Report : VHF Radio Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type (Handheld, Fixed-Mount); Application (Marine, Aviation, Land)
According to our latest market study on “VHF Radio Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast – by Type (Handheld, Fixed-Mount); Application (Marine, Aviation, Land): and Geography,” the market was valued at US$ 3177.37 million in 2019 and is projected to reach US$ 6218.05 million by 2027; it is expected to grow at a CAGR of 8.9% from 2020 to 2027.
In 2019, North America led the global VHF Radio market with decent revenue share, followed by Europe. North America constitutes developed economies, such as the US, Canada, and Mexico. North America includes developed economies, such as the US and Canada, as well as emerging economies, such as Mexico. Technological developments make North America a highly competitive market for various companies. The companies in this region are continuously developing overall business processes to meet end users’ demands for high-quality products. At present, the US boasts of strong port infrastructure and maritime sector due to its substantial reliance on imported goods and notable outsourcing of manufacturing and production facilities over Asian economies. Thus, the country presently relies on numerous maritime industry-related products for seamless operations, maintenance, and industry growth.
Recreational boats are increasingly cruising to new horizons due to the rising tourism industry in the region, increasing economic development, and surging participation in boating activities. The region represents a huge market for recreational boats due to the growing interest of individuals in recreational boating. Individuals use these boats for pleasure and fun activities amid trip with family and companions. The huge adoption of recreational boating in the region opens new possibilities for VHF radio equipment since boaters must use the finest channel when communicating on VHF radio.
As per FCC regulations, boaters having VHF radios must maintain a watch on either channel nine or channel 16 whenever the radio is turned on and not communicating with another station. The FCC announced the VHF-FM channel nine as a supplementary calling channel for recreational boaters at the request of the US Coast Guard. Several companies in the region are designing various types of VHF radios for the marine industry. For instance, Garmin Ltd. provides fixed-mount VHF 210 AIS radio displays with 25 W transmit power, optimizing communication, situational awareness, and collision avoidance. The product includes frequency bands for all US and Canadian marine channels.
Increase in air traffic has made it essential for airports in the region to opt for VHF radio communication equipment to ensure the efficiency of airlines. Increasing trend of wireless communication has led to noteworthy developments in VHF radio systems. The focus of component manufacturers in designing next-gen systems is propelling the market in the region.
In 2019, Europe stood second in the VHF Radio market with a decent market share and it is anticipated to witness a steady CAGR from 2020 to 2027. Germany, France, the UK, and Italy are among the prime contributors to the European VHF radio market. Western Europe is a well-known region for its improved living conditions, with higher income levels of residents. The countries in the region have more GDP per capita as compared to the rest of the countries. The steady economic progress is a good indicator of VHF radio product manufacturers' opportunities in European countries. The European region has a prominent maritime industry due to the robust presence of industrial manufacturing and international trade from numerous countries.
Furthermore, the region’s prominent economic support and the well-equipped infrastructure capabilities to handle large cargo volume through technological solutions have contributed significantly to the region’s overall market share. Presently, the region’s maritime industry constitutes a significant presence of commercial and defense vessels across countries, such as the UK, France, Russia, Germany, and Italy. As per Europa, ~75% of European external trade travels through European ports; the shipping industry plays a crucial role in connecting the region with its trade partners. Thus, due to the growing focus on the marine industry, the demand for VHF radio is surging immensely. VHF radio is an essential tool for mariners who venture out on the water, whether offshore or on inland waterways. It is mainly used to contact harbors & marinas and call rescue services.
Companies adopt inorganic market strategies to expand their footprints across the world and meet the growing demand. The VHF Radio market players mainly focus on the acquisition strategy to expand their business and maintain their brand name globally. For instance, in 2020, Jotron introduced Emergency VHF AM handheld radio – Tron TR30 Air. The radio will be launched at Nor-Shipping in Oslo.
Impact of COVID-19 on VHF Radio market
The huge increase in the number of confirmed cases and rising reported deaths in the country affects both manufacturing and sales of VHF Radio components used. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the VHF radio market. North America is home to many manufacturing and technology companies, and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US will impact the VHF radio market growth of North America negatively for the next few quarters.
VHF Radio Market — Geographic Breakdown, 2019
The report segments the global VHF Radio market as follows:
Global VHF Radio Market – By Type
Global VHF Radio Market – By Technology
Global VHF Radio Market – By Type
Global VHF Radio Market – By Industry