Smart Plug Market Size, Share & Trends Analysis Report By Product Support (Wi-Fi, Bluetooth), By Application (Commercial, Household, Industrial), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global smart plug market size was valued at USD 1.76 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 36.2% from 2021 to 2028. A shift in consumer preferences toward using smart home appliances, coupled with the technological developments by the emerging players in the market, is expected to have a favorable impact on the market growth. Over the past few years, the shifting preference toward a comfortable lifestyle, increased awareness regarding energy savings, and advancement in the IoT framework have paved a way for remotely controlled devices, including smart plugs. Smart plugs are considered to be cost-efficient solutions, which have the ability to convert any appliances, including television, air conditioners, cable box, coffee machine, fans, and lamps, into a smart appliance enabling smart features accessible from smart devices. These products have been gaining popularity as they offer a number of benefits, such as remote controlling, remote monitoring, and enabling cost savings.

A smart plug acts as a power-point adapter or mediator between the power plug and any appliances as per the consumers’ wish to the plugin. At the basic level, it turns the device on and off, but when it is connected to the smart home platform, it becomes a very effective device.

Smart plugs help to reduce manual efforts and archive home automation by controlling devices like washing machines, TV, fridge, air conditioners, and security system through mobile applications remotely.

The COVID-19 pandemic led the world to operate or function digitally and smart plug is considered to be energy efficient as it saves the time of consumers by digitally automated tasks.COVID-19 brought a financial crisis, which resulted in increased price sensitivity among the low- and middle-income consumer groups. This is increasing the adoption of smart plugs as it is considered to be a low-cost and energy monitoring device, which helps consumers to reduce the energy consumption by monitoring the appliances.

Product Support Insights

Wi-Fi smart plugs accounted for the largest share of more than 56.0% in 2020 and are expected to register the fastest CAGR from 2021 to 2028. The growing popularity of smart homes will encourage the sale of Wi-Fi smart plugs as they are considered to be one of the most impactful devices available in smart homes. Wi-Fi products offer convenience to the consumers by saving time and money and provide peace of mind to the buyers. These Wi-Fi products take voice commands through Alexa, Siri, and Google Assistant.

The Bluetooth smart plugs segment emerged as the second-largest segment in 2020. Bluetooth smart plug is useful when consumers are around the smart plugs as it is easy to operate with short-range. Bluetooth’s big advantage for smart homes is low energy use. 

Application Insights

The household application segment accounted for the largest share of more than 40.0% in 2020. The increasing consumers’ preferences toward smart homes at the global level paved a way for market growth in the household sector. Smart plugs can control almost any device that uses electricity and offer hundreds of possible solutions in a creative way for an inventive homeowner.

The commercial application segment is expected to register the fastest CAGR of 39.9% from 2021 to 2028. Smart plugs have growing demand from this segment as they provide accurate information of energy consumption, programmable timer function, and remote controlling, thus resulting in energy saving, increased security measures, better services, and cost reductions.

Regional Insights

North America held the largest share of over 30.0% in 2020 and is expected to witness the fastest growth over the forecast period. The increasing adoption of advanced home automation technologies and the existence of new emerging players and several leading market players will drive the regional market in the years to come. Moreover, an increase in disposable income and changing lifestyles will boost the market growth in the near future. The U.S. dominated the North American market in 2020 due to the presence of dominant players and the growing consumers’ need for a convenient lifestyle.

Europe held the second-largest share in 2020. The fast pace adoption of home automation technologies, increasing consumer interest in energy saving, and rising luxury lifestyle in the countries, including Germany, the U.K., France, and Italy, will boost the regional market growth over the next few years. Additionally, lowering smart plug costs as technology improves will appeal to a large number of low-income segments.

Key Companies & Market Share Insights

The presence of a large number of well-established players in the market and an increased number of new entrants in the market has resulted in the fragmentation of the industry. Key manufacturers have been strengthening their presence in the industry through various strategies, such as new product launches, technological innovations, mergers & acquisitions, and the expansion of distribution channels.

For instance, in October 2020, Xiaomi launched Realme Smart Plug with remote Wi-Fi control in India. The Smart Plug, which was announced at the company’s latest event, supports Alexa and Google Assistance. Consumers can control their home appliances through voice commands as well. Some prominent players in the global smart plug market include: -

    • Belkin International, Inc.
    • D-Link Corporation
    • Panasonic Corporation
    • EDIMAX Technology Co., Ltd.
    • Etekcity Corporation
    • Insteon
    • Leviton Manufacturing Co., Inc.
    • SDI Technologies, Inc.
    • TP-Link Technologies Co., Ltd.
    • Ankuoo Electronics Inc.
    • ConnectSense
    • Xiaomi Inc.
    • Lenovo Group Limited

Smart Plug Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global smart plug market report on the basis of product support, application, and region:

• Product Support Outlook (Revenue, USD Million, 2017 - 2028)
    • Wi-Fi
    • Bluetooth

• Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Commercial
    • Household
    • Industrial

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • The Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa