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Two-Way Radio Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Signal Frequency, and End Use Industry

Two-Way Radio Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Signal Frequency, and End Use Industry

  • March 2022
  • 166 pages
  • ID: 6270050
  • Format: PDF
  • The Insight Partners


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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 is characterized by a remarkable industrial presence, high GDP, high GDP per capita, advanced technology adoption, robust infrastructure, and an increase in the geriatric population.Germany, the UK, and France are among the few countries at the forefront of the Europe two-way radio equipment market.

The European Commission is primarily focusing on research and development funding to reinforce the competitiveness of its manufacturing sector and continue its global technological leadership. General government expenditure in the European Union (EU) on public order and safety was around 1.8% of GDP in 2020. The GDP of the European Union was around US$ 15 trillion (nominal) in 2020. In the 2022 budget, the Social Democrat-Green government in Sweden announced that it would give police and criminal justice services an additional US$ 290 million approximately. Such additional spending on law enforcement creates considerable demand for two-way radio equipment. France is a technologically advanced country and is the third-largest economy in Europe, after Germany and the UK. The country has a high number of retail stores comprising varied supermarkets, hypermarkets, and grocery stores. Additionally, the construction of new hotels and resorts is majorly driving the country’s two-way radio equipment market growth.

COVID-19 Impact on Two-Way Radio Equipment Market
The adoption of two-way radio equipment increased to enhance employee communication on the floor and ensure their safety before the COVID-19 pandemic.However, due to the COVID-19 outbreak, the manufacturing units across North America were temporarily closed to combat the virus’s rapid spread.

The manufacturing sector experienced notable losses due to temporary factory shutdowns and low production volumes, which hindered production capacities, adversely impacting the two-way radio equipment market from both demand and supply sides.The region’s retail sector was also severely impacted due to the onset of the COVID-19 pandemic.

The sector faced challenges in the supply chain, labor force, and cash flow in the first two quarters of 2020.With the increase in the number of people visiting hospitals and care centers, efficient communication between staff became necessary.

Thus, the demand for two-way radio equipment remained unaffected. However, supply chain disruptions across the region created a gap between demand and supply, thereby negatively impacting the growth of two-way radio equipment market. Additionally, the educational institutions were closed temporarily to combat the spread of the virus, leading to a decline in demand for two-way radio equipment from the sector. On the other side, with the normalization of the North American economy from quarter 3 (Q3) of 2020, the demand for two-way radio communication equipment also started to revive 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.In 2020, North America held the largest share of the global two-way radio equipment market, followed by Europe, APAC, the MEA, and SAM.

Asia Pacific is expected to be the fastest-growing region among these regions 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 two-way radio equipment market growth is propelled by increasing demand of the equipment across end-use industries such as manufacturing, government & public safety, transportation & logistics, utilities, education, and hospitality worldwide.The utility of two-way radio equipment is also increasing in hospitals, malls, shopping complexes, residential security, and traffic management globally.

Owing to distinct rules, norms, regulations, and policies of different countries, trade barriers in this market act as a restraining factor to a certain extent.North America is a quick adopter of all the latest technological advancements.

Major countries in North America, such as the US, Canada, and Mexico, find effective use of two-way radio equipment across industrial hubs, logistics centers, and the transportation industry.Most of the countries in Asia Pacific are still in the developing stage and are not as developed as the countries in the west.

However, with the rapidly growing aviation industry, the requirement of two-way radio equipment for security management is increasing substantially in various developing countries of Asia Pacific. In the Middle East, the hospitality sector is the major end-use industry contributing significantly to the two-way radio equipment market growth 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 overall two-way radio equipment market size has been derived using primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information about the size of the submarine power cable.

The process also serves the purpose of obtaining an overview and forecast of the two-way radio equipment market with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

Participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, specializing in the two-way radio equipment market.

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