Light Switches and Electrical Sockets Market Growth and Trends
The global light switches and electrical sockets market held a market value of US$ 13,300 million in 2019 and is expected to grow at a CAGR of 4.8% to a projected market value of US$ 17,700 million by 2024. The increasing globalization is the major driving factor behind the growth of the light switches and electrical sockets market.
Light Switches And Electrical Sockets Size shall reach a value of $xx Million in 2031, growing with a CAGR of 9.1% during the forecast period of 2022 to 2031.
The increasing urbanization has resulted in emerging economies with higher disposable incomes. The increasing population level has also significantly raised the need for electricity in their livelihood. The rising need for sophistication and comfort has propelled the market growth of the light switches and electrical sockets market. The elevating smart city projects in developing nations have augmented the adoption of lightings and displays thus fueling the market growth.
The advancing technology such as integrated lighting controls is also gaining traction and is expected to further promote the market growth. The increasing consumer electronics industry is fueling the sales and demand for electrical sockets and light switches. The rising need among end-users for more aesthetic switch and socket boards is driving the market growth. The propelling interior décor sector in urban areas has added a vital advantage to the growth curve of light switches and electrical sockets market growth.
The outdoor applications segment is expected to grow at a high CAGR by 2025. The declining prices of the light switches and electrical sockets have made the market more desirable among end-users. Swift growth in the socket installation process has bolstered the growth of the electrical socket market. The increasing safety measures in the sockets such as dust-proof, fire proof, and water proof sockets have upthrusted the market. The three-pin electric socket segments are forecasted to hold the largest market share by 2025.
The industrial plugs and sockets hold a market value of US$ 2.5 billion in 2020 and are expected to grow at a CAGR of 4.9% to a projected market value of US$ 3.2 billion by 2025. The increasing demand for huge amounts of electricity and fuel is the major growth factor for the industrial plugs and sockets market. The propelling technological advancements in the light switches and electrical sockets coupled with the strategic marketing employed by the top market players are likely to elevate the market growth.
Light Switches and Electrical Sockets Industry Regional Analysis
Light Switches and Electrical Sockets Market Research Report Scope/Definition
Light Switches and Electrical Sockets Market Share and Competition Key companies operating in this industry are: Legrand ; Leviton ; ABB ; Schneider ; BULL ; Siemens ; Lutron ; Honeywell ; Panasonic ; Simon ; SOBEN ; T&J ; Hubbell ; Feidiao Electrical and Vimar SpA
Light Switches and Electrical Sockets Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2031)
• Light Switches
• Electrical Sockets
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Residential Use
• Commercial Use
• Industrial Use
Region Analasis (Revenue, USD Million, 2022 - 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Light Switches and Electrical Sockets Industry Companies
• Feidiao Electrical
• Vimar SpA
Available Versions of Light Switches and Electrical Sockets Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report
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