Electric Plugs & Sockets Market 2021 | Analysis by Industry Trends, Size, Share, Company Overview, Growth, Development and Forecast by 2030

 

Electric Plugs And Sockets Market size is expected to portray promising scenarios, as it is estimated to reach $19.77 billion in 2030 which was initially valued at around $11.19 billion in 2021, thereby registering a CAGR of nearly 5.2% from 2022 to 2030. Electric plugs and sockets, available in different physical forms and voltage capacities, are devices that allow electric appliances to establish secure connection with power source by offering greater resistance to electric current.

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MARKET DYNAMICS AND FACTORS

 Increasing disposable income of masses around the world has made possible the implementation of various innovative interior decoration ideas. Rise in industrialization and urbanization has resulted in booming construction activities of homes and big shopping centers and malls. These factors drive the electric plugs and sockets market growth. Increasing safety & security concerns, as well as increasing government investments in infrastructural developments, are anticipated to favor the global electric plugs & sockets market growth throughout the forecast period. However, rapid declines in natural resources and environmental concerns around the world restrict the mining activities across the market, which limits the electric plugs and sockets market growth.

MARKET SEGMENTATION

Like several other industries, the electric plugs and sockets market is also segmented in the following way-

·         On basis of Product type – Two-Pin, Three-Pin, Four-Pin, and Five-pin

·         On basis of Power Rate - High Power, Medium Power, and Low Power

·         On basis of End user - Residential, Commercial, and Industrial

·         By Geography – North America, Asia Pacific, Middle east and Africa, Latin America, Europe.

GEOGRAPHICAL ANALYSIS

North America occupies the dominant share in the global electric plugs and sockets market with highly developed infrastructural facilities and growth in construction industry. Europe also occupies a significant share of the electric plugs and sockets market. Asia Pacific is anticipated to offer lucrative growth opportunities for the market with its rapidly growing infrastructural facilities and gradual increasing of developmental activities in the developing countries of the region.

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COMPETITIVE ANALYSIS

The electric plugs and sockets market portrays a competitive landscape with various international and regional/local players trying to rise above each other, offering highly efficient products ensuring the safety of users, and new product launches such as water-proof, dust-proof and fire-proof plugs. Some of the prominent players in the global electric plugs and sockets market are - Asea Brown Boveri Ltd., Amphenol Corporation, Eaton Corporation Plc., Emerson Electric Co., Legrand Sa, Mennekes Elektrotechnik Gmbh & Co. Kg, Koninklijke Philips N.v., Scame Parre S.p.a. (Scame Group), Schneider Electric S.e., Wenzhou Chmag Electrical, Panasonic.

KEY MARKET PLAYERS:

·         Asea Brown Boveri Ltd.

·         Amphenol Corporation

·         Eaton Corporation Plc.

·         Emerson Electric Co.

·         Legrand Sa

·         Mennekes Elektrotechnik Gmbh & Co. Kg

·         Koninklijke Philips N.v.

·         Scame Parre S.p.a. (Scame Group)

·         Schneider Electric S.e.

·         Wenzhou Chmag Electrical

·         Panasonic

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