WEARABLE DIGITAL WALKIE-TALKIE MARKET ANALYSIS(2020-2027)
Market Overview
A walkie-talkie is a hand-held, portable, two-way radio transceiver, which is equipped with a microphone and speaker. A wearable digital walkie-talkie is a compact, battery-operated, and wearable transmitting and receiving communication device. It is used for various applications including personal activity, commercial activity, store activity, training activity, tourism activity, military, and law enforcement. The global wearable digital walkie-talkie market focuses on five regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The global Wearable Digital Walkie-Talkie Market was accounted for US$ 11, 44.6 Mn in terms of value and 8,805 Thousand units in terms of volume in 2019 and is expected to grow at CAGR of 31.9% for the period 2020-2027.
Market Dynamics- Drivers
- Increased disposable income is expected to drive growth of the wearable digital walkie-talkie market during the forecast period
Rising disposable income and global consumer expenditure is the major factor boosting the demand for digital walkie-talkies. Furthermore, growing population, especially in emerging economies such as Asia Pacific is expected to drive growth of the global wearable digital walkie-talkie market during the forecast period.
- High growth of consumer electronics industry is expected to propel the global wearable digital walkie-talkie market growth over the forecast period
Consumer electronics industry across the globe, especially in emerging economies such as India and China is expanding rapidly. According to the India Brand Equity Foundation (IBEF), the Indian appliance and consumer electronics market was valued at US$ 10.93 billion in 2019 and is expected to reach US$ 21.18 billion by 2028. Evolution of consumer preference for connected devices is boosting the demand for the wearable digital walkie-talkie. Hence, these factors are expected to hinder the global wearable digital walkie-talkie market growth in the near future.
Statistics:
North America held dominant position in the global Wearable Digital Walkie-Talkie market in 2019, accounting for 36.9% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Wearable Digital Walkie-Talkie Market Share (%) in terms of Value, By Region, 2019
Wearable Digital Walkie-Talkie Market - Impact of Coronavirus (Covid-19) Pandemic
Many countries around the globe such as India, Spain and Italy have imposed nationwide lockdown. For Instance, India have imposed lockdown from 25 March to 1 June till the further notice. In this lockdown retail shops and Cinema halls in the malls will remain closed. The Digital Walkie-Talkie are widely used in the retail shops and Cinema halls for communication. Moreover the Digital Walkie-Talkie are widely used Hospitality Industry. Various governments around the globe such as Indian Government shut down the all the Hotels and Restaurants during the Lockdown. Owing to the above mentioned factors, the COVID-19 is expected to restrain the growth of the market in the year 2020.
Market Dynamics- Restraints
- Limited number of manufacturers is expected to hinder the global wearable digital walkie-talkie market growth over the forecast period
The wearable digital walkie-talkie market is at a nascent stage and currently, only a few players exist in the global wearable digital walkie-talkie market, i.e. STARNEX Co., Ltd., OrionLab, Inc., Theatro, AWIRE Technology Corp., etc. Thus, these factors are expected to hinder the global wearable digital walkie-talkie market growth in the near future.
- Stringent regulations regarding security are expected to hamper the global wearable digital walkie-talkie market growth during the forecast period
Wearable digital walkie-talkie technology needs further advancements and tweaking to develop a proper control system that will ensure security. Currently, the security system of these walkie-talkies has a few loop holes, especially when it comes to group administration. Therefore, these factors are expected to hamper the market growth over the forecast period.
Market Opportunities
- Rising demand for hands-free wearable digital walkie-talkie can present lucrative growth opportunities
Adoption of hands-free walkie-talkies is the latest trend in the market. A wearable walkie-talkie allows users to have their hands free to perform other tasks. Companies such as Starnex, Orion, formerly OnBeep & Theatro, are focused on manufacturing hands-free walkie-talkies. These devices are finding application in stores, for sporting events, trekking, and mountaineering, etc.
- Growing emphasis on low radio frequency usage to avoid regulatory restrictions
Functional dependence on radio frequencies makes use of walkie-talkies restricted to particular countries, as regulations differ for each country. Companies such as Orion are selling their products in specific countries such as the U.S. and Canada only, due to the same regulatory reason.
Figure 2: Global Wearable Digital Walkie-Talkie Market Value (US$ Mn), 2017 - 2027
The global Wearable Digital Walkie-Talkie market was valued at US$ 1,144.6 Mn in 2019 and is forecast to reach a value of US$ 9,373.8 Mn by 2027 at a CAGR of 31.9% between 2020 and 2027.
Market Trends
- North America Trends
Increasing number of market players
The number of wearable digital walkie-talkie manufacturers is steadily increasing in the North America region, especially the U.S., due to high demand for advanced technological products. Key companies involved in the regional market are Orion, Inc., Theatro, and AWIRE Technology Corp.
Growing demand for in-store communication devices
There is a high demand for in-store communication devices, especially in retail outlets. For instance, in 2013, The Container Store deployed wearable communication technology by Theatro for in-store communications.
- Latin America Trends
High growth of regional consumer electronics market
The Latin America consumer electronics market is expanding rapidly, which in turn, is boosting the demand for wearable digital electronic devices. Countries such as Brazil and Mexico are the main contributors to market growth in this region.
Slow rate of adoption as compared to other regions
Latin America represented a small share in the global wearable digital walkie-talkie market in comparison to other regions over the past few years. The adoption rate in this region is slow due to high product pricing.
Competitive Section
Major companies operating in the global wearable digital walkie-talkie market are AWIRE Technology Corp., STARNEX Co., Ltd., Theatro, and OrionLabs, Inc.
Key Developments
- Major companies in the market are focused on product launches, in order to enhance the market presence. For instance, in January 2018, OrionLabs, Inc. introduced App Talk, a new button feature that turns Orion mobile application into a walkie-talkie app.
- Key players in the market are involved in product development, in order to gain a competitive edge in the market. For instance, in July 2018, OrionLabs, Inc. introduced real-time voice communications for public safety.
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