology, Belkin International, Inc., Insteon, Leviton Manufacturing Co., Inc., Hangzhou BroadLink Technology Co.,Ltd, Etekcity Corporation and other players.
TP KasaLink, a smart home and connected device provider, announced the launch of its Smart Home Kit and Energy Monitoring System called Smart WiFi Plug Mini during June 2022 The new device will assist in monitoring energy consumption and managing the operation of Smart Home devices.
Belkin, a provider of consumer electronics equipment, began to sell its WeMo WiWiFi SmartPlug in January 2020. The Wemo plug allows users of Belkin's home kit to easily connect all their smart devices.
Report Attributes | Details |
---|---|
Market Size in 2023 | US$ 400.95 Million |
Market Size by 2031 | US$ 4423.44 Million |
CAGR | CAGR of 35% From 2024 to 2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Product Type (WiFi, Bluetooth) • By Application (Industrial, Household, Commercial) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Company Profiles | D-Link Corporation, Panasonic Corporation, SDI Technologies Inc., TP-Link Corporation Limited., EDIMAX Technology, Belkin International, Inc., Insteon, Leviton Manufacturing Co., Inc., Hangzhou BroadLink Technology Co.,Ltd, Etekcity Corporation and Other. |
Key Drivers |
• Surging Demand for Smart Homes • Smart plugs empower users to monitor and regulate energy consumption of their appliances. |
Opportunities |
• Deeper Integration with Smart Home Ecosystems • Lower price points through cost optimization opens the market to more users |
The Smart Plug Market size was valued at 400.95 million in 2023 at a CAGR of 35%.
The top players in the Smart Plug Market are examined in this analysis, including their company strategy, financial status, and future products. Some key participants include: D-Link Corporation, Panasonic Corporation, SDI Technologies Inc., TP-Link Corporation Limited., EDIMAX Technology, Belkin International, Inc., Insteon, Leviton Manufacturing Co., Inc., Hangzhou BroadLink Technology Co.,Ltd, Etekcity Corporation and Other.
Rising consumer preference for smart homes and Proliferation of smart devices are the drivers of the Smart Plug Market.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Smart Plug Market Segmentation, By Product Type
9.1 Introduction
9.2 Trend Analysis
9.3 WiFi
9.4 Bluetooth
10. Smart Plug Market Segmentation, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 Industrial
10.4 Household
10.5 Commercial
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Smart Plug Market by Country
11.2.3 North America Smart Plug Market By Type
11.2.4 North America Smart Plug Market By Substrate
11.2.5 USA
11.2.5.1 USA Smart Plug Market By Type
11.2.5.2 USA Smart Plug Market By Substrate
11.2.6 Canada
11.2.6.1 Canada Smart Plug Market By Type
11.2.6.2 Canada Smart Plug Market By Substrate
11.2.7 Mexico
11.2.7.1 Mexico Smart Plug Market By Type
11.2.7.2 Mexico Smart Plug Market By Substrate
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Smart Plug Market by Country
11.3.2.2 Eastern Europe Smart Plug Market By Type
11.3.2.3 Eastern Europe Smart Plug Market By Substrate
11.3.2.4 Poland
11.3.2.4.1 Poland Smart Plug Market By Type
11.3.2.4.2 Poland Smart Plug Market By Substrate
11.3.2.5 Romania
11.3.2.5.1 Romania Smart Plug Market By Type
11.3.2.5.2 Romania Smart Plug Market By Substrate
11.3.2.6 Hungary
11.3.2.6.1 Hungary Smart Plug Market By Type
11.3.2.6.2 Hungary Smart Plug Market By Substrate
11.3.2.7 Turkey
11.3.2.7.1 Turkey Smart Plug Market By Type
11.3.2.7.2 Turkey Smart Plug Market By Substrate
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Smart Plug Market By Type
11.3.2.8.2 Rest of Eastern Europe Smart Plug Market By Substrate
11.3.3 Western Europe
11.3.3.1 Western Europe Smart Plug Market by Country
11.3.3.2 Western Europe Smart Plug Market By Type
11.3.3.3 Western Europe Smart Plug Market By Substrate
11.3.3.4 Germany
11.3.3.4.1 Germany Smart Plug Market By Type
11.3.3.4.2 Germany Smart Plug Market By Substrate
11.3.3.5 France
11.3.3.5.1 France Smart Plug Market By Type
11.3.3.5.2 France Smart Plug Market By Substrate
11.3.3.6 UK
11.3.3.6.1 UK Smart Plug Market By Type
11.3.3.6.2 UK Smart Plug Market By Substrate
11.3.3.7 Italy
11.3.3.7.1 Italy Smart Plug Market By Type
11.3.3.7.2 Italy Smart Plug Market By Substrate
11.3.3.8 Spain
11.3.3.8.1 Spain Smart Plug Market By Type
11.3.3.8.2 Spain Smart Plug Market By Substrate
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Smart Plug Market By Type
11.3.3.9.2 Netherlands Smart Plug Market By Substrate
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Smart Plug Market By Type
11.3.3.10.2 Switzerland Smart Plug Market By Substrate
11.3.3.1.11 Austria
