According to a new report by Allied Market Research, titled, “Global Electric Plugs and Sockets Market by Type, Power rate, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2024”, the global electric plugs and sockets market was valued at $9,971.60 million in 2017, and is projected to reach at $15,530.20 million by 2024, growing at a CAGR of 6.7% from 2018 to 2024.
Electric plugs and sockets is a vital part of electrical infrastructure that allows user to connect devices with power supply. Rise in industrialization across the globe drives the growth of the electric plugs and sockets market.
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In 2017, the three-pin segment dominated the market, in terms of revenue, due to the usage of more and more number of electrical and electronic appliances across residential and commercial sectors.
Asia-Pacific was the highest revenue contributor to the global electric plugs and sockets market in 2017, accounting for around 37.62% share, due to the rapid technological advancements and greater dependency on electrical and electronics equipment.
The report features a competitive scenario of the global electric plugs and sockets market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players profiled in the report are Legrand SA, Philips, Schneider Electric SE, ABB Ltd., Emerson Electric Co., Wenzhou Chmag Electrical Co Ltd., Mennekes Elecktrotechnik Gmbh, Scame Group, Amphenol Corporation, and Eaton Corp.
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Key Findings of The Electric Plugs and Sockets Market:
- The three-pin segment accounted for the highest share in 2017 with $3,838.40 million, growing at a CAGR of 7.0% from 2018 to 2024.
- The high-power rate segment generated the highest revenue, accounting for $4,023.60 million in 2017.
- Asia-Pacific is expected to dominate the market, in terms of market share of 37.62%, during the forecast period.
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