Two-Way Radio Equipment Market Research Report and Outlook by 2028

The market for two-way radio equipment is anticipated to expand from US$ 7,883.32 million in 2021 to US$ 12,034.52 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.2% during this period.

Europe boasts a robust industrial landscape, a high GDP, advanced technology integration, strong infrastructure, and a growing elderly population. Within Europe, Germany, the UK, and France are at the forefront of the two-way radio equipment market. The European Commission is prioritizing research and development funding to bolster the competitiveness of the manufacturing sector and sustain its global technological edge. In 2020, public spending by the European Union on public order and safety accounted for approximately 1.8% of its GDP, which was around US$ 15 trillion (nominal) that year. In Sweden's 2022 budget, the Social Democrat-Green coalition announced an additional US$ 290 million for police and criminal justice services, which is expected to drive demand for two-way radio equipment. France, being the third-largest economy in Europe after Germany and the UK, has a multitude of retail outlets, including supermarkets and grocery stores. Furthermore, the emergence of new hotels and resorts is propelling the growth of the two-way radio equipment market in the nation. The report highlights key market players shaping the two-way radio equipment landscape in Europe, providing insights into their SWOT analysis and market strategies. It also emphasizes leading industry participants, detailing their company profiles, product offerings, financial performance over the last three years, and significant developments from the past five years.

Impact of COVID-19 on the Two-Way Radio Equipment Market

Prior to the COVID-19 pandemic, the demand for two-way radio equipment was already increasing to enhance employee communication and ensure safety on factory floors. However, the pandemic led to the temporary shutdown of manufacturing facilities across North America to mitigate the virus's spread, resulting in substantial losses for the manufacturing sector due to reduced production volumes and limited operational capacities. This situation negatively impacted both the demand and supply of two-way radio equipment. The retail sector also faced significant challenges due to supply chain disruptions, labor shortages, and cash flow issues during the first half of 2020. Conversely, the healthcare sector experienced a surge in demand for two-way radio equipment, as effective communication among staff became crucial. Nonetheless, supply chain interruptions created a disparity between demand and supply, hindering the growth of the two-way radio equipment market. The temporary closure of educational institutions further contributed to a decline in demand from the education sector. However, as the North American economy began to stabilize in the third quarter of 2020, the demand for two-way radio communication equipment started to rebound across various sectors, including manufacturing, transportation and logistics, education, hospitality, and retail.

The global two-way radio equipment market is categorized into five primary regions: North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). North America was the leading region in the global two-way radio equipment market in 2020, followed by Europe, APAC, MEA, and SAM. Among these regions, APAC is projected to witness the highest growth rate during the forecast period. Key players in the two-way radio equipment market include Hytera Communications Corporation Ltd, Midland Radio Corporation, Tait Communications, Uniden America Corporation, and JVCKENWOOD Corporation.

The growth of the two-way radio equipment market is fueled by the increasing demand for such devices across various end-use sectors globally, including manufacturing, government and public safety, transportation and logistics, utilities, education, and hospitality. Additionally, the use of two-way radio equipment is rising in hospitals, shopping malls, residential security, and traffic management worldwide. However, trade barriers stemming from differing regulations and policies across countries pose challenges. North America is quick to embrace technological advancements, with major countries like the US, Canada, and Mexico effectively utilizing two-way radio equipment in industrial hubs, logistics centers, and the transportation sector. In contrast, developing nations in the Asia-Pacific region are experiencing significant growth in the aviation sector, leading to increased demand for two-way radio equipment for security management. In the Middle East, the hospitality industry is the primary sector driving the growth of the two-way radio equipment market in the region.

Several notable players in the two-way radio equipment market include BK Technologies, Motorola Corporation, L3Harris Technologies, Hytera Communications, and JVCKENWOOD Corporation.

The market size for two-way radio equipment has been established through a thorough analysis of both primary and secondary sources. The research process commenced with extensive secondary research utilizing internal and external sources to gather qualitative and quantitative data regarding market size. This approach aimed to provide an overview and forecast for all market segments. Numerous primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights into the subject. Participants included industry professionals 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.