According to a new report published by Allied Market Research, titled, “walkie talkie market by product type, end user, distribution channel and region: global opportunity analysis and industry forecast, 2021–2030,” the global walkie talkie market was valued at $3,155.7 million in 2020, and is projected to reach $7,298.3 million by 2030, registering a CAGR of 8.8% from 2021 to 2030. Walkie Talkies is a gadget used as a transmission device for communication among more than one or a group of people and are primarily used during emergencies. These gadgets are used for security purposes in commercial, law enforcement & security, aerospace & defense, applications. Additionally, there are two types of walkie talkie available in the market including analog and digital walkie talkie. Moreover, wearable digital walkie talkie is trending in the global walkie talkie market owing to its advance features offered by it to the users.
The outbreak of coronavirus has negatively impacted the walkie talkie industry along with all stages of supply chain and value chain. The supply chains today are far more complex as compared to what they were a decade ago. The COVID-19 pandemic has not only hampered the production facilities but has also disrupted the supply chains such as material suppliers and distributors of the walkie talkie market globally, resulting in the loss of the business in terms of value sales.
Furthermore, by distribution channel, the online store segment is anticipated to be the fastest growing segment, in terms of value sales during the forecast period. This is attributed to the fact that platforms or e-commerce are becoming a popular medium for purchase of electronic goods including walkie talkie among customers. This is attributed to easy availability of walkie talkies and benefits provided by the store such as information about product functional attribute, time-saving features of online shopping, and facility of home delivery to customers.
The global walkie talkie market segments are categorized into product type, end user, distribution channel, and region. By product type, it is classified into analog and digital. By end user, it is divided into residential and commercial. On the basis of distribution channel, the market is segregated into online channel and offline channel. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, Australia & New Zealand, Japan, South Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey and Rest of LAMEA).
Key findings of the study
- By product type, the analog segment accounted for the highest walkie talkie market share in 2020, growing at a CAGR of 9.4% from 2020 to 2030.
- By end user, the commercial segment accounted for the highest walkie talkie market share in 2020, growing at a CAGR of 9.0% from 2020 to 2030.
- By distribution channel, the offline segment accounted for the highest market share in 2020, growing at a CAGR of 8.6% from 2020 to 2030.
- By Region, North America occupied the maximum share in the market in 2020 and is expected to be the dominating segment during the walkie talkie market forecast period.
Companies operate their business in highly competitive market by launching new products or updated versions of existing products. In the recent past, many leading players opted for product launch as a business strategy to strengthen their foothold in the market. To understand the key trends of the market, strategies of leading players are analyzed in the report. Some of the key players in the walkie talkie market analysis include 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.