Technavio has been monitoring the smart plug market and it is poised to grow by $ 13.99 bn during 2020-2024, progressing at a CAGR of almost 30% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Smart Plug Market 2020-2024 (Graphic: Business Wire)
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Frequently Asked Questions:
What is a major trend in the market?
Increasing demand for smart homes and the development of smart cities are major trends driving the market growth.
At what rate is the market projected to grow?
The year-over-year growth for 2020 is estimated at 26.54% and the incremental growth of the market is anticipated to be $ 13.99 bn during the forecast period.
Who are the top players in the market?
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., and TP-Link Technologies Co. Ltd, are some of the major market participants
What are the key market drivers and challenges?
The high demand for remote access to appliances has been instrumental in driving the growth of the market. However, security concerns associated with smart plugs and IoT might hamper market growth.
How big is the North American market?
The North America region will contribute 33% of the market share.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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., and TP-Link Technologies Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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The high demand for remote access to appliances has been instrumental in driving the growth of the market. However, security concerns associated with smart plugs and IoT might hamper the market growth.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Smart Plug Market 2020-2024: Segmentation
Smart Plug Market is segmented as below:
- Early Majority
- Early Adopters
- North America
- South America
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Smart Plug Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The smart plug market report covers the following areas:
- Smart Plug Market Size
- Smart Plug Market Trends
- Smart Plug Market Industry Analysis
This study identifies increasing demand for smart homes and the development of smart cities as the prime reasons driving the smart plug market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Smart Plug Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- 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
Table of Contents:
- Market ecosystem
- Value chain analysis
- 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
- 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
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Belkin International Inc.
- D-Link Corp.
- EDIMAX Technology Co. Ltd.
- Etekcity Corp.
- iSmart Alarm Inc.
- Leviton Manufacturing Co. Inc.
- Panasonic Corp.
- SDI Technologies Inc.
- TP-Link Technologies Co. Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
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