Two Way Radio Equipment Market Size Worth US$ 12,034.52 Million By 2028 | CAGR 6.2%: The Insight Partners

According to the new research report published by The Insight Partners, the "Two-Way Radio Equipment Market is expected to grow significantly in the next few years. The report states that the market is expected to reach US$ 12,034.52 million by 2028, growing at a CAGR of 6.2% from 2021 to 2028". The COVID-19 pandemic has had a positive impact on the two-way radio equipment market as there is an increased demand for these radios for communication purposes.

Ahold Delhaize, REWE Combine, Tesco PLC, IKEA Group, Inditex, LVMH Moët Hennessy-Louis Vuitton S.A., Carrefour, and Auchan Holding SA are some of the largest retail companies operating in Europe. Two-way radio equipment offers instant communication between individuals and teams, enabling effective cooperation and communication. As per the Airports Council International (ACI) Europe, the region's aviation industry is estimated to expand by more than 53%, in terms of flight movements, during 2019-2040. Thus, the increasing count of flights is anticipated to lead to the expansion of existing airports or the construction of new ones. Therefore, the rapidly increasing movement of flights, high budget for public order and safety, and big retail stores drive the two-way radio equipment market in the region. The two-way radio equipment market is expected to perform well in developing countries due to the growing number of retail stores.

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The two-way radio equipment market in Asia Pacific is further segmented into India, Japan, Australia, China, South Korea, and the Rest of Asia Pacific. With rapidly growing countries such as China and India, the Asia Pacific region has tremendous potential for two-way radio equipment market growth. Innovating technology, adequate government funding, and growing awareness regarding education are attributable factors that have ensured a smooth transition from the developing stage to the developed stage.

Further, the healthcare sector in the Asia Pacific is growing at a significant pace due to the growing risk of illnesses, increasing deployment of healthcare institutions, rising disposable income among the masses, and favorable government policies, thereby driving the two-way radio equipment market growth. According to the Ministry of Home Affairs (Government of India), respective authorities are working on law and order, internal security, and the adoption of modern technology for police. In February 2022, the Government of India approved the umbrella scheme of modernization of the police force with a financial outlay of US$ 3.51 billion approximately. Such a budget creates promising opportunities for new two-way radio equipment. The aviation sector is growing notably in the Asia Pacific region with increasing airports. By 2028, South Korea is planning to construct a new airport on the southeastern coast to serve both military and civilian aircraft. Clear, effective, and reliable two-way radio communication between diverse teams across various airports is not just important but crucial, considering business continuity, operational efficiency, safety, and security.

The limitations imposed by several governments across the Asia Pacific to control the spread of novel coronavirus during the initial time frame of the COVID-19 outbreak severely affected the manufacturing sector of the region. Other industries such as transportation & logistics, retail, education, and hospitality were adversely impacted due to the COVID-19 outbreak. The reduced buying power of retail businesses, such as hotel chains and retail outlets, also hindered the sales of two-way radio equipment across the region. However, as the economies reopened and industries began their operations, the requirement for efficient communication and safety created the need for two-way radio equipment, which drives the two-way radio equipment market from the demand side. Also, with ease in earlier restrictions, the two-way radio manufacturers can now work with high workforce capacity, thereby normalizing the manufacturing and reviving from the adverse impact of the COVID-19 pandemic.

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Key Findings of Study:

South Africa, Saudi Arabia, and the UAE are key countries in the MEA two-way radio equipment market. Iraq, Saudi Arabia, the UAE, Iran, and Kuwait are major contributors to the region's GDP. The infrastructure development in the Gulf countries is quite significant, and the growth trend in commercial infrastructure continues to increase steadily every year. The region is witnessing major investments in commercial development such as supermarkets, specialty stores, and malls.

Over the past two to three years, government participation in the diversification of revenue opportunities in the Gulf countries increased in the wake of dipping oil prices. One of the key reasons for growth in vertical infrastructure is the development of malls, hypermarkets, and specialty stores in the major cities of the gulf countries. Still, the petrochemical industry is one of the major industries that use two-way radio equipment. Two-way radio equipment is a reliable source of communication for the petrochemical industry. Such equipment offers instant connection and transmits crucial information to the staff immediately.

Two-Way Radio Equipment Market: Competitive Landscape and Key Developments

BK Technologies Inc.; Hytera Communications Corporation Ltd; Icom America Inc.; Midland Radio Corporation; Motorola Solutions Inc.; Tait Communications; Wintec Co., Ltd; Uniden America Corporation; JVCKENWOOD Corporation; and Ritron Inc are among the key players that are profiled during this two-way radio equipment market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global two-way radio equipment market and its ecosystem.

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Contact Us:

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Contact Person: Sameer Joshi

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Phone: +1-646-491-9876

About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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