Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Smart Plug Market size is expected to reach $1.4 billion by 2028, rising at a market growth of 32.4% CAGR during the forecast period.
The Wi-Fi segment acquired maximum revenue share in the Global Smart Plug Market by Product in 2021 thereby, achieving a market value of $1.1 billion by 2028. The expansion can be ascribed to the growing compatibility of Wi-Fi-enabled intelligent gadgets with voice assistants like Siri, Alexa, and Google Assistant. The Wi-Fi smart plug has many benefits, including outdoor access and simple device access from smartphones.
The Commercial segment is showcasing CAGR of 32.8% during (2022 - 2028). As it provides accurate energy consumption data, remote control, and a programmable timer feature, it warns if the gadget is suddenly consuming huge amounts of electricity. These advantages have led to better services, reduced costs, and improved security measures.
The North America market dominated the Global Smart Plug Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $535.1 million by 2028. The Asia Pacific market is poised to grow a CAGR of 33% during (2022 - 2028). Additionally, The Europe market would exhibit a CAGR of 32.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/smart-plug-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Xiaomi Corporation, Panasonic Corporation, Belkin International, Inc., D-Link Corporation, Lenovo Group Limited, Etekcity Corporation, Ashtead Group PLC, Leviton Manufacturing Co., Inc., TP-Link Technologies Co. Ltd., and SDI Technologies, Inc.
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