Electric Plugs and Sockets Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Electric Plugs and Sockets Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Electric Plugs and Sockets Market is segmented By Type (Three-pin, Two-pin, Four-pin, Five-pin), By End User (Residential, Commercial, Industrial), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa). The report offers the value (in USD billion) for the above-mentioned segments.
Electric Plugs and Sockets Market is segmented By Type (Three-pin, Two-pin, Four-pin, Five-pin), By ...
Electric Plugs and Sockets Market Size - Analysis
The electric plugs and sockets market is estimated to be valued at USD 13.38 Bn in 2024 and is expected to reach USD 19.59 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031. The steady growth of the real estate and construction sectors across the globe is driving the need for electrical systems and components such as plugs and sockets in residential and commercial applications.
Market Size in USD Bn
CAGR5.6%
Study Period
2024 - 2031
Base Year of Estimation
2023
CAGR
5.6%
Market Concentration
Medium
Major Players
Schneider Electric S.E., Asea Brown Boveri Ltd. (ABB), Legrand S.A., Eaton Corporation plc., Mennekes Elektrotechnik GmbH & Co. KG and Among Others
*Disclaimer: Major players are listed in no particular order.
*Source: Coherent Market Insights
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Electric Plugs and Sockets Market Trends
Market Driver - Urbanization and Increasing Construction Activities Requiring Advanced Electrical Infrastructure
The global population is rapidly shifting towards urban areas, with over 60% of the world's population expected to reside in cities by 2050 according to United Nations statistics. This megatrend of urbanization is bringing about immense infrastructure development across both developed and developing regions of the world.
Considering the scale of construction that is expected to take place globally in the coming decades on the back of urbanization, electrical component manufacturers can foresee sustained volumes. Plugs and sockets, being the interface between electric circuits and appliances, need to be installed in masse in the buildings that are being erected. Moreover, modern plugs and sockets allow for higher amperage carrying capacity and faster charging of numerous devices.
Nowadays buildings are also being built or retrofitted to obtain sustainability certifications like LEED which mandate the deployment of energy-efficient infrastructure. Using advanced plug and socket systems helps in this regard. Thus, urbanization and the associated building construction presents a sustained growth opportunity for electric plug and socket market players.
Market Driver - Rising Demand for Energy-efficient and Safe Electrical Systems
With growing environmental consciousness as well as technological progress, there is a strong push towards utilizing energy more economically and reducing energy wastage worldwide. At the same time, safety of home and industrial electrical setups always remains a priority considering associated risks of fires and electric shocks. Electric plugs and sockets are at the interface between power sources and end-use equipment, so upgrades here can significantly improve overall system efficacy and safety.
Modern plugs with energy-efficient certifications exist which cut power draw from appliances which are on the standby mode. Similarly, industrial and commercial establishments seek heavy duty, high amperage plugs, and sockets. With regard to safety, technologies exist in the form of surge protection plugs and sockets as well as residual current circuit breaker sockets.
Users today, have started prioritizing buying apparatus that minimize electricity bills and work reliably without hazards. This consumer preference for energy-efficient and fail-safe home appliances will drive trends in the electric plugs and sockets market.
The electric plugs and sockets market faces significant challenges due to the rapidly changing landscape of technologies. New product innovations are introduced at a regular pace with enhanced features and capabilities. This rapid pace of innovation leads to frequent obsolescence of existing products.
Traditional socket and plug systems designed for older appliances and consumer electronic devices quickly become outdated as the functional needs of new products evolve. Manufacturers in the electric plug and sockets market struggle to keep up with the latest industrial and technical standards.
If upgrade cycles are not properly managed, consumers are left with sockets and plugs that do not support new devices. This frustrates customers and negatively impacts sales. Retrofitting and replacing obsolete systems also involves considerable costs and effort for manufacturers. Effectively managing this fast changing technological environment and transitioning customers to new product standards will be critical for the long term success of companies in the electric plug and sockets market.
Market Opportunity - Growing Adoption of Smart Homes and IoT-enabled Systems
The electric plugs and sockets market is poised to benefit significantly from the growing adoption of smart home and Internet of Things (IoT) technologies. With more consumer electronic devices and appliances being equipped with internet connectivity and advanced automated features, the demand for compatible power supply infrastructure will rise considerably.
A key opportunity for electric plug and sockets market players lies in developing smart sockets and plug systems that can support the widespread integration of IoT devices in homes as well as smaller commercial settings. Such systems allow remote monitoring and control of connected products over WiFi networks. They also enable automated operations and energy management capabilities powered by integrated sensors, processors and wireless chips.
As more consumers invest in smart home platforms, the need for interoperable smart sockets will drive major revenue growth in the coming years. Companies need to offer innovative products optimised for the emerging IoT paradigm to capitalise on this window of opportunity in the electric plugs and sockets market.
