LONDON--(BUSINESS WIRE)--The global smart plug market is expected to grow by USD 13.99 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Consumers have started adopting new technologies because of their fast-changing lifestyles and the need for convenience. The improvement in network infrastructure has translated into better broadband and Internet penetration. This has resulted in consumers increasingly opting for wireless and technologically advanced products. The concept of controlling a home appliance via the Internet and a smartphone has attracted considerable attention since 2013. To cater to this growing demand for convenient products, marketers are focusing on advancing technologies to develop smart plugs that could convert any appliance into a smart appliance. By downloading the app on their mobile devices and connecting their appliances through Wi-Fi, consumers can easily operate, monitor, and receive notifications on their smartphones from any remote location. Thus, the high demand for remote access to appliances is expected to drive the growth of the market during the forecast period.
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As per Technavio, the increasing demand for smart homes and development of smart cities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Plug Market: Increasing Demand for Smart Homes and Development of Smart Cities
The smart homes has the highest penetration in North America and Europe, with developing economies in APAC also steadily adopting the concept. Devices such as Amazon Alexa, an intelligent personal assistant developed by Amazon, enables smartphone-enabled control of smart home devices. Amazon Echo, another product by Amazon, is a speaker that controls all functions of a smart home. In addition, the smart city concept is also gaining popularity with global companies, such as Microsoft, IBM, and Alphabet aiding the development through innovative initiatives and solutions. Smart plugs are used in home appliances to connect various devices with smartphones. Thus, with the increasing demand for smart homes and the development of smart cities, the demand for smart plug is expected to increase, thereby driving market growth.
“Factors such as the promotion of smart plugs through trade exhibitions, growing demand for energy efficiency, and the increasing use of connectivity will have a significant impact on the growth of the smart plug market value during the forecast period,” says a senior analyst at Technavio.
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Smart Plug Market: Segmentation Analysis
This market research report segments the smart plug market by technology (early majority, innovator, and early adopters), end-user (residential and commercial), and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the smart plug market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increase in the popularity and adoption of smart homes, and the growing need for tracking and reducing power consumption.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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