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.
Some of Europe's largest retail companies, including Ahold Delhaize, REWE Combine, Tesco PLC, IKEA Group, Inditex, LVMH Moët Hennessy-Louis Vuitton S.A., Carrefour, and Auchan Holding SA, operate in the region. Two-way radio equipment is used to facilitate instant communication between individuals and teams, enhancing collaboration and communication efficiency. According to the Airports Council International (ACI) Europe, the region's aviation industry is projected to expand by more than 53% in terms of flight movements between 2019 and 2040. As a result, the growing number of flights is expected to lead to the expansion of existing airports or the construction of new ones. Therefore, the rapidly increasing movement of flights, significant investments in public order and safety, and large retail stores are driving the two-way radio equipment market in the region. Due to the increasing number of retail stores, the two-way radio equipment market is also expected to perform well in developing countries.
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.
The growth of the healthcare sector in the Asia Pacific is being driven by various factors, including the increased risk of illnesses, rising disposable income, favorable government policies, and the deployment of healthcare institutions. This growth is expected to drive the expansion of the two-way radio equipment market. The Ministry of Home Affairs in India has announced plans to modernize the police force and adopt modern technology, which is expected to create new two-way radio equipment opportunities. The aviation sector is also growing significantly in Asia Pacific, with new airports being constructed in countries such as South Korea. Effective two-way radio communication between teams ensures business continuity, operational efficiency, safety, and security in various airports.
The manufacturing sector of the Asia Pacific region was severely affected during the initial time frame of the COVID-19 outbreak due to the limitations imposed by several governments to control the spread of the novel coronavirus. Similarly, industries such as transportation & logistics, retail, education, and hospitality were adversely impacted as well. The reduced buying power of retail businesses, such as hotel chains and retail outlets, also hampered the sales of two-way radio equipment across the region. However, as the economies reopened and industries resumed their operations, there was an increased need for efficient communication and safety, which led to the demand for two-way radio equipment, driving the market from the demand side. Additionally, with the relaxation of earlier restrictions, two-way radio equipment manufacturers can now work with higher workforce capacity, which is normalizing manufacturing and helping the market to recover from the adverse impact of the COVID-19 pandemic.
Key Findings of Study:
The MEA two-way radio equipment market is dominated by South Africa, Saudi Arabia, and the UAE. These countries, along with Iraq, Iran, and Kuwait, contribute significantly to the region's GDP. The Gulf countries are focusing on developing their commercial infrastructure, including supermarkets, specialty stores, and malls. In recent years, the governments in the region have increased their involvement in diversifying revenue opportunities due to falling oil prices. The growth in vertical infrastructure, particularly malls, hypermarkets, and specialty stores in major cities, is a key driver of this trend. While the petrochemical industry is a major user of two-way radio equipment in the region, other industries also rely on it for reliable communication. With instant connectivity and the ability to transmit critical information quickly, two-way radio equipment is essential for ensuring the safety and efficiency of operations in various industries.
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