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Two-Way Radio Market Share, Trends, Growth Rate, Industry Report And Forecast To 2033
Two-Way Radio Market Share
According to The Business Research Company's, The two-way radio market size has grown strongly in recent years. It will grow from $9.06 billion in 2023 to $9.82 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing digitalization across various sectors, increased demand for public safety and security, rising industrialization and infrastructure development, and demand for customizable and feature-rich solutions.
The two-way radio market size is expected to see strong growth in the next few years. It will grow to $13.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing adoption in commercial and industrial sectors, increasing adoption of outdoor recreational activities, rising investment in public safety infrastructure, rising demand in emerging. Major trends in the forecast period include integration of advanced technologies, integration with IoT and AI technologies, adoption of cloud-based solutions, adoption of digital radios by law enforcement agencies, integration with smartphones.
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Market Drivers and Trends:
The increasing adoption of outdoor recreational activities is expected to propel the growth of the two-way radio market going forward. Outdoor recreational activities encompass a wide range of leisure pursuits and pastimes that take place in natural environments and outdoor settings. The adoption of outdoor recreational activities is increasing due to their combined health benefits, social trends, and desire for nature connection. Two-way radios are essential for outdoor recreation, offering reliable communication where cell service is unavailable and ensuring safety and coordination during activities like hiking and camping. For instance, in November 2023, according to the Bureau of Economic Analysis, a US-based government agency, outdoor recreation contributed 19.8% of the economy's value in 2022, up from 19.0% the previous year. Therefore, the increasing adoption of outdoor recreational activities is driving the growth of the two-way radio market.
Major companies operating in the two-way radio market are developing advanced solutions, such as portable two-way radios, to enhance mission-critical communication for frontline workers. Portable two-way radios are handheld communication devices that allow users to transmit and receive messages wirelessly. These radios are versatile, affordable, and easy to use, making them ideal for various applications like public safety, construction, and other events. For instance, in November 2023, Hytera Communications Corporation, a China-based communications equipment company, launched a new generation of intrinsically safe (IS) two-way radio series, including the HP79XEx DMR Portable Two-way Radio and the PT890Ex TETRA Portable Radio. The new radios, aimed at enhancing personnel safety and communication efficiency, are certified by various explosion-proof standards, making them suitable for industries like oil and gas, mining, chemical, firefighting, and more. These radios are designed to prevent sparking during use, limit heat generation, and ensure safety in hazardous environments with flammable dust and vapors.
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Major Key Players of the Market:
Raytheon Technologies Corporation, Johnson Controls, Thales Group, Motorola Solutions Inc, Rohde & Schwarz GmbH & Co. KG, JVCKENWOOD Corporation, Kenwood Corporation, Maxon America Inc, TETRA, Codan Limited, Tait Communications, Sepura Limited, Icom Incorporated, Uniden America Corporation, BK Technologies Corporation, Shenzhen HQT Science & Technology Co. Ltd, Midland Radio Corporation, Simoco Wireless Solutions, Ritron Inc, Hytera Mobilfunk GmbH, SFL Mobile Radio, TPL Communications Inc, Thodukonics, Uniden America Corporation, Kirisun Communications Co. Ltd.
Two-Way Radio Market 2024 Key Insights:
• The two-way radio market size is expected to see strong growth in the next few years. It will grow to $13.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Outdoor Recreation Surge Fuels Two-Way Radio Market Growth
• Advancements In Portable Two-Way Radios For Enhanced Frontline Communication
• North America was the largest region in the two-way radio market in 2023
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