LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global home electrical consumables market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global home electrical consumables market for 2017-2021. The report also lists plugs and sockets and extension cords as the two major product segments, of which the plugs and sockets segment accounted for more than 90% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global home electrical consumables market:
- Rising need for energy conservation
- Increasing use of electronics in the residential sector
- Increasing electrification through hybrid decentralized power systems
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Rising need for energy conservation
There is a continuous surge in electricity generation worldwide owing to growing population and urbanization. Due to this reason, utilities are running plants at full capacity to generate more power from the existing infrastructure. With the increase in power production, there is also a simultaneous gradual increase in power prices due to investments made by power companies in T&D equipment, the addition of newer power resources, increase in commodity prices, and geopolitical factors.
“The rising energy cost has led to the adoption of energy conservation measures to control the rising energy expenditure. The home electrical consumables market comprises of various smart products that enable users to monitor their electricity use, thereby helping in conserving energy. The availability of smart electrical consumables will advance the growth of the global home electrical consumables market owing to the urgent need for energy conservation,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
Increasing use of electronics in the residential sector
Increasing levels of disposable income and an urge to have a hassle-free life have increased reliance of consumer electronic appliances such as refrigerators, air conditioners, TVs, etc. In the last five years, there has been growth in the emerging markets which has fostered the purchase of more consumer electronics.
APAC is leading in the consumer electronics market mostly because of the growing middle-class population and the availability of trained labor in countries such as China, India, Japan, Malaysia, and Singapore. The global consumer electronics sales rose by more than 5% from 2010 to 2015. China alone witnessed an increase of almost 18% in demand for consumer electronics from 2013 to 2015.
Increasing electrification through hybrid decentralized power systems
Electricity consumption is directly proportional to the economic development of a country. However, it is a complex relationship. As electricity is a pre-requisite for economic growth, more electrical consumption is reflective of social development and is therefore responsible for driving infrastructural growth.
“Most of the people in the developing countries, especially in the rural areas, lack access to grid power, which indirectly inhibits economic growth. There are more than a billion-people living without access to electricity, and most of this population resides in rural areas. The developing countries are investing heavily to achieve a higher electrification rate which in turn, will lead to an increased demand for home electrical consumables,” says Gaurav.
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