Home Electrical Consumables

Home Electrical Consumables

Global Home Electrical Consumables Market to Reach US$10.1 Billion by 2030

The global market for Home Electrical Consumables estimated at US$7.2 Billion in the year 2023, is expected to reach US$10.1 Billion by 2030, growing at a CAGR of 5.0% over the analysis period 2023-2030. Plugs & Sockets, one of the segments analyzed in the report, is expected to record a 5.1% CAGR and reach US$8.4 Billion by the end of the analysis period. Growth in the Extension Cords segment is estimated at 4.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.0 Billion While China is Forecast to Grow at 8.2% CAGR

The Home Electrical Consumables market in the U.S. is estimated at US$2.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.1 Billion by the year 2030 trailing a CAGR of 8.2% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.9% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.0% CAGR.

Home Electrical Consumables - Key Trends and Drivers

Home electrical consumables encompass a wide range of products essential for the maintenance, repair, and enhancement of residential electrical systems. These include items such as light bulbs, batteries, fuses, switches, sockets, extension cords, and wiring accessories. These products are integral to ensuring the safe and efficient operation of household electrical appliances and systems. Light bulbs, for instance, have evolved significantly, with energy-efficient LED options becoming the standard choice for most households due to their longevity and reduced power consumption. Similarly, modern switches and sockets come with enhanced safety features and aesthetic designs that complement contemporary home interiors. The diversity and availability of these consumables make them indispensable for both routine home maintenance and DIY projects.

Technological advancements have significantly influenced the home electrical consumables market, leading to the development of smarter, more efficient, and safer products. Smart home technologies, which integrate devices via the Internet of Things (IoT), have driven the demand for advanced electrical consumables. Smart plugs, switches, and bulbs that can be controlled remotely via smartphones or voice assistants are becoming increasingly popular. Additionally, the shift towards renewable energy sources has spurred the adoption of solar-powered batteries and energy-efficient lighting solutions. Enhanced safety standards and regulations have also resulted in the production of higher-quality electrical consumables that offer better protection against electrical hazards, such as surge protectors and circuit breakers with advanced trip mechanisms. These innovations are not only improving the functionality and efficiency of household electrical systems but also contributing to overall home safety.

The growth in the home electrical consumables market is driven by several factors, including rising consumer awareness about energy efficiency, the increasing adoption of smart home technologies, and continuous advancements in electrical safety standards. As consumers become more conscious of their energy consumption and its impact on both the environment and their utility bills, there is a growing preference for energy-efficient products like LED bulbs and smart plugs. The proliferation of smart home devices that offer convenience and remote control capabilities is also fueling demand for compatible electrical consumables. Furthermore, stringent safety regulations and building codes are encouraging homeowners to upgrade their electrical systems with safer, more reliable components. Additionally, the trend towards home improvement and DIY projects, accelerated by increased time spent at home due to the COVID-19 pandemic, has further boosted the market. These factors, combined with ongoing technological innovations, are expected to drive significant growth in the home electrical consumables market in the coming years.

Select Competitors (Total 51 Featured) -

• ABB Ltd.
• Eaton Corporation Plc
• Emerson Electric Co.
• Foshan City Kingsun Electrical Co., Ltd
• Guangdong Futina Electrical Co., Ltd
• Hangzhou Hongshi Electrical co., Ltd
• Havells India Ltd.
• Koninklijke Philips NV
• Legrand Australia Pty., Ltd.
• Norisys Technology Private Limited
• Schneider Electric
• Wenzhou Anssin Electric Co., Ltd
• Wenzhou Korlen Electric Appliances Co.,Ltd.
• Wenzhou Lamnbro Electric Co.,Ltd.
• Wenzhou Walton Electrical Co., Ltd.;

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