two-way radio equipment Market

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 has a strong industrial presence, high GDP, advanced technology adoption, robust infrastructure, and an increasing geriatric population. Among the European countries, Germany, the UK, and France are leading the two-way radio equipment market. The European Commission is focusing on research and development funding to enhance the manufacturing sector's competitiveness and maintain its global technological leadership. In 2020, the European Union's public expenditure on public order and safety was around 1.8% of GDP. The GDP of the European Union was approximately US$ 15 trillion (nominal) in 2020. In the 2022 budget, the Social Democrat-Green government in Sweden announced an additional expenditure of about US$ 290 million for police and criminal justice services, which is expected to increase the demand for two-way radio equipment. France is the third-largest economy in Europe after Germany and the UK, and it has many retail stores including supermarkets, hypermarkets, and grocery stores. Moreover, the growth of new hotels and resorts is driving the two-way radio equipment market in the country. The report concludes that the key market players influencing the two-way radio equipment market in Europe are profiled in the study, along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products, and services offered, financial information for the last 3 years, and critical developments in the past five years.

COVID-19 Impact on Two-Way Radio Equipment Market

The use of two-way radio equipment was already on the rise to facilitate employee communication and ensure their safety on the factory floor before the COVID-19 pandemic. However, the outbreak of the virus resulted in the temporary closure of manufacturing units across North America to contain the spread, causing significant losses in the manufacturing sector due to low production volumes and hindering production capacities. This, in turn, adversely affected the demand and supply of two-way radio equipment in the market. The retail sector also suffered greatly due to challenges in the supply chain, labor force, and cash flow in the first two quarters of 2020. Despite the challenges, the healthcare sector witnessed an increase in demand for two-way radio equipment as it became necessary to ensure efficient communication between staff. However, supply chain disruptions created a gap between demand and supply, hampering the growth of the two-way radio equipment market. The temporary closure of educational institutions also led to a decline in demand from the education sector. Nevertheless, with the gradual normalization of the North American economy from Q3 of 2020, the demand for two-way radio communication equipment began to recover 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. North America emerged as the dominant region in the global two-way radio equipment market in 2020, with Europe, APAC, the MEA, and SAM following in that order. Among these regions, APAC is anticipated to experience the highest growth rate 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 development of the two-way radio equipment market is driven by the rising demand for such equipment in various end-use industries worldwide, including manufacturing, government & public safety, transportation & logistics, utilities, education, and hospitality. Additionally, the utilization of two-way radio equipment is increasing in hospitals, malls, shopping complexes, residential security, and traffic management globally. However, trade barriers due to varying regulations and policies across different countries act as restraining factors. North America is quick to adopt technological advancements, and significant countries such as the US, Canada, and Mexico utilize two-way radio equipment effectively in industrial hubs, logistics centers, and the transportation industry. In contrast, developing countries in the Asia Pacific are experiencing significant growth in the aviation industry, leading to increased demand for two-way radio equipment for security management. In the Middle East, the hospitality sector is the primary end-use industry contributing to the growth of the two-way radio equipment market 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 market size of the two-way radio equipment has been determined through a comprehensive analysis of primary and secondary sources. The research process began with extensive secondary research using internal and external sources to collect qualitative and quantitative data on the market size. This process aimed to obtain an overview and forecast for all the market segments. Several primary interviews were executed with industry participants and commentators to validate the data and achieve better analytical insights into the topic. The participants included industry experts such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders who specialize in the two-way radio equipment market.