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Smart appliances are progressively becoming popular due to numerous benefits, including remote control, data transfer, data storage, remote monitoring, etc. Smart plugs are a cost-effective approach for converting conventional home devices such as television, air conditioners, cable box, fan, lamp, and others into smart devices by facilitating smart features manageable from mobile devices. Compared to other in-built smart devices, smart plugs' low price is expected to become a significant factor for driving the market's growth in the coming years. Thus, the convenience and cost-savings offered by the smart appliances will drive their adoption significantly.
The development of lifestyle and the rising disposable income of customers is further likely to stimulate the smart plug market growth during the forecast period. Besides, the need for innovative and energy-efficient household appliances is estimated to stimulate the smart plug market's growth in the coming years. The significant market players' rising investments are expected to provide the smart plug market's growth worldwide. The growing popularity of smart homes, smart buildings, and other smart infrastructure has created lucrative opportunities for the smart plug market growth over the next few years. Also, government across various countries is taking initiatives for improving the living standards of citizens. This factor would further aid the global smart plug market growth. The advent of innovative products, including Wi-Fi smart plugs, is further probable to drive market growth significantly. The technological advancements and growth in the number of applications in the smart device field are likely to augment the smart plug market's growth. Also, the easy and cost-effective availability of smart plugs is further likely to support the market growth in the coming years. Moreover, the popularity of internet of things (IoT) based applications has allowed the control of electronic devices remotely. This factor would also be one factor to boost the smart home's demand and, ultimately, the demand for smart plugs.
Key Market Driver -
• Growing demand for energy-efficient smart home appliances to drive the market growth • The growing number of smart infrastructure projects
Key Market Restraint -
• Lack of knowledge and design complexity to limit the adoption
The smart plug market is highly expanded and competitive due to numerous small and medium-sized companies adopting various business growth strategies. Several vendors are increasingly investing in research & development (R&D) activities for developing innovative home automation products and solutions. The prominent market participants are focusing on familiarizing innovative products. New product launches, product developments, existing product enhancements are key business strategies adopted by prominent vendors. For instance, in February 2019, TP-Link Technologies Co., Ltd launched a smart plug named Kasa Smart Wi-Fi power plug provided with six grounded channels that could be individually controlled and scheduled. Additionally, the plug has provided three quick USB ports for charging.
The key players operating the global smart plug market include Belkin International Inc, BroadLink Technology Co. Ltd, Panasonic Corporation, iHome Inc, Ankuoo Electronics Inc., EDIMAX Technology Co. Ltd, Etekcity Corporation, Xiaomi Corporation, Satechi Inc., Blackloud Inc., Revogi Innovation Co. Ltd, Lenovo Group Limited, Leviton Manufacturing Company Inc., TP-Link Technologies Co. Ltd, Insteon Inc., and among others.
North America is expected to hold a significant share in the global smart plugs market due to prominent market players' presence. The growing popularity of smart home technology would be likely to impact the market growth positively. The customers across the region are progressively demanding various smart home products, including connected cameras, video doorbells, smart locks, smart speakers, smart light bulbs, and others, leading to the smart plug market's growth. Increasing customer preferences for energy-efficient smart devices will positively impact the market growth across North America.
Europe is anticipated to contribute significantly to the smart plug market's growth due to the rapid development of smart infrastructure projects. The growing significance of home security, remote monitoring, and energy-savings would further support market growth across Europe. The consistently rising number of smart device users is another factor responsible for driving the market growth across the region. Furthermore, the rapid explosion of smartphones and smart appliances and rising safety concerns will again propel the smart plug market's growth in the future.
Asia-pacific would likely record high CAGR in the smart plug market growth due to the profoundly expanded consumer electronic industry. Numerous prominent vendors across the Asia-Pacific are investing in research and developing (R&D) activities to advance their home automation products and solutions. This factor will also be likely to contribute to the smart plug market's growth across the region. Government across the region is taking active measures to develop smart infrastructure projects, such as smart homes, smart buildings, smart meters, and others. This factor would also positively impact the smart plug market growth during the forecast period.
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