The Global Walkie Talkie Market is expected to experience steady growth:
Noida, November 23, 2021 (GLOBE NEWSWIRE) – The growing number of industrial and construction projects across the world has demonstrated a growing demand for more efficient but cost-effective communication alternatives, which has led to the growing adoption of walkie-talkies. Along with this, the upcoming in-person events are driving the demand for walkie talkies as a tool to maintain security protocols, which is expected to become the driving force of the global walkie talkie market in the years to comeâ¦.
A study recently carried out by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global walkie talkie market is worth USD 3.3 billion in 2020. According to the study, the market is expected to grow at a CAGR of 8.6%, generating revenue of approximately USD 5.9 billion from by the end of 2027. Factors attributable to the growth of the walkie talkie market include the growing number of criminal activity in residential and commercial areas, the growing budget for security equipment in residential companies, and the growing user-friendly approach to the walkie-talkie. These factors have contributed to the increased use of walkie talkies.
In addition, due to geopolitical tensions in many countries, the budget for military equipment has increased in recent years, which has led to the research and development of high-performance, more reliable and signal-friendly walkie-talkies in the event disaster or terrorist attack. These are the major factors accelerating the growth of the global walkie talkie market.
Rising industrialization rate is driving the growth of the global walkie talkie market
The rapid industrialization rate has become a major factor contributing to the growth of the global walkie talkie market. With some of the larger projects on hold to establish their respective demand for walkie-talkies, the United States has embarked on a building frenzy. Amazon’s fulfillment center in Detroit (with 3.8 million square feet of space costing around $ 400), logistics hub at I-95, Delaware, are among the largest industrial and logistics projects that have started in 2021. Since walkie-talkies are a much cheaper alternative and equally effective replacement for a mobile phone, these devices prove to be excellent communication devices at such sites. Some of the largest industrial and logistics projects that started in 2021 are the Amazon fulfillment center in Detroit (with 3.8 million square feet of space costing around $ 400) and the logistics hub near I-95 in Delaware. Because walkie talkies are a much cheaper and just as effective alternative to a mobile phone, they make ideal communication devices in such places. This helps to minimize the operational expenses of the organization and allow them to reallocate that money to another project. As a result, large construction operations in deserted places increase the demand for such communication devices, favorably contributing to the growth of the global walkie talkie market.
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Growing number of cultural and sporting events around the world fueling demand for walkie-talkies
The global walkie talkie market is also fueled by the growing number of cultural and sporting events taking place around the world. In light of the growing number of cultural events such as the Dubai Expo 2020, the Winter Olympics, the Super Bowl and others, a survey of 550 event planners found that 80% of between them were eager to launch an in-person event in the years to come. . Such events are expected to increase the demand for walkie talkies in order to maintain the security measures of the event leading to an increase in the demand for walkie talkies in the global walkie talkie market.
Impact of COVID-19 in industry
The sudden outbreak of the COVID-19 pandemic has negatively impacted the growth of the global walkie-talkie industry. Key industries engaged in the production and manufacture of components essential for the production of the walkie talkie have ceased operations, stopping the manufacture of walkie talkies. As a result, the global walkie talkie market supply has also been affected. Supply lines have also been disrupted, preventing current demand from being met, resulting in significant losses for manufacturers. In addition, residential and commercial construction projects have been halted due to the increase in COVID-19 cases, which has had a significant impact on the demand of the global walkie talkie market.
An influx of COVID-19 cases has hampered the ability of hospital authorities to maintain decorum, leading to a growing demand for walkie talkies to communicate with walkie talkies, leading to growth prospects for the global walkie talkie market.
The offline segment occupies most of global walkie talkie market
Depending on the distribution channels, the global walkie talkie market is grouped into online channels and offline channels. The offline channels segment has accounted for the highest market share in the global walkie talkie market. Since walkie talkies are a security tool, the market for these tools is much more regulated than other markets. As a result, these products are usually easily found in B2B sales and distribution channels. On top of that, many walkie talkies have a strict mandate, which end users must follow. For example, if a walkie talkie is labeled “FRS / GMRS”, the user may need to receive a valid FCC license to operate the radio device. However, if it is tagged as Family Radio Service (FRS), the user is free to use the channels. So, end users generally prefer offline distribution mode in the global walkie talkie market.
North America The global walkie talkie market is expected to experience significant growth 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 of the global walkie talkie market. The growing number of radio walkie talkie manufacturers, upcoming live events, increasing criminal activity, large industrial projects, advancements in walkie talkie technologies amid the advent of IoT, and among others are some of the main reasons behind the demand for walkie talkies in the region. Ease of use along with flexible licensing requirements for radio walkie talkies has enabled the region to acquire a much larger share of the global walkie talkie market.
Global Walkie Talkie Market – Competitive Landscape
The major 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 leading manufacturers. The global walkie talkie market is moderately consolidated, as some players in the global walkie talkie market hold a larger share and influence the overall price of the walkie talkie products. As a result, it is difficult for new entrants to gain a larger share of the market. However, some players are eager to enter into agreements and collaborations to increase their share in the global walkie talkie market.
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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Walkie Talkies market. It also highlights the factors that determine the forecast of the total market size. The report promises to provide recent technology trends in the global Walkie Talkie market and industry insights to help policymakers make sound strategic decisions. In addition, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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