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PORTLAND, OREGON, UNITED STATES, September 16, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global walkie talkie market generated $3.2 billion in 2020, and is estimated to reach $7.3 billion by 2030, manifesting a CAGR of 8.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Increase in spending by governments and public safety agencies, diverse use of walkie talkies in driving sales, and surge in adoption of digital radios drive the growth of the global walkie talkie market. However, limitations regarding range and bandwidth limit the market growth. On the other hand, product innovations and increase in online retail platforms create new opportunities in the coming years.
To increase demand for walkie talkies in the market, in terms of value sales, major market participants have employed important developmental methods, such as product launches. Additionally, they have placed a great emphasis on ongoing product innovation to preserve market dominance and increase walkie-talkie demand on a global scale. Additionally, producers are constantly coming out with new walkie-talkie designs to boost sales in order to meet the growing needs of the hospitality business, the defence industry, airports, upscale hotels & resorts, and other industries.
The report offers detailed segmentation of the global walkie talkie market based on product type, end user, distribution channel, and region.
Based on product type, the analog segment held the highest share in 2020, accounting for nearly three-fifths of the total share, and is projected to maintain its lead during the forecast period. However, the digital segment is expected to portray the largest CAGR of 9.4% from 2021 to 2030.
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Based on end use, the commercial segment contributed to the largest share in 2020, accounting for more than four-fifths of the global walkie talkie market, and is expected to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 9.0% from 2021 to 2030. The research also analyzes the residential segment.
Based on region, North America accounted for the highest share in 2020, contributing to nearly two-fifths of the total share, and is expected to maintain its lead position in terms of revenue by 2030. However, Asia-Pacific is estimated to witness the largest CAGR of 11.7% during the forecast period.
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Leading players of the global walkie talkie market analyzed in the research include Entel Group Hongkong Retevis Trade Co., Ltd., Icom Inc., Hytera Communications Corporation Limited, JVCKENWOOD USA Corporation, Motorola Solution, Inc., Kirisun Communication Co., Ltd, Tait Communications, Shenzhen HQT Science & Technology Co., Ltd., and Uniden Holdings Corporation.