According to the latest research report titled “Two-Way Radio Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the two-way radio equipment market is expected to grow from US$ 7,883.32 million in 2021 and is projected to reach US$ 12,034.52 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028.
A hold 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 the 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.
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 Asia Pacific is growing at a significant pace due to the growing risk of illnesses, increasing deployment of healthcare institutions, rising disposable income among masses, and favourable 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 south-eastern 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 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.
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.
Reasons to Buy
A hold 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 the 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.
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 Asia Pacific is growing at a significant pace due to the growing risk of illnesses, increasing deployment of healthcare institutions, rising disposable income among masses, and favourable 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 south-eastern 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 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.
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.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global two-way radio equipment market
- Highlights key business priorities to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global two-way radio equipment market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Two-Way Radio Equipment Market Landscape
5. Two-Way Radio Equipment Market - Key Market Dynamics
6. Two Way Radio Equipment- Global Market Analysis
7. Two-Way Radio Equipment Market Analysis - by Type
8. Two-Way Radio Equipment Market Analysis - by Signal Frequency
9. Two-Way Radio Equipment Market Analysis - by End-Use Industry
10. Two-Way Radio Equipment Market - Geographic Analysis
11. Two-Way Radio Equipment Market - COVID-19 Impact Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Executive Summary
The two-way radio equipment market is projected to grow from US$ 7,883.32 million in 2021 to US$ 12,034.52 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028.Europe is characterized by a remarkable industrial presence, high GDP, high GDP per capita, advanced technology adoption, robust infrastructure, and an increase in the geriatric population. Germany, the UK, and France are among the few countries at the forefront of the Europe two-way radio equipment market. The European Commission is primarily focusing on research and development funding to reinforce the competitiveness of its manufacturing sector and continue its global technological leadership. General government expenditure in the European Union (EU) on public order and safety was around 1.8% of GDP in 2020. The GDP of the European Union was around US$ 15 trillion (nominal) in 2020. In the 2022 budget, the Social Democrat-Green government in Sweden announced that it would give police and criminal justice services an additional US$ 290 million approximately. Such additional spending on law enforcement creates considerable demand for two-way radio equipment. France is a technologically advanced country and is the third-largest economy in Europe, after Germany and the UK. The country has a high number of retail stores comprising varied supermarkets, hypermarkets, and grocery stores. Additionally, the construction of new hotels and resorts is majorly driving the country's two-way radio equipment market growth.
COVID-19 Impact on Two-Way Radio Equipment Market
The adoption of two-way radio equipment increased to enhance employee communication on the floor and ensure their safety before the COVID-19 pandemic. However, due to the COVID-19 outbreak, the manufacturing units across North America were temporarily closed to combat the virus's rapid spread. The manufacturing sector experienced notable losses due to temporary factory shutdowns and low production volumes, which hindered production capacities, adversely impacting the two-way radio equipment market from both demand and supply sides. The region's retail sector was also severely impacted due to the onset of the COVID-19 pandemic. The sector faced challenges in the supply chain, labor force, and cash flow in the first two quarters of 2020. With the increase in the number of people visiting hospitals and care centers, efficient communication between staff became necessary. Thus, the demand for two-way radio equipment remained unaffected. However, supply chain disruptions across the region created a gap between demand and supply, thereby negatively impacting the growth of two-way radio equipment market. Additionally, the educational institutions were closed temporarily to combat the spread of the virus, leading to a decline in demand for two-way radio equipment from the sector. On the other side, with the normalization of the North American economy from quarter 3 (Q3) of 2020, the demand for two-way radio communication equipment also started to revive from various industries, such as manufacturing, transportation & logistics, education, hospitality, and retail.
The global two-way radio equipment market has been segmented into five key regions—North America, Europe, APAC, the Middle East & Africa, and South America. In 2020, North America held the largest share of the global two-way radio equipment market, followed by Europe, APAC, the MEA, and SAM. Asia Pacific is expected to be the fastest-growing region among these regions during the forecast period. Hytera Communications Corporation Ltd, Midland Radio Corporation, Tait Communications, Uniden America Corporation, and JVCKENWOOD Corporation are key players operating in the two-way radio equipment market.
The two-way radio equipment market growth is propelled by increasing demand of the equipment across end-use industries such as manufacturing, government & public safety, transportation & logistics, utilities, education, and hospitality worldwide. The utility of two-way radio equipment is also increasing in hospitals, malls, shopping complexes, residential security, and traffic management globally. Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market act as a restraining factor to a certain extent. North America is a quick adopter of all the latest technological advancements. Major countries in North America, such as the US, Canada, and Mexico, find effective use of two-way radio equipment across industrial hubs, logistics centers, and the transportation industry. Most of the countries in Asia Pacific are still in the developing stage and are not as developed as the countries in the west. However, with the rapidly growing aviation industry, the requirement of two-way radio equipment for security management is increasing substantially in various developing countries of Asia Pacific. In the Middle East, the hospitality sector is the major end-use industry contributing significantly to the two-way radio equipment market growth in the region.
A few two-way radio equipment market players profiled in the study are BK Technologies, Motorola Corporation, L3Harris technologies, Hytera Communications, and JVCKENWOOD Corporation.
The overall two-way radio equipment market size has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the size of the submarine power cable. The process also serves the purpose of obtaining an overview and forecast of the two-way radio equipment market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, specializing in the two-way radio equipment market.
Companies Mentioned
- Bk Technologies Inc
- Bearcom Group Inc.
- Hytera Communications Corporation Ltd
- Icom America Inc.
- Midland Radi- Corporation
- Motorola Solutions Inc.
- Tait Communications
- Wintec Co. Ltd
- Uniden America Corporation
- Jvckenwood Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 166 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 7883.32 Million |
| Forecasted Market Value ( USD | $ 12034.52 Million |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