Key winning strategies adopted by key players of Electric Plugs and Sockets Market
Focus on product innovation: Companies like Legrand, Schneider Electric and Panasonic have seen success by continuously innovating their product offerings. For example, in 2019 Legrand launched a range of slim modular switches and sockets designed for thin wall installations. Similarly, Schneider Electric's focus on IoT-enabled sockets that can be controlled via apps has given it an edge.
Leverage emerging trends: Early adoption of emerging trends like smart homes has benefited market leaders. For instance, in 2017 Panasonic launched a range of WiFi-enabled electric plugs and sockets and switches compatible with voice assistants like Alexa. This allowed remote operation and control of appliances.
Expand into new regions: Geographic expansion into high growth regions in the electric plugs and sockets market has worked well for companies. For instance, operations in Asia Pacific and Latin America helped ABB Electricals increase revenue from these regions by 12-15% annually since 2015.
Focus on acquisition-led growth: Strategic acquisitions have strengthened product portfolios and distribution networks.
Segmental Analysis of Electric Plugs and Sockets Market
Insights, By Type: Three-pin Electric Plugs and Sockets Remain High in Demand
In the electric plugs and sockets market, three-pin electric plugs and sockets hold 32.9% revenue share in 2024. This can be attributed to the widespread adoption of three-pin plugs and sockets across various regions and countries.
Three-pin electric plugs and sockets offer a universal design that makes it easily compatible for use in a variety of appliances and devices. Being a basic and standard type of electric plugs and sockets, it is supported by almost all types of electrical outlets.
The single-moulded design of three-pin plugs makes them compact and space-efficient. This allows supporting multiple sockets from a single outlet, improving wiring productivity. Their affordability as a mainstream product has further boosted consumer preference over specialized plug types.
Overall, the higher prevalence of three-pin electric plugs and sockets has been built into infrastructure over the decades. Widespread compatibility and universal adoptability has given this segment a larger share in the electric plugs and sockets market compared to other types.
Insights, By End User: Residential Sector Remains the Biggest End User Segment
In 2024, the residential segment accounts for 37.7% revenue share of the electric plugs and sockets market. This can be attributed to the steady rise in housing units and households worldwide.
Residential electric plugs and sockets are in high demand with growing urbanization and increasing disposable incomes. In both developing and developed nations, improved standards of living have boosted residential construction over the past decade. The proliferation of smart homes has also expanded the scope of electrification within homes.
Moreover, consumer electronics penetration is escalating usage of various appliances and gadgets in kitchens, bedrooms, living rooms, and outdoors. This stimulates constant replacement and addition of new sockets for accommodating newer devices. Home renovation and remodeling activities further drive electric plugs and socket replacement and upgrades.
Overall, expanding housing infrastructure and increasing household consumption are prime factors augmenting prospects within the residential segment. The global focus on smarter cities and work-from-home further complements electric plugs and sockets market trends.
Additional Insights of Electric Plugs and Sockets Market
The dominance of three-pin electric plugs sockets in the residential and industrial sectors due to safety and compatibility standards.
Five-pin electric plugs and sockets emerging in automation and robotics for industrial use.
North America held 36% of the global electric plugs and sockets market in 2023.
Asia-Pacific is the fastest-growing region in the global electric plugs and sockets market due to urbanization and industrial expansion.
Industrial electric plugs and sockets are designed with waterproof features, increasing safety in high-voltage applications.
Competitive overview of Electric Plugs and Sockets Market
The major players operating in the electric plugs and sockets market include Schneider Electric S.E., Asea Brown Boveri Ltd. (ABB), Legrand S.A., Eaton Corporation plc., Mennekes Elektrotechnik GmbH & Co. KG, Emerson Electric Co., Koninklijke Philips N.V., Scame Parre S.P.A., 3M Company, and Amphenol Corporation.
Electric Plugs and Sockets Market Leaders
Schneider Electric S.E.
Asea Brown Boveri Ltd. (ABB)
Legrand S.A.
Eaton Corporation plc.
Mennekes Elektrotechnik GmbH & Co. KG
*Disclaimer: Major players are listed in no particular order.
Electric Plugs and Sockets Market - Competitive Rivalry
Electric Plugs and Sockets Market
Market Consolidated (Dominated by major players)
Market Fragmented (Highly competitive with lots of players.)
*Source: Coherent Market Insights
Recent Developments in Electric Plugs and Sockets Market
In October 2024, Würth Elektronik introduced the WR-COM USB 3.1 PD Type C – Power Only SMT socket, designed exclusively for power transmission. This component supports the USB Power Delivery (USB-PD) protocol, enabling adaptive charging up to 240W in Extended Power Range (EPR) mode.
