The Asia Pacific Power Strip Market would witness market growth of 6.5% CAGR during the forecast period (2021-2027).
Power strips have evolved a lot in the past few years. The accelerating economic growth in emerging countries and expanding population are contributing to the increasing demand for electronic items. Owing to the increasing disposable income of the consumers and the growing industrialization, the living standard of consumers has enhanced in the past few years. Thus, the expenditure and adoption of electronic devices have also significantly increased. Several organizations are introducing their innovative products to meet the growing customer requirements. At present, smart power strips were manufactured to make them compatible with Alexa and Google assistant. For example, the Syska SSK-EBW-0304 Smart extension board is well suited with Google Assistant and Alexa. This extension can manage all the sockets or every socket has voice commands
The increasing disposable income of consumers across various emerging nations like India and China is encouraging consumers to buy more advanced electronic devices, which is estimated to spur the regional growth of the power strip market over the forecast period. Additionally, the huge consumer base in this region is attracting companies towards this region to expand their business.
Moreover, the rapid adoption of any new product in this region is high, which would support the growth of the regional power strip market in the coming years. The rising awareness among the consumers about using power-saving appliances would boost the demand for power strips in the regional market. The availability of cheap labor and resources across various developing nations of this region is encouraging power strip manufacturers to expand their business in this region and propel the regional growth of the power strip market.
The China market dominated the Asia Pacific Household Power Strip Market by Country 2020, thereby, achieving a market value of $369.6 million by 2027. The Japan market is showcasing a CAGR of 5.6% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 6.9% during (2021 - 2027).
Based on Type, the market is segmented into Common, Smart and Specialized. Based on Protection, the market is segmented into Surge Protection, Fuse-based Protection and Others. Based on Application, the market is segmented into Commercial, Household and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Power Strip Market is Projected to reach USD 16.2 Billion by 2027, at a CAGR of 6.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, General Electric (GE) Co., Siemens AG, Schneider Electric SE, Panasonic Corporation, Koninklijke Philips N.V., Legrand S.A. (Raritan, Inc.), CyberPower Systems (USA), Inc., Leviton Manufacturing Co., Inc. and Hon Hai Precision Industry Co., Ltd. (Belkin International, Inc.).
By Type
By Protection
By Application
By Country
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