About Socket Converter
Socket converter is an electrical accessory, which is classified as a sub-segment of the electrical equipment industry. Socket converters are generally used when any power adapter of any electrical appliance is not fitting in a given wall socket or an extension cord. These power adapters usually do not fit due to discrepancies in sockets and plug designs across all regions. As a result, these socket converters are used to accommodate such electrical appliances. The demand for socket converters is influenced by factors such as increasing electronic devices in a household, rise in construction spending, and increasing disposable income of consumers. House prices witnessed rapid growth in many countries across the globe despite the fragile global economic situation.
Technavio’s analysts forecast the global socket converter market to grow at a CAGR of 6.50% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global socket converter market for 2017-2021. To calculate the market size, the report considers the sales of socket converters worldwide and excludes the sale of components involved and the service of socket converters.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Socket Converter Market 2017-2021
Technavio recognizes the following companies as the key players in the global socket converter market: BULL, Koninklijke Philips, and Schneider Electric.
Other Prominent Vendors in the market are: Hangzhou Honyar Electrical, Huntkey Enterprise Group, and Xiaomi.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing electrification through hybrid decentralized power systems. Electricity consumption is related to the economic development of a country. Though it is a complex relationship, electricity is a pre-requisite for economic growth, which includes infrastructure and social development.”
According to the report, one of the major drivers for this market is Increasing electronic devices per household. Consumer electronics such as refrigerators, air conditioners, TVs, and portable electronic devices are increasing in households worldwide. Increasing levels of disposable income and an urge to have a hassle-free life have led people to adapt to the usage of these electronic appliances.
Further, the report states that one of the major factors hindering the growth of this market is Growing traction of wireless charging. Wireless chargers are devices that allow a rechargeable device to get charged without connecting any wires between the device and the power source. Wireless chargers are a part of a wireless charging system. Wireless charging system contains two major parts, a transmitter and a receiver. The receiver is attached to the device that has to be charged, and the transmitter is part of the wireless charger connected to the main supply or power source.
BULL, Koninklijke Philips, Schneider Electric, Hangzhou Honyar Electrical, Huntkey Enterprise Group, and Xiaomi.
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