Two-Way Radio Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including the expanding digitalization across diverse sectors, heightened demand for public safety and security measures, increased industrialization and infrastructure development, as well as the rising need for tailored and comprehensive solutions with advanced features.

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%. Anticipated growth in the forecast period can be credited to several factors, including the expanding adoption within commercial and industrial sectors, the rising popularity of outdoor recreational activities, increased investments in public safety infrastructure, and growing demand in emerging markets. Key trends expected in the forecast period encompass the integration of advanced technologies, such as Internet of Things (IoT) and Artificial Intelligence (AI), the adoption of cloud-based solutions, the uptake of digital radios by law enforcement agencies, and enhanced integration with smartphones.

The surge in outdoor recreational activities' adoption is anticipated to drive the growth of the two-way radio market in the foreseeable future. Outdoor recreational activities encompass a broad spectrum of leisure pursuits and hobbies taking place in natural surroundings and outdoor environments. The increasing adoption of these activities is attributed to their cumulative health benefits, evolving social trends, and a growing desire for connectivity with nature. Two-way radios play a crucial role in outdoor recreation, providing reliable communication in areas where cellular service is unavailable and ensuring safety and coordination during endeavors such as hiking and camping. For instance, as per the November 2023 report from the Bureau of Economic Analysis, a US-based government agency, outdoor recreation contributed 19.8% to the economy's value in 2022, up from 19% the previous year. Consequently, the rising adoption of outdoor recreational activities propels the expansion of the two-way radio market.

Leading companies in the two-way radio market are innovating advanced solutions, notably portable two-way radios, to enhance mission-critical communication for frontline workers. Portable two-way radios are handheld communication devices enabling wireless transmission and reception of messages. These radios boast versatility, affordability, and ease of use, rendering them ideal for diverse applications such as public safety, construction, and event management. For instance, in November 2023, Hytera Communications Corporation, a China-based communications equipment company, introduced 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. Engineered to augment personnel safety and communication efficiency, these radios are certified by various explosion-proof standards, making them suitable for industries such as oil and gas, mining, chemical, firefighting, and more. Engineered to prevent sparking during use, minimize heat generation, and ensure safety in hazardous environments with flammable dust and vapors.

In November 2022, Mobile Communications America Inc. (MCA), a US-based telecommunications company, finalized the acquisition of Communications Electronics Inc. for an undisclosed sum. This strategic acquisition aims to bolster MCA's presence in the Mid-Atlantic region and enhance its capability to deliver wireless communication solutions for public safety agencies, educational institutions, healthcare facilities, and businesses. Communications Electronics Inc. is a US-based wireless communication services provider specializing in the design, installation, sales, and service of two-way radio and in-building wireless systems.

Major companies operating in the two-way radio market are 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.

North America was the largest region in the two-way radio market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the two-way radio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the two-way radio market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A two-way radio is a portable communication device that enables users to transmit and receive audio signals over a designated radio frequency. Comprising a transmitter and receiver, it facilitates seamless two-way voice communication within a limited range, ensuring instantaneous and dependable connectivity.

Two main types of two-way radios exist such as analog walkie-talkies and digital walkie-talkies. Analog walkie-talkies utilize traditional analog technology for signal transmission and reception. They encompass various technologies such as terrestrial trunked radio (TETRA), Project 25 (P25), digital mobile radio (DMR), and next-generation digital narrowband (NXDN), serving diverse applications across sectors including government and public safety, utilities, industry and commerce, among others.

The two-way radio market research report is one of a series of new reports that provides two-way radio market statistics, including two-way radio industry global market size, regional shares, competitors with a two-way radio market share, detailed two-way radio market segments, market trends and opportunities, and any further data you may need to thrive in the two-way radio industry. This two-way radio market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The two-way radio market consists of sales of products including handheld walkie-talkies, base stations, repeaters, antennas, digital radios, and analog radios. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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