Pune, Feb. 15, 2021 (GLOBE NEWSWIRE) — Market Analysis
Walkie Talkies are the ultimate gadget used as a transmission device for communication among more than one or a group of people and are primarily used. These gadgets are used for security purposes in commercial, aerospace & defense, law enforcement & security applications.
The aerospace & defense sector and law enforcement and security bodies have adopted walkie talkies to allow their personnel to communicate efficiently and around their indoor and outdoor structures. Moreover, walkie talkies are extensively used by police and fire brigade, large manufacturing industries, big resorts & hotels, airports, railway departments, event management firms, and trekking groups, among others.
Resultantly, the Walkie Talkie Market worldwide are garnering significant traction. According to Market Research Future (MRFR), the global walkie talkie market is projected to create a valuation of USD 5,263.16 Million by 2026, registering a 10.14% CAGR during the forecast period (2020–2026). In 2019, the market valuation had reached USD 2,728.36 Million.
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COVID-19 Impact on the Global Walkie Talkie Market
The COVID-19 outbreak impacted the global walkie talkie industry in two ways. On one side, safe distancing mandates increased the uses of these devices in law enforcement sectors widely, and on the other, strict lockdown mandates forced manufacturers to cut down on their production output, bringing the production facilities to a halt. Manufacturers faced various problems ranging from obtaining raw materials and components required to develop walkie talkies and delivering end products to attracting workers from quarantines.
The coronavirus-driven lockdown also put a brake on the component and device production, which spiked product prices, lowering the market demand. However, the walkie talkie market is rapidly returning to normal, witnessing the steadily increasing demand. The market value is projected to pick up following the uplift of the lockdown in many countries.
However, the Walkie Talkie market is rapidly returning to normal, witnessing the steadily increasing demand, especially from the industrial sectors. The market demand is projected to pick up following the uplift of the lockdown in many countries.
Market Segmentation
The walkie talkie market forecast is segmented into type, ownership, end user, and region.
The type segment is sub-segmented into analog and digital. Out of these two, analog is the largest type segment. In 2019, the analog segment accounted for 56.8% market share, with a market value of USD 1,443.47 million, which is expected to grow further at a 9.6% CAGR during the forecast period. On the other hand, the digital segment was valued at USD 1,088.65 million in 2019 and is anticipated to grow at a 10.8% CAGR during the forecast period.
The ownership segment is sub-segmented into licensed and license-free. Out of these two, license-free is the largest ownership segment. In 2019, the license-free segment accounted for 53.0% market share, with a market value of USD 1,347.85 million, which is expected to grow further at a 9.6% CAGR during the forecast period. On the other hand, the licensed segment was valued at USD 1,184.27 million in 2019 and is anticipated to grow at a 10.8% CAGR during the forecast period.
The end-user segment is sub-segmented into consumer/personal use, enterprises & commercial, aerospace & defense, law enforcement & security, and others. Among these, the enterprise & commercial is the largest end-user segment. In 2019, the enterprise & commercial segment accounted for 32.1% market share, with a market value of USD 815.06 million, which is expected to grow further at an 11.7% CAGR during the forecast period.
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Regional Analysis
By region, the market is bifurcated into North America (US, Canada, Mexico, Rest-of-North America) and South America, Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, Europe (the UK, Germany, France, Italy, and Rest-of-Europe).
It is observed that North America has been consistently dominating the global walkie talkie market and is anticipated to maintain its market position in the coming years as well. In 2019, the region accounted for a 37.78% market share with a market valuation of USD 961.64 million, which is expected to grow further at a 9.5% CAGR during the forecast period.
Factors such as rising uses of these devices in law enforcement agencies and the increased funding from the governments and law enforcement boost the regional market growth. Moreover, the strong presence of several key players such as Motorola Solutions and Midland Radio accelerate the walkie talkie market growth in North America. Also, the increasing awareness of public security and road traffic safety and technological advances, and increased investments to boost the technology fosters the walkie talkie industry.
Europe acquires the second-largest position in the global walkie talkie market in terms of revenue. In 2019, the walkie talkie market in Europe was valued at USD 719.5 million, which would grow further at a 10.0% CAGR during the estimated period.
Factors such as the increased adoption of walkie talkies and favorable government policies augment the regional market’s growth. The resurging economy has been influential for the current market growth in the region, increasing consumer purchasing power. Additionally, the rising demand for walkie talkies from the commercial sector and public security sectors escalate the growth rate of the market
The Asia Pacific walkie talkie market has emerged as a profitable market globally. Raw material advantage and the availability of cost-competitive workforces in the region are the major factors impacting the walkie talkie market growth. Besides, advancements in transmitting technology and improved technical infrastructure drive the regional market growth. Moreover, the extensive uptake of walkie talkie in public security forces positively impacts market growth.
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Competitive Analysis
The walkie talkie market is estimated to witness several strategic partnerships taking place, alongside other strategic approaches such as expansion, collaboration, mergers & acquisitions, and product & technology launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on January 15, 2021, OFLO, a leading voice communication system designer, launched a new walkie talkie in the market. OFLO walkie talkie’s advantages include a provision to call specific co-workers, and its cross-platform that lets the user call a person from a smartphone. Its software includes features like live chats, transcriptions, task management, and GPS location.
Notable Players in The Global Walkie Talkie Market Are:
- Garmin Ltd
- Motorola Solutions
- Cobra Electronics
- ICOM Inc
- TAIT Communications
- JVCKENWOOD Corporation
- Kirisun Communications
- Uniden Holdings Corporation
- Shenzhen HQT Science and Technology
- Wintec Co., Ltd
- Hytera Communications Corporation Limited,
- YAESU
- Midland Radio Mossy Oak
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