Research on Wearable Digital Walkie-Talkie Market (impact of COVID-19) with Top Players AWIRE Technology Corp., STARNEX Co., Ltd., Theatro, and OrionLabs, Inc.
A walkie-talkie is a hand-held, portable, two-way radio transceiver, which is equipped with a microphone and speaker. A wearable digital walkie-talkie is a compact, battery-operated, and wearable transmitting and receiving communication device. It is used for various applications including personal activity, commercial activity, store activity, training activity, tourism activity, military, and law enforcement. The global wearable digital walkie-talkie market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The global Wearable Digital Walkie-Talkie Market was accounted for US$ 11, 44.6 Mn in terms of value and 8,805 Thousand units in terms of volume in 2019 and is expected to grow at CAGR of 31.9% for the period 2020-2027.
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Market Dynamics- Drivers
Increased disposable income is expected to drive growth of the wearable digital walkie-talkie market during the forecast period
Rising disposable income and global consumer expenditure is the major factor boosting the demand for digital walkie-talkies. Furthermore, growing population, especially in emerging economies such as Asia Pacific is expected to drive growth of the global wearable digital walkie-talkie market during the forecast period.
High growth of consumer electronics industry is expected to propel the global wearable digital walkie-talkie market growth over the forecast period
Consumer electronics industry across the globe, especially in emerging economies such as India and China is expanding rapidly. According to the India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics market was valued at US$ 10.93 billion in 2019 and is expected to reach US$ 21.18 billion by 2028. Evolution of consumer preference for connected devices is boosting the demand for the wearable digital walkie-talkie. Hence, these factors are expected to hinder the global wearable digital walkie-talkie market growth in the near future.
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Many countries around the globe such as India, Spain and Italy have imposed nationwide lockdown. For Instance, India have imposed lockdown from 25 March to 1 June till the further notice. In this lockdown retail shops and Cinema halls in the malls will remain closed. The Digital Walkie-Talkie are widely used in the retail shops and Cinema halls for communication. Moreover the Digital Walkie-Talkie are widely used Hospitality Industry. Various governments around the globe such as Indian Government shut down the all the Hotels and Restaurants during the Lockdown. Owing to the above mentioned factors, the COVID-19 is expected to restrain the growth of the market in the year 2020.
Rising demand for hands-free wearable digital walkie-talkie can present lucrative growth opportunities
Adoption of hands-free walkie-talkies is the latest trend in the market. A wearable walkie-talkie allows users to have their hands free to perform other tasks. Companies such as Starnex, Orion, formerly OnBeep & Theatro, are focused on manufacturing hands-free walkie-talkies. These devices are finding application in stores, for sporting events, trekking, and mountaineering, etc.
Growing emphasis on low radio frequency usage to avoid regulatory restrictions
Functional dependence on radio frequencies makes use of walkie-talkies restricted to particular countries, as regulations differ for each country. Companies such as Orion are selling their products in specific countries such as the U.S. and Canada only, due to the same regulatory reason.
Covid-19 Imapct Analysis on Technology Sector: https://www.coherentmarketinsights.com/covid-19-impact-tracker/pandemic-technology-sector
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