Global Walkie Talkie Market Poised for Steady Growth: Projected to touch USD 5.9 Billion by 2027
Published | 29 October 2021
Growing government spending and the acceptance of digital radios are driving growth in the global Walkie-talkie market. The market also benefits from the use of Walkie-talkies for a wide variety of purposes…
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. Several factors have contributed to the market’s growth, such as adopting walkie-talkies and favorable government policies. Moreover, the resurging economy has contributed to the current market growth in the region, leading to higher consumer purchasing power. Additionally, the growing demand for walkie-talkies from the commercial and public security sectors has accelerated the growth rate of the global walkie talkie market.
Increasing use of Wi-Fi connections and smartphone networks favoring market growth
With the growing popularity of Wi-Fi connections and smartphone networks, the market players are offering many new opportunities. Cellular networks are becoming more prevalent in walkie-talkie communications. A cellular network facilitates faster and clearer communications as well as long-distance communication. In most cases, cellular networks are compatible with digital radios, which come with chipsets that support smartphones with LTE or Wi-Fi for in-range communication.
Excessive use of walkie-talkies in hospitals during pandemic
Using walkie-talkies is a simple, quick, and effective way for healthcare workers to communicate. Hospitals use walkie-talkies for a variety of purposes. It's used at entry and exit checkpoints by security personnel to track who comes and goes from the hospital. The device also helps doctors and medical staff communicate during emergencies. The hospital authorities also use these devices to communicate with cleaning technicians to keep the hospital premises clean. Additionally, walkie-talkies allowed people to stay in touch with their relatives in ICUs during the pandemic.
Bandwidth refers to the maximum amount of data that can be transferred within a network in a certain timeframe. Lower bandwidth systems such as wireless networks have limitations on how much data can be sent. Noise is any external or internal interference that affects the transmission of data. Specifically, it may refer to the extreme capacity of a line or channel that is naturally slower than anticipated or to a temporary form, such as an overloaded network. It is one of the main challenges facing the global walkie-talkie market.
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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 production of the walkie-talkie was halted due to lockdown and a shortage of raw materials and components. The supply chains were also obstructed due to which the prevailing demand couldn’t be fulfilled, incurring huge losses to the manufacturers. Furthermore, the demand for walkie-talkies also witnessed a significant dip as people were more focusing on basic necessities. However, the walkie-talkie market is anticipated to gain significant traction during the forecast period because of the strict social distancing norms that have become the new normal.
Based on distribution channel, offline segment occupies the largest share of global walkie talkie market
Based on distribution channels, the walkie talkie market is divided into online channels and offline channels. The offline channel segment has accounted for the highest market share in global walkie talkie market. B2B sales channels offered many heavy discounts to commercial users on bulk purchasing that helped drive the walkie-talkie sales across the globe, contributing to the walkie-talkie market's growth. On the other hand, the online segment is probably the fastest rising segment in terms of value sales during the coming times.
North America region is expected to witness significant growth in the market during the forecast period
Based on region, the global walkie talkie market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these regions, North America dominated the market during the forecast period. Increasing martphone adoption, the presence of some leading players, affordable communication plans, the lack of a license requirement, and the rising adoption in security sectors are some of the factors contributing to the growth of the global walkie-talkie market in the region.
Key players in the global walkie talkie market are Entel Group Hongkong Retevis Trade Co., Ltd., Hytera Communications Corporation Limited, Icom Inc., JVCKenwood USA Corporation, Kirisun Communication Co., Ltd, Motorola Solution, Inc., Shenzhen HQT Science & Technology Co., Ltd., Tait Communications and Uniden Holdings Corporation, and other prominent manufacturers.
Several key players dominate the walkie talkie market. The key players have attempted to stay at the forefront by acquiring, merging, collaborating, and conducting R&D to meet the customers' ever-growing needs.
Do not miss the business opportunity of the global walkie talkie market. Consult our analysts to gain crucial insights, and facilitate your business growth.
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 market and 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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- Walkie Talkie Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2021-2027, Segmented By Product Type (Analog and Digital), End User (Residential, and Commercial), Distribution Channel (Offline Channel and Online Channel), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Publish Date: October 2021
Growth in the global walkie talkie market is driven by the increasing spending of governments and public safety agencies, as well as the rise in acceptance of digital radios and the diverse use of Walkie-talkies.
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