Power Extension Cord Market Size, Share & Growth Report 2031

Report Description

Power Extension Cord Market Outlook 

The global power extension cord market size was USD 4.06 Billion in 2022 and is likely to reach USD 6.64 Billion in 2031, expanding at a CAGR of 6.5% during the forecast period, 2023-2031. The market growth is attributed to the increasing usage of power extension cords in consumer electronics and home appliances.

A power extension cord size is a length of flexible electrical power cable with a plug on one end and one or more sockets on the other end. Since 1925, the term power extension cord has been in use. It is also called an extension lead, drop cord, or power extender. The term is frequently used to describe main extensions, but it can also be used to describe extensions for other kinds of cabling.

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The extension cords typically have a length of two to thirty feet. Extension cords are available in various colors, lengths, thicknesses, and functions. In general, a thicker cord, or lower gauge means more power the appliance requires. Cords for outdoor usage purposes, in wet environments, near oils, or for extended periods of time in the sun should be chosen for this specific condition.

Some extension cords incorporate safety features such as grounded terminals, a polarized plug, a receptacle, a fusible link, a power-on indicator, or a residual-current device. The global power extension cord market is slightly impacted by Covid-19, due to the disruption in the supply chain and limitations in the cross broader transactions. The supply chain was disrupted in the initial stage of the lockdown, which declined the manufacturing of power extension cords.

Power Extension Cord Market Dynamics

Major Drivers

Increasing Demand For Consumer Electronics & Home Appliances

Consumers are becoming more aware of the benefits of advanced consumer electronics and home appliances and are investing in the purchase of premium appliances. The growing residential sector and favorable government policies are the primary reasons for the growth of consumer electronics and home appliances.

The high internet penetration and proliferation of smart devices and integration of smart technologies like the internet of things and artificial intelligence are expected to create new growth avenues for consumer electronics and appliances in the forecast period.

Rising Awareness About Energy Conservation Measures

Energy conservation is the effort made to reduce the consumption of energy by using fewer energy services. This can be achieved either by using energy more efficiently or by reducing the service used. The main reason for energy conservation measures is to reduce the need for primary energy.

This can be done in various ways e.g. heat exchanging, and by using heat storage. A power extension cord does not consume electricity when plugged in. The reason is that this kind of tool merely conducts electricity from the wall or other source to whatever is plugged into it.

Growing Popularity of Portable Electronic Devices

The increasing popularity of portable devices is driving the market for Power Extension Cords Market. Portable electronic devices are smaller in design and light in weight. Portability gives access to navigate and more around electronic devices easily.

The demand for these devices is due to the upcoming technologically enhanced consumer electronics products such as smartphones, smart tablets, smart television sets, and the availability of various electronic products. Various alluring features of portable electronics such as easy access, portability, user-friendly, and the integration of cloud-based systems.

Increasing Demand From the Commercial Sector

The extension cord is majorly used in the commercial sector. The commercial sector includes service businesses, such as shops and stores, hotels and motels, restaurants, and hospitals, as well as a wide range of facilities that would not be considered commercial in a traditional economic sense, such as public schools, specialized governmental facilities, and religious organizations.

In 2021, the estimated value of the global commercial real estate market was approximately 33.6 Trillion U.S. dollars, and the commercial segment is booming which leads to the increasing demand for power extension cords in the coming years.

Existing Restraints

Easy Availability of Counterfeit Products

The availability of counterfeit products can hinder the market for power extension cords in the forecast period. In the local market, these types of cords are available at cheap prices, which can be a threat to the leading brands. Counterfeit products are not durable due to their lower build quality. Counterfeit extension cords can overheat and cause fires when used improperly.

Overheating is usually caused by overloading or connecting appliances that consume more watts than the cord can handle. Damaged extension cords can also cause fires. All these factors can decrease the demand for power extension cords which leads to hampering the global market.

