Noida, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The growing number of industrial and construction projects across the world have demonstrated rising demand for more efficient yet budget-frienfly alternatives of communications, which has led to the growing adoption of walkie talkies. Along with this, the upcoming in-person events are propelling the demand for walkie talkies as a tool to maintain safety protocols, which is anticipated to become the driving force for the global walkie talkie market in the coming years….
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that global walkie talkie market was worth USD 3.3 billion in 2020. According to the study, the market is estimated to grow at the CAGR of 8.6%, earning revenue of around USD 5.9 billion by the end of 2027. The factors attributable to the growth of the walkie talkie market include the growing number of criminal activities across the residential and commercial areas, the rising budget of security equipment in the residential societies and the growing user-friendly approach of the walkie talkie. These factors have contributed to the increased use of walkie-talkies.
Additionally, due to geopolitical tensions in many countries, the military equipment budget has risen in recent years, leading to the research and development of high-performance walkie talkies that are more reliable and signal-friendly in the event of a disaster or terrorist attack. These are the primary factors accelerating the growth of the global walkie talkie market.
Increasing rate of industrialization is driving the growth of the global walkie talkie market
The rapid rate of industrialization has become a pivotal factor contributing to the growth of the global walkie talkie market. With some of the largest projects queued up to establish their respective demand for walkie talkies, the United States has been on a construction spree. The Amazon Distribution Center in Detroit (with 3.8 million-square-feet space costing around USD 400), Logistic Center at I-95, Delaware, are some of the largest industrial and logistics projects that started in 2021. Since walkie talkies prove a much cheaper alternative and equally effective replacement for a mobile phone, such devices prove excellent communication devices at such sites. Some of the largest industrial and logistics projects that began in 2021 are the Amazon Distribution Center in Detroit (with 3.8 million square feet of space costing roughly USD 400) and the Logistic Center near I-95 in Delaware. Because walkie talkies are a far less expensive and equally effective alternative to a mobile phone, they make ideal communication devices at such locations. It aids in minimizing the organization's operational expenses and allowing them to repurpose that money for another project. As a result, large construction operations throughout deserted locations are surging in demand for such communication devices, favourably contributing to the growth of the global walkie talkie market.
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Rising number of cultural and sports events across the globe are fueling the demand walkie-talkies
The global walkie talkie market is also being fueled by the growing number of cultural and sporting events taking place throughout the world. In light of the growing number of cultural events such as the Dubai Expo 2020, Winter Olympics, Super Bowl, and others, a survey of 550 event organizers found that 80% of them were eager to start an in-person event in the next years. Such events are expected to increase demand for walkie talkies in order to maintain the event's safety measures, resulting in increased demand for walkie talkies in the worldwide walkie talkie market.
Impact of COVID-19 in the industry
The sudden outbreak of the COVID-19 pandemic has negatively affected the growth of the global walkie-talkie industry. The key industries indulged in the production and manufacturing of the components essential in the production of the walkie-talkie went out of business, halting the manufacturing of walkie talkies. As a result, the global walkie talkie market's supply side has also been harmed. The supply lines were also disrupted, preventing the current demand from being met, resulting in significant losses for the manufacturers. In addition, residential and commercial construction projects were halted as a result of the rising COVId-19 cases, which had a significant impact on the worldwide walkie talkie market's demand.
An influx of COVID-19 cases hampered hospital authorities' ability to maintain decorum, resulting in a growing demand for walkie talkies for communicating with walkie talkies, resulting in some growth prospects for the global walkie talkie market.
The offline segment occupies the largest share of global walkie talkie market
Based on distribution channels, the global walkie talkie market is grouped into online channels and offline channels. The offline channel segment has accounted for the highest market share in the global walkie talkie market. Since walkie talkies happen to be a safety tool, the market for such tools happens to be much more regulated compared to other markets. As a result, such products are usually found easily across the B2B sales and distribution channels. In addition to this, many walkie talkies have a strict mandate, which the end-users have to follow. For instance, if a walkie-talkie comes labelled with “FRS/GMRS” then the user may have to receive a valid FCC license for operating the radio device. However, if it's labelled as Family Radio Service (FRS), then the user is free to use the channels. Thus, the end-users usually prefer an offline mode of distribution channel in the global walkie talkie market.
North America is expected to witness significant growth in the global walkie talkie market during the forecast period
Based on regions, the global walkie talkie market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these regions, the North American region holds the largest share in the global walkie talkie market. The growing number of radio walkie talkie manufacturers, upcoming live events, increasing criminal activities, major industrial projects, the advancements in the walkie talkie technologies amid the advent of IoT, and among others are some of the pivotal reasons driving the demand for walkie talkies in the region. The ease of use along with flexible license requirements for the radio walkie talkies have enabled the region to acquire a much larger share in the global walkie talkie market.
Global Walkie Talkie Market - Competitive Landscape
The key players in the global walkie talkie market are Entel Group HongkongRetevis Trade Co., Ltd., Icom Inc., Hytera Communications Corporation Limited, JVCKenwood USA Corporation, Motorola Solution, Inc., Kirisun Communication Co., Ltd., Shenzhen HQT Science & Technology Co., Ltd., Uniden Holdings Corporation, Tait Communications, Yaesu USA, Cobra Electronics, Garmin Ltd., Fujian Baofeng Electronics Co., Ltd., DEWALT, Craftsman and other prominent manufacturers. The global walkie talkie market is moderately consolidated as some players in the global walkie talkie market own a larger share and possess an influence on the overall price of the walkie talkie products. As a result, it is difficult for new entrants to capture a higher share in the market. However, some players are looking forward to entering into agreements and collaborations to enhance their share in the global walkie talkie market.
In August 2021, Motorola Solutions Inc. announced the launch of APX NEXT™ for Brazilian users. The next-gen mission-critical Project 25 (P25) happens to be a public safety radio which offers a touchscreen feature with a simplified user-interface for public safety. The device could be used in the bad weather conditions provided the customer is using gloves, enabling faster navigation.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global walkie talkie market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global walkie talkie marketand industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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