LONDON, Aug. 16, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the walkie talkie market, the rising budget for security equipment in residential societies is driving the demand for the walkie talkie market. The growing criminal activities across the residential and commercial areas have led to an increase in the budget for security equipment in the residential societies.
For instance, according to an article published by Forbes Advisor, an American business magazine, in February 2022, the average home security equipment costs in the USA vary from $5 (with the purchase of a contract) to more than $600 per month. Furthermore, according to the article published by Safewise, an unbiased home security review company, in January 2021, nearly a third of Americans spent more than $ 600 on home technology this year, which is the same amount as the stimulus payments they received. The rising security concerns and investment in security equipment will increase the demand for security equipment such as walkie-talkies for internal communication. As a result, the growing budget for security equipment drives the walkie-talkie market.
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The global walkie talkie market share is expected to grow from $5.46 billion in 2021 to $6.08 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global walkie talkie industry growth is expected to reach $9.03 billion in 2026 at a CAGR of 10.4%.
Technological advancements are gaining popularity among the walkie talkie market trends. The manufacturing companies are doing a huge amount of research and development for their products to meet the market demand and maximum market share. Many companies in the market are launching new and the latest products to provide an enhanced experience to their customers. For instance, in August 2021, Motorola Solutions, an American video equipment, telecommunications equipment, software, systems, and services provider, launched APX NEXT Smart Radio, a next-generation, public safety radio that provides mission-critical voice communications on land- mobile radio (LMR) networks while using broadband networks for data applications.
Major players in the walkie talkie market are Entel Group, Hytera Communications, Icom Inc., Kirisun Communication Co. Ltd., Motorola Solutions Inc., Shenzhen HQT Science And Technology, Uniden Holdings Corporation, Tait International Ltd., Hongkong Retevis Trade Co., Ltd., BK Technologies Inc., Hytera Communications Corp. Ltd., L3Harris Technologies Inc., Thales Group, Icom America Inc., and Sepura plc.
The global walkie talkie market analysis is segmented by type into wearable walkie talkie devices, handheld walkie talkie devices; by product type into analog, digital; by distribution channel into offline channel, online channel; by application into government and police, military and defense, retail and manufacturing, industrial and commercial, security agencies, others.
North America was the largest region in the walkie-talkie market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global walkie talkie market during the forecast period. The regions covered in the global walkie talkie market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Walkie Talkie Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide walkie talkie market overviews, walkie talkie market analyze and forecast market size and growth for the whole market, walkie talkie market segments and geographies, walkie talkie market trends, walkie talkie market drivers, walkie talkie market restraints, walkie talkie market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geography.
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