Increasing Modular Interior Designs

Nowadays, consumers around the globe are shifting their interest toward modular interior designs. In modular interior designs, the wiring of the building is formulated in the wall itself. The advancements in building construction allow electrical outlets at the desired places and the increasing consumer preference for modular interior designs can reduce the demand for extension cords in the housing sector. 

Emerging Opportunities

Major manufacturers of power extension cords are increasing their Research & Development expenditure to produce high-voltage transmission cords. Increasing Research & Development efforts through partnerships or collaborations helps businesses introduce cutting-edge products to the market.

Research & Development operations have to lead to competitive price offerings, improvements in end-user performance satisfaction, and the usage of cutting-edge technologies. Increasing demand for innovations and R&D in power extension cords can create lucrative opportunities for the global market in the coming years.

Increasing Urbanization & Economic Development

The rapidly growing world population, economic development, and surge in urbanization have significantly increased the demand for energy in the past years. According to the World Bank, over 50% of the population lives in urban areas globally.

The world's urban population is estimated to increase by 1.5 times to 6 Billion by 2045. Expanding infrastructure and building & construction sectors are responsible for driving the demand for power extension cords. as the high demand for these cords is rapidly growing for the residential industry which can aid to boost the global market.

Scope of Power Extension Cord Market Report

The report on the global power extension cord market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Power Extension Cord Market Segment Insights

Gauge Type Segment Analysis

Based on gauge type, the global power extension cord market is segmented into 14 Gauge, 16 Gauge, 18 Gauge, and Others. The 14 Gauge segment is expected to gain a substantial market share during the forecast period. The growing demand for 14 Gauge in the commercial and industrial sectors as it provides more durability allows the electricity to flow freely for longer distances.

The 14 Gauge segment is anticipated to grow significantly during the forecast period, due to the widespread usage of 14 Gauge extension cords in home appliances and the rising demand for these goods. Moreover, the 12 gauge segment is expected t register a considerable CAGR during the forecast period due to the increasing usage of 12 gauge power extension cords 

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Application Segment Analysis

On the basis of application, the global power extension cord market is segmented into household appliances, computers and consumer electronics, medical devices, and industrial/commercial. The household appliances segment is expected to gain a substantial market share in the coming years owing to the growing demand for high-end products such as flat panel TVs, washing machines, and refrigerators in developed economies.

The industrial/commercial segment is expected to register a considerable CAGR during the forecast period as power extension cord consumption can increase during the projection period due to the rising global demand for energy and power. Rapid industrialization in emerging economies such as China and India can boost the use of power extension cords which can drive the global market in the coming years.

Distribution Channel Segment Analysis

Based on the distribution channel, the global power extension cord market is divided into online and offline. The online segment is anticipated to hold a major share of the global market due to the availability of favored brands, the newest trends, and rare items at affordable prices, with additional discounts encouraging consumers to buy products using online distribution channels. 

A majority of online retailers work with numerous banks, which provide multiple payment options and additional savings when payments are made through an online purchase. As a result, banks and other payment methods have been advertising themselves on these e-commerce websites, which has increased marketing efforts and increased overall sales of the online segment.

The offline segment is expected to register a considerable CAGR during the forecast period owing to the easy availability of products in offer retail stores and the consumers can check the quality of extension cords in the stores which are likely to increase the sale of power extension cords and drive the major market. 

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Regional Analysis

In terms of region, the global power extension cord market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to gain a significant share in the forecast period as various emerging states within the region are expanding their use of and investment in renewable energy technologies.

The rapid growth in the deployment of smart grid infrastructure to fulfill the need for electricity can create new opportunities for the global market. The market in Europe is expected to register a considerable CAGR owing to the significant growth in smartphone users and the subsequent expansion of optic-fiber networks.

Additionally, the availability of advanced manufacturing facilities for the production of power extension cords which in result can help to boost the demand for extension cords in the coming years.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Power Extension Cord Market
• Historical, Current, and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Power Extension Cord Market Performance