Two Way Radio Equipment Market Size and CAGR by 2031
The two-way radio equipment market size is projected to reach US$ 14.05 billion by 2031 from US$ 7.84 billion in 2023. The market is expected to register a CAGR of 7.6% during 2023–2031. The rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors are likely to be the key drivers and trends of the market.
Two-Way Radio Equipment Market Analysis
The two-way radio equipment market is experiencing significant market growth globally. This growth is attributed to factors such as the rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors. Moreover, increasing procurement of two-way radio equipment by government agencies is anticipated to drive market growth in the coming years.
Two-Way Radio Equipment Market Overview
A two-way radio is considered a radio transceiver. This radio can both communicate and receive radio waves, which is utilized for bidirectional person-to-person voice communication with other users with similar radios, in difference to a broadcast receiver, which only receives transmissions. Two-way radios usually use a half-duplex communication channel, which sanctions two-way communication, even though with the limitation that only one user can transmit at a time.
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Two-Way Radio Equipment Market: Strategic Insights
Market Size Value in US$ 7,883.32 Million in 2021 Market Size Value by US$ 12,034.52 Million by 2028 Growth rate CAGR of 6.2% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Two-Way Radio Equipment Market: Strategic Insights
| Market Size Value in | US$ 7,883.32 Million in 2021 |
| Market Size Value by | US$ 12,034.52 Million by 2028 |
| Growth rate | CAGR of 6.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Two-Way Radio Equipment Market Drivers and Opportunities
Growing Importance of Effective Critical Communication to Favor Market.
The growing importance of effective critical communication is indeed driving the market. Two-way radio technology has evolved from traditional analog voice to complex systems with trunking and digital capabilities that enable features such as group calling, rapid voice call setup, high-quality audio, and guaranteed priority access to the end user. With an increase in crime, terrorism, and natural disasters, industries are required to adopt new technologies to enable rapid and effective real-time reactions. Effective communication is critical for public safety responders who must keep connected at the control center while also acquiring situational information in real-time when reacting to situations.
Rising cases of natural calability.
The rising cases of natural calamities, including hurricanes, earthquakes, wildfires, and floods, have significantly increased the demand for reliable voic systems, thus acting as a driver for the two-way radio equipment market. In September 2023, according to the National Oceanic and Atmospheric Administration, the US endured a huge 23 separate weather and climate disasters that each led to at least US$1 billion in damage. During such natural disasters, traditional communication infrastructures such as cellular networks and internet connectivity can often be disrupted due to damaged infrastructure or overload. In such situations, emergency responders, government agencies, and relief organizations heavily rely on two-way radio for critical communication, as they offer robust and resilient communication capabilities.
Two Way Radio Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the two-way radio equipment market analysis are type, signal frequency, and end use industry.
- Based on type, the two-way radio equipment market is divided into digital and analog. The digital segment is anticipated to hold a significant market share in the forecast period.
- Based on signal frequency, the two-way radio equipment market is divided into very high frequency (VHF) and ultra-high frequency (UHF)). The very high frequency (VHF) segment is anticipated to hold a significant market share in the forecast period.
- By end use industry, the market is segmented into government & public safety, manufacturing, utilities, transportation & logistics, education, hospitality, and others. The government & public safety segment is anticipated to hold a significant market share in the forecast period.
Two-Way Radio Equipment Market Share Analysis by Geography
The geographic scope of the two way radio equipment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the two-way radio equipment market. High technology adoption trends in various industries in the North American region have fuelled the growth of the two-way radio equipment market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American two-way radio equipment market growth. The rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of two way radio equipment market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the two-way radio equipment market.
Two-Way Radio Equipment Market Report Scope
Two-Way Radio Equipment Market News and Recent Developments
The two way radio equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the two-way radio equipment market are listed below:
- Hytera Communications, one of the leading global providers of professional communications technologies and solutions, has recently released its latest intrinsically safe (IS) radio series, including HP79XEx DMR Portable Two-way Radio and PT890Ex TETRA Portable Radio. (Source: Hytera Communications Company Website, November 2023)
- Motorola Solutions announced the launch of the MOTOTRBO R7 in Europe, the Middle East and Africa. The new digital two-way radio offered advanced audio features and a slim, rugged design to connect teams in loud, rough and dynamic environments. (Source: Motorola Solutions Company Website, April 2022)
Two-Way Radio Equipment Market Report Coverage and Deliverables
The “Two Way Radio Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Two-way radio equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Two-way radio equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Two-way radio equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the two-way radio equipment market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Signal Frequency, and End Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global two-way radio equipment market is expected to reach US$ 14.05 billion by 2031.
The key players holding majority shares in the global two-way radio equipment market are BK Technologies Inc., Bearcom Group Inc., Hytera Communications Corporation Ltd, Icom America Inc., Midland Radio Corporation, Motorola Solutions Inc., Tait Communications, Wintec Co. Ltd, Uniden America Corporation, JVCKENWOOD Corporation.
The increasing procurement of two-way radio equipment by government agencies to drive the market in the forecast period.
The rising adoption of digital two-way radio over analog equipment and increasing demand for two-way radio equipment in manufacturing sensors are some of the factors driving the two-way radio equipment market.
North America is anticipated to dominate the two-way radio equipment market in 2023.
The expected CAGR of the two-way radio equipment market is 7.6%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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