Smart Plug Market Set to Surge to $488 Million in North America, |
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The smart plug market in North America is poised for substantial growth, with projections indicating an increase to $488 million in the next five years, marking a 42% rise from its current valuation. This forecast by ON World underscores the burgeoning demand for smart plugs, a segment that stands as one of the most practical and fastest growing within the smart home industry. Between 2019 and 2023, smart plug annual unit shipments in North America more than doubled, a trend significantly bolstered during the pandemic. The momentum is anticipated to carry forward, driven by escalating energy costs and a rising consumer demand for cost-effective smart home technologies. "High energy costs and the quest for affordable smart home convenience are propelling the smart plug market," remarked Mareca Hatler, ON World's Research Director. "The prevailing trend of online purchases has presented challenges for established market players in preserving their shares and profits." Insights on Consumer Trends and Market Dynamics A recent ON World survey involving 1,500 online adults across North America revealed: • Smart plug ownership at 34%, with smart in-wall outlets at 22%. • Future purchase intent shows 19% significantly more inclined, with 35% somewhat more likely, to invest in smart home products. • Anticipated future purchases highlight smart plugs (56%) and smart outlets (28%). Additional insights from discussions with 100 retail sales representatives and an analysis of thousands of online product listings highlight the evolving landscape and competitive pressures
• Innovation and Market Entry: Efforts to introduce features like energy monitoring and weatherproof designs for outdoor use are strategies vendors employ to maintain margins amidst market share losses to new entrants, including Amazon.. • Outdoor Smart Plugs: Despite being priced twice as high as their indoor counterparts, outdoor smart plugs are rapidly gaining popularity and are projected to account for 16% of the revenues by 2028, especially through Home Centers, Hardware stores, and Mass Market channels. • In-Wall Outlets: This segment, though smaller, saw a 30% increase in sales in recent years outpacing other smart plug types. For more information about our customizable market size forecasts and survey datasets, please contact us at: About ON World: Back to News
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