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Increase in demand for convenient user experience, rise in deployment of home automation devices, and high adoption of wireless technologies drive the growth of the global Bluetooth smart plugs market.
Allied Market Research published a research report on the Bluetooth smart plugs market. The findings of the report state that the global market for Bluetooth smart plugs generated $0.69 billion in 2020, and is expected to garner $5.38 billion by 2030, witnessing a CAGR of 24.3% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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RuchalHumbare, the Lead Analyst, Semiconductor and Electronics, highlighted, “The global Bluetooth smart plugs of market share is expected to witness considerable growth with increasing demand for building and home automation devices. Moreover, increased disposable income and urbanization are some of the factors that enhance the market growth during the forecast period.”
The report provides a detailed analysis of market drivers, restraints, and opportunities to assist market players to strategize and capitalize on new opportunities.Increase in demand for convenient user experience, rise in deployment of home automation devices, and high adoption of wireless technologies drive the growth of the global Bluetooth smart plugs market. However, compatibility issues with some smart devices hinder the market growth. On the other hand, increase in urbanization in Asia-Pacific countriesoffers new opportunities for market growth.
The research provides a detailed scenario regarding the impact of the Covid-19 pandemic on the Bluetooth smart plugs market across the globe. The global lockdown impacted numerous industries’ supply chains around the world, delaying the supply of Bluetooth smart plugs and negatively affecting the market. However, as the global situation improves, the market is expected to return to normalcy soon.
Avail the detailed Press release on Bluetooth Smart Plugs Market: https://bit.ly/3PDKCGP
The report offers detailed segmentation of the global Bluetooth smart plugs market based on type, price, end use, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By type, the three-hole plug segment held the largest market share in 2020, accounting for around two-fifths of the market. Moreover, the same segment is anticipated to grow with the fastest CAGR of 25.7% throughout the forecast period, while porous plug registered a CAGR of 25.4% from 2021 to 2030.
By price, the low segment dominated the market in 2020, contributing tomore than two-fifths of the global market share. The medium segment, on the other hand, is expected to witness the fastest CAGR of 25.6% from 2021 to 2030.
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By region, the North America region accounted for the major share in 2020, holding more than two-fifths of the global Bluetooth smart plugs market share. The Asia-Pacific region, however, is portrayed to cite the fastest CAGR of 28.1% by the end of 2030. The other provinces studied in the report include Europe and LAMEA.
Key players in the industry-
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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