11.3.3.11.1 Austria Smart Plug Market By Type
11.3.3.11.2 Austria Smart Plug Market By Substrate
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Smart Plug Market By Type
11.3.3.12.2 Rest of Western Europe Smart Plug Market By Substrate
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia-Pacific Smart Plug Market by Country
11.4.3 Asia-Pacific Smart Plug Market By Type
11.4.4 Asia-Pacific Smart Plug Market By Substrate
11.4.5 China
11.4.5.1 China Smart Plug Market By Type
11.4.5.2 China Smart Plug Market By Substrate
12.4.6 India
11.4.6.1 India Smart Plug Market By Type
11.4.6.2 India Smart Plug Market By Substrate
11.4.7 Japan
11.4.7.1 Japan Smart Plug Market By Type
11.4.7.2 Japan Smart Plug Market By Substrate
11.4.8 South Korea
11.4.8.1 South Korea Smart Plug Market By Type
11.4.8.2 South Korea Smart Plug Market By Substrate
11.4.9 Vietnam
11.4.9.1 Vietnam Smart Plug Market By Type
11.4.9.2 Vietnam Smart Plug Market By Substrate
11.4.10 Singapore
11.4.10.1 Singapore Smart Plug Market By Type
11.4.10.2 Singapore Smart Plug Market By Substrate
11.4.11 Australia
11.4.11.1 Australia Smart Plug Market By Type
11.4.11.2 Australia Smart Plug Market By Substrate
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Smart Plug Market By Type
11.4.12.2 Rest of Asia-Pacific Smart Plug Market By Substrate
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Smart Plug Market by Country
11.5.2.2 Middle East Smart Plug Market By Type
11.5.2.3 Middle East Smart Plug Market By Substrate
11.5.2.4 UAE
11.5.2.4.1 UAE Smart Plug Market By Type
11.5.2.4.2 UAE Smart Plug Market By Substrate
11.5.2.5 Egypt
11.5.2.5.1 Egypt Smart Plug Market By Type
11.5.2.5.2 Egypt Smart Plug Market By Substrate
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Smart Plug Market By Type
11.5.2.6.2 Saudi Arabia Smart Plug Market By Substrate
11.5.2.7 Qatar
11.5.2.7.1 Qatar Smart Plug Market By Type
11.5.2.7.2 Qatar Smart Plug Market By Substrate
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Smart Plug Market By Type
11.5.2.8.2 Rest of Middle East Smart Plug Market By Substrate
11.5.3 Africa
11.5.3.1 Africa Smart Plug Market by Country
11.5.3.2 Africa Smart Plug Market By Type
11.5.3.3 Africa Smart Plug Market By Substrate
11.5.3.4 Nigeria
11.5.3.4.1 Nigeria Smart Plug Market By Type
11.5.3.4.2 Nigeria Smart Plug Market By Substrate
11.5.3.5 South Africa
11.5.3.5.1 South Africa Smart Plug Market By Type
11.5.3.5.2 South Africa Smart Plug Market By Substrate
11.5.3.6 Rest of Africa
11.5.3.6.1 Rest of Africa Smart Plug Market By Type
11.5.3.6.2 Rest of Africa Smart Plug Market By Substrate
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Smart Plug Market by country
11.6.3 Latin America Smart Plug Market By Type
11.6.4 Latin America Smart Plug Market By Substrate
11.6.5 Brazil
11.6.5.1 Brazil Smart Plug Market By Type
11.6.5.2 Brazil Smart Plug Market By Substrate
11.6.6 Argentina
11.6.6.1 Argentina Smart Plug Market By Type
11.6.6.2 Argentina Smart Plug Market By Substrate
11.6.7 Colombia
11.6.7.1 Colombia Smart Plug Market By Type
11.6.7.2 Colombia Smart Plug Market By Substrate
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Smart Plug Market By Type
11.6.8.2 Rest of Latin America Smart Plug Market By Substrate
11.6.8.3 Rest of Latin America Smart Plug Market By Application
12. Company Profiles
12.1 D-Link Corporation
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Panasonic Corporation
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 SDI Technologies Inc
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 TP-Link Corporation Limited
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 EDIMAX Technology
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Belkin International
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
13.7 Insteon
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Leviton Manufacturing Co., Inc
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Hangzhou BroadLink Technology Co.,Ltd
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Etekcity Corporation
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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By Product Type
WiFi
Bluetooth
By Application:
Industrial
Household
Commercial
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Regional Coverage:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
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Available Customization
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Product Analysis
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Product Matrix which gives a detailed comparison of the product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
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