In August 2024, Tesla, Inc. did not surpass Ford and General Motors (GM) in terms of electric vehicle (EV) sales. In fact, during the third quarter of 2024, GM overtook Ford to become the second-largest EV seller in the U.S., with approximately 32,000 units sold, while Tesla maintained its position as the leading EV manufacturer.
Electric Plugs and Sockets Market Report - Table of Contents
RESEARCH OBJECTIVES AND ASSUMPTIONS
Research Objectives
Assumptions
Abbreviations
MARKET PURVIEW
Report Description
Market Definition and Scope
Executive Summary
Electric Plugs and Sockets Market, By Type
Electric Plugs and Sockets Market, By End User
Coherent Opportunity Map (COM)
MARKET DYNAMICS, REGULATIONS, AND TRENDS ANALYSIS
Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER’s Analysis
Merger and Acquisition Scenario
Global Electric Plugs and Sockets Market, By Type, 2024-2031, (USD Bn)
Introduction
Market Share Analysis, 2024 and 2031 (%)
Y-o-Y Growth Analysis, 2019 - 2031
Segment Trends
Three-pin
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Two-pin
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Four-pin
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Five-pin
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Global Electric Plugs and Sockets Market, By End User, 2024-2031, (USD Bn)
Introduction
Market Share Analysis, 2024 and 2031 (%)
Y-o-Y Growth Analysis, 2019 - 2031
Segment Trends
Residential
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Commercial
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Industrial
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Global Electric Plugs and Sockets Market, By Region, 2019 - 2031, Value (USD Bn)
Introduction
Market Share (%) Analysis, 2024,2027 & 2031, Value (USD Bn)
Market Size and Forecast, By Type, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By End User, 2019 - 2031, Value (USD Bn)
U.S.
Canada
Latin America
Introduction
Market Size and Forecast, By Type, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By End User, 2019 - 2031, Value (USD Bn)
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Introduction
Market Size and Forecast, By Type, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By End User, 2019 - 2031, Value (USD Bn)
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
Introduction
Market Size and Forecast, By Type, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By End User, 2019 - 2031, Value (USD Bn)
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
Introduction
Market Size and Forecast, By Type, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By End User, 2019 - 2031, Value (USD Bn)
GCC Countries
Israel
Rest of Middle East
Africa
Introduction
Market Size and Forecast, By Type, 2019 - 2031, Value (USD Bn)
Market Size and Forecast, By End User, 2019 - 2031, Value (USD Bn)
South Africa
North Africa
Central Africa
COMPETITIVE LANDSCAPE
Schneider Electric S.E.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Asea Brown Boveri Ltd. (ABB)
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Legrand S.A.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Eaton Corporation plc.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Mennekes Elektrotechnik GmbH & Co. KG
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Emerson Electric Co.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Koninklijke Philips N.V.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Scame Parre S.P.A.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
3M Company
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Amphenol Corporation
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Analyst Recommendations
Wheel of Fortune
Analyst View
Coherent Opportunity Map
References and Research Methodology
References
Research Methodology
About us
Electric Plugs and Sockets Market Segmentation
By Type
Three-pin
Two-pin
Four-pin
Five-pin
By End User
Residential
Commercial
Industrial
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About author
As an accomplished Senior Consultant with 7+ years of experience, Pooja Tayade has a proven track record in devising and implementing data and strategy consulting across various industries. She specializes in market research, competitive analysis, primary insights, and market estimation. She excels in strategic advisory, delivering data-driven insights to help clients navigate market complexities, optimize entry strategies, and achieve sustainable growth.
Frequently Asked Questions :
How big is the electric plugs and sockets market?
The electric plugs and sockets market is estimated to be valued at USD 13.38 Bn in 2024 and is expected to reach USD 19.59 Bn by 2031.
What are the key factors hampering the growth of the electric plugs and sockets market?
Rapidly evolving technologies causing frequent product obsolescence and high R&D costs to comply with updated safety standards are the major factors hampering the growth of the electric plugs and sockets market.
What are the major factors driving the electric plugs and sockets market growth?
Increasing construction activities requiring advanced electrical infrastructure and rising demand for energy-efficient and safe electrical systems are the major factors driving the electric plugs and sockets market.
Which is the leading type in the electric plugs and sockets market?
The leading type segment is three-pin.
Which are the major players operating in the electric plugs and sockets market?
Schneider Electric S.E., Asea Brown Boveri Ltd. (ABB), Legrand S.A., Eaton Corporation plc., Mennekes Elektrotechnik GmbH & Co. KG, Emerson Electric Co., Koninklijke Philips N.V., Scame Parre S.P.A., 3M Company, and Amphenol Corporation are the major players.
What will be the CAGR of the electric plugs and sockets market?
The CAGR of the electric plugs and sockets market is projected to be 5.6% from 2024-2031.
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