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NEW YORK , Sept. 15, 2022 /PRNewswire/ -- The smart plug market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market. Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, Edimax Technology Co Ltd, Halonix Technologies Pvt Ltd, Hangzhou BroadLink Technology Co Ltd, Indiegogo Inc., Insteon Technologies LLC, ITEAD Intelligent Systems Co. Ltd, Lenovo Group Ltd., Leviton Manufacturing Co. Inc., Panasonic Corp, Revogi Innovation Co. Ltd., Satechi LLC, SDI Technologies Inc., Syska Led Lights Pvt. Ltd., TP Link Corp. Ltd, Vesync Co. Ltd., Wipro Ltd, and Xiaomi Inc are some of the major market participants.
The smart plug market size is expected to grow by USD 6.39 bn from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 29.7% during the forecast period, according to Technavio.
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The smart plug market report covers the following areas:
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The early majority segment will be the largest revenue-generating segment during the forecast period. The individuals in the early majority segment are willing to invest in smart plugs, as they are passionate and knowledgeable about the product. The segment accounts for one-third of the total population in the market that has reached saturation. Consumers from the early majority segment are the last adopters of smart plugs in the market, as the technology is still in its nascent stage and the market has not yet reached the mainstream audience.
North America will account for 31% of the market's growth during the forecast period. The growth of this region is attributed to factors such as an increase in the popularity and adoption of smart homes. Market growth in this region will be faster than the growth of the market in regions. The US is a key country for the smart plug market in North America .
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Accelerate at a CAGR of 29.7%
North America, Europe, APAC, Middle East and Africa, and South America
US, China, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, Edimax Technology Co Ltd, Halonix Technologies Pvt Ltd, Hangzhou BroadLink Technology Co Ltd, Indiegogo Inc., Insteon Technologies LLC, ITEAD Intelligent Systems Co. Ltd, Lenovo Group Ltd., Leviton Manufacturing Co. Inc., Panasonic Corp, Revogi Innovation Co. Ltd., Satechi LLC, SDI Technologies Inc., Syska Led Lights Pvt. Ltd., TP Link Corp. Ltd, Vesync Co. Ltd., Wipro Ltd, and Xiaomi Inc
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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