Stand-Alone Radio Receivers Industry Overview
The global stand-alone radio receivers market size was valued at USD 276.3 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 1.2% from 2022 to 2028. This can be credited to the rising demand for stand-alone radio receivers from developing regions such as the Asia Pacific. The rising development in technologies to furnish consumer demands is expected to generate market opportunities over the coming years.
Constant investments by major market players in research and design for the development of new devices with superior features are likely to propel the industry growth of stand-alone radio receivers. Additionally, key players are focusing on developing easy-to-use and high-performing devices due to steady demand from the consumer side.
Gather more insights about the market drivers, restrains and growth of the Global Stand-Alone Radio Receivers Market
Owing to the COVID-19 pandemic, the demand for the market has been affected. New projects all over the world have been delayed, which resulted in a decline in demand for stand-alone radio receivers from end-users. Global factories have faced difficulties to integrate new stand-alone radio receivers as workers have stayed in their homes, which disrupted the global supply chains. The COVID-19 lockdowns are expected to help companies think about more advanced stand-alone radio receivers to enhance efficiency.
The supportive government initiatives for the consumer electronics industry is anticipated to promote the growth of the market. Initiatives such as green buildings that support energy-efficient radio receiver devices are projected to drive the growth of this market. Also, various initiatives regarding the development of energy-efficient devices and increasing manufacturing capacity are anticipated to result in a rise in the demand for radio receiver products. All these factors are expected to drive positive growth in this market in the coming years.
The rising investments by market players to launch new devices are further projected to drive the industry sales. However, the availability of counterfeit products and the lesser lifecycle of products may challenge the progression of the market. Also, rising consumer adoption of new products incorporated with the latest technologies owing to rapid changes in the consumer technology field may hamper the growth of this market.
The main drivers that have augmented the stand-alone radio receiver market development are the rise in next-generation wireless networks, the growth in mobile communication equipment, and an increase in data traffic. The concept of carrier aggregation, a rise in silicon on insulator technology, an increase in usage of internet services, and declining prices of mobile handsets are expected to fuel the growth of the stand-alone radio receiver market.
The growing trend of miniaturization in electronic devices is also propelling the demand for the stand-alone radio receiver industry globally. The growing number of applications such as home automation, smart grids, and medical implants that use stand-alone radio receivers are also propelling the market growth. In terms of value, the U.S. constitutes the largest market for imported stand-alone radio receivers in 2021. Driven by the rising demand for stand-alone radio receivers globally, the market is anticipated to witness an increasing usage trend during the forecast period.
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Key Companies Profile
Major companies operating in the global stand-alone radio receivers market are as follows:
- Sony
- Panasonic
- Philips
- Bose
- Roberts Radio
- Tivoli Audio
- Ruark Audio
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