Increase in demand for convenient user experience, growing deployment of home automation devices, and high adoption of wireless technologies fuel the growth of the global Bluetooth smart plugs market. Based on price, the low segment generated the highest share in 2020. Based on region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.
Portland,OR, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Bluetooth smart plugs market was estimated at $0.69 billion in 2020 and is expected to hit $5.38 billion by 2030, registering a CAGR of 24.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Increase in demand for convenient user experience, growing deployment of home automation devices, and high adoption of wireless technologies fuel the growth of the global Bluetooth smart plugs market. On the other hand, incompatibility with certain intelligent devices restrains the growth to some extent. However, rapid urbanization in Asia-Pacific countries is expected to create lucrative opportunities in the industry.
The global lockdown disrupted the supply chain for many industries across the world, which, in turn, delayed the supply of Bluetooth smart plugs, thereby impacting the market negatively.
Nevertheless, as the global situation is getting better, the market is anticipated to get back on track soon.
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The global Bluetooth smart plugs market is analyzed across type, price, end-use, and region.
Based on type, the three-hole plug segment accounted for the major share in 2020, holding nearly two-fifths of the global market. The same segment would also exhibit the fastest CAGR of 25.7% throughout the forecast period, while porous plug registered CAGR of 25.4% from 2021 to 2030.
Based on price, the low segment generated the highest share in 2020, accounting for more than two-fifths the global market. The medium segment, however, would exhibit the fastest CAGR of 25.6% from 2021 to 2030.
Based on region, the market across North America held the lion’s share in 2020, garnering more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 28.1% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.
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The key market players analyzed in the global Bluetooth smart plugs market report include Belkin International Inc., Etekcity Corporation, iSmart Alarm Inc., Insteon, Panasonic Corporation, D-Link Corp., SDI Technologies Inc., Leviton Manufacturing Co. Inc., TP-Link Technologies Co. Ltd., and EDIMAX Technology Co. Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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