Receptacles Market - Forecasts from 2023 to 2028

The receptacles market is expected to grow at a compound annual growth rate of 5.10% over the forecast period to reach a market size of US$5.197 billion in 2028, from US$3.669 billion in 2021.

The receptacles market includes electrical plugs, coverings, and sockets used to protect wiring in machines that operate at different voltage and frequency levels. These components ensure safe and reliable electrical connections for various devices and equipment. They come in different types and configurations to accommodate the specific needs of different regions and applications. Advancements in technology have led to the development of new and improved receptacle designs. These include enhanced safety mechanisms, improved energy efficiency, and compatibility with a wide range of devices.

Additionally, the growing awareness of electrical safety is further expected to drive market growth. Increasing awareness about electrical safety standards and regulations has heightened the demand for reliable and certified receptacles. Governments and regulatory bodies worldwide emphasize using high-quality receptacles to prevent electrical hazards and ensure user safety.

Drivers:

Rising demand for electrical fitting and lighting

Modern residential electrical fitting and lighting are also regarded as a growth factor. Consumers in urban areas prefer modernized architecture for aesthetically appealing and technically sound houses. With these trends, companies have developed solutions to tap the market potential. The new housing and rise in construction also favor the demand as the electrical fittings constitute a major head in the industry for powering up buildings and houses. For instance, in January 2020, Honoree developed a Smart Wall Electric Receptacle with built-in features such as a controller, nightlight, and other sensor-controlled appliances. The company offers a minimalist design with ubiquitous technical features.

Increasing demand for EVs

One of the primary reasons driving the market's growth is the increasing demand for electric vehicles. The proliferation of EVs necessitates the development of a robust charging infrastructure. Installing charging stations, connectors, and charging cables requires a corresponding increase in the demand for receptacles. As public places, workplaces, and residential areas witness a surge in charging stations, the receptacles market experiences an upswing. Furthermore, many EV owners prefer the convenience of charging their vehicles at home. Consequently, the demand for residential charging solutions, including wall-mounted charging units and cables, has grown significantly.

The residential segment will grow during the forecast period.

Nowadays, people are finding new ways to decorate their houses, and electronic automation for the home is one of the ways to do it. Electrical fittings are necessary for the market for receptacles to expand. Urban buyers demand modernized architecture for visually pleasing and structurally sound residences. Owing to these tendencies, companies have created products to exploit the market's potential. For instance, in October 2022, Turck launched next-generation M12 connectors and receptacles, a patented technology that is easy for households to use.

The company sees huge potential in the receptacles market and is developing new and inventive products to suffice the market demand. As electrical fittings are a significant head in the industry for powering up structures and residences, the new housing and growth in construction and housing also favor the demand of the receptacles market.

Market Developments:

Lumary launched the World's First Smart RGBAI Recessed Light. These lights are supported by up-and-down lighting, adjustable brightness, and 16 million colors. They are compatible with smart voice control solutions, including Amazon Alexa and Google Assistant, which can work when connecting the Lumary smart light to a Wi-Fi connection. The increased use of smart lighting is anticipated to boost the receptacle market, as receptacles are a very important component of modern-day lighting and proper equipment.

United States receptacles market

The growing shift towards sustainable fuel has increased the adoption of electric vehicles in the US. For instance, according to the International Energy Agency, in 2021, electric vehicle sales in the US stood at 631 thousand units, representing a significant increase of 113.8% compared to 2020's sales volume. Moreover, as per the same source, electric vehicle sales witnessed a 55% increase in 2022. Such an increase in e-vehicles sales will boost the demand for e-chargers in the US, thereby simultaneously increasing receptacles usage in EV chargers. According to the Department of Energy's Alternative Fuel Data Center, in 2022, the number of EVSE ports in the US stood at 1,43,711, signifying an 11.8% increase over 2021.

Government Initiatives

government is also investing in upgrading residential and commercial buildings to make them energy efficient. For instance, in March 2023, the Biden administration and the US Department of Housing and Urban Development announced new initiatives to upgrade residential units and improve the energy efficiency of new homes. Also, in October 2021, the US Department of Energy announced an investment of US$61 million in 10 pilot projects deploying smart controls, analytics, and sensors in 7,000 units (including residential and commercial units) to transform them into energy-efficient buildings. Such favorable initiatives and investments will propel the demand and usage of receptacles in residential and commercial units in the US, thereby augmenting the overall market growth during the forecast period.

Market Segmentation:

BY TYPE

• 120 Volts
• 240 Volts
• Ground Fault Circuit Interrupter

BY CURRENT

• up to 32 A
• 32 to 125 A
• Above 125 A

BY APPLICATIONS

• Residential
• Electrical
• Mechanical
• Transportation
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• UAE
• Saudi Arabia
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others