Newark, May 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global two-way radio equipment market is expected to grow from USD 7283.3 million in 2021 to USD 12200.9 million by 2030, at a CAGR of 5.9% during the forecast period 2022-2030.
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There was a lack of communication during pandemics and war, so two-way radio equipment was used to connect two people with the same device. Two-way radio equipment uses a carrier frequency wave of ultra-high frequency (UHF) or very high frequency (VHF) to convey signals over a radio channel. Nikola Tesla, in 1882, invented an electric oscillator capable of producing electromagnetic pulses with approximately 100 kHz (100 kilohertz) frequencies. Two-way radios have been used for decades to overcome the communication gap in the public utilities, military sectors, and transportation. They are portable and can be used for long-range communication at an affordable price.
Competitive Strategy
To enhance their market position in the global two-way radio equipment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In 2020, EF Johnson Technologies, Inc. and JVCKENWOOD Corporation won the California Highway Patrol (CHP) contract in the US to provide digital radio systems to professionals.
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Market Growth & Trends
The growing ease of doing business and increasing number of industries is driving the need for a two-way radio equipment market as they easily connect one person with others having the same device. However, the development of devices with new technologies such as IoT for improved communication experience is hampering the market for two-way radio equipment market. Further, the Covid-19 pandemic also negatively affected the market's growth as several manufacturing units were put on hold. But the new features which are being added to the two-way devices for improving connectivity and communication, like increased channel capacity, longer battery life, better voice quality, longer range coverage, and GPS tracking, are the major benefits and are increasing the adoption of two-way radio equipment.
Key Findings
● In 2021, the analog segment dominated the market with the largest market share of 64% and market revenue of 4661.3 million.
The product type segment is divided into analog and digital. In 2021, the analog segment dominated the market with the largest market share of 64% and market revenue of 4661.3 million. Analog two-way radio equipment is easy to use and is best for communicating during mission-critical applications. It is a popular alternative due to its support for multipoint calls and short connection time. They also provide high-quality audio, which is expected to drive the market's growth in the segment during the forecast period.
● In 2021, the government & public sector segment accounted for the largest share of the market, with 23% and a market revenue of 1675.1 million.
The end-user segment is divided into government & public sector, manufacturing, utilities, transportation & logistics, education, hospitality, and others. In 2021, the government and public sector segment accounted for the largest share of the market, with 23% and a market revenue of 1675.1 million. There is a lack of communication between public departments and employees of public and government organizations. To overcome this gap, two-way radio equipment is widely used by employees. There is a drastic rise in public and government organizations which is expected to propel the growth of the two-way radio equipment in the sector.
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Regional Segment Analysis of the Two-Way Radio Equipment Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global two-way radio equipment market, with a market share of around 41.3% and 3008.0 million of the market revenue in 2021. The market for two-way radio equipment in the North American region has been rising owing to prominent market players. Along with this, the North American region has the presence of countries with high GDP such as the US and Canada. The presence of a well-established ecosystem of technology and favorable economic policies in the region is also propelling the growth of the two-way radio equipment market. New technologies are highly accepted in this region, supporting the market's growth.
Key players operating in the global two-way radio equipment market are:
● Hytera Communications
● BK Technologies
● L3Harris technologies
● Motorola Corporation
● JVCKENWOOD Corporation
● Midland
● Cobra
● Binatone
● Uniden
● Entel Group
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. Brainy Insights has segmented the global two-way radio equipment market based on the below-mentioned segments:
Global Two-Way Radio Equipment Market by Product Type:
● Analog
● Digital
Global Two-Way Radio Equipment Market by End-User:
● Government & Public Sector
● Manufacturing
● Utilities
● Transportation & Logistics
● Education
● Hospitality
● Others
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About the report:
The global two-way radio equipment market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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