As per a new report published by Fact.MR, the global jobsite radio market is anticipated to exceed a valuation of US$ 980 Mn in 2021, and is expected to expand at an impressive CAGR of around 8.5% over the forecast period of 2021 to 2031.
North America is a high potential market for jobsite radios, with demand increasing from both, industrial and residential users. At present, North America holds the largest revenue in the global jobsite radio market, with the presence of over 2,500 home improvement stores selling jobsite radios. For instance, The Home Depot sells jobsite radios of established brands such as Milwaukee, DEWALT, Makita, Ryobi and RIDGID, whereas Lowe’s covers jobsite radio brands such as Naxa, SuperSonic, CRAFTSMAN, POTER CABLE, and others.
While the global market is in its growth phase in developed economies such as North America and Europe, it is in the introduction phase in South Asia and MEA due to limited manufacturers of jobsite radios and low budget allocation for workforce entertainment. To combat this, manufactures of jobsite radios are focusing on increasing their market penetration for long-term profits in unexplored regions.
Key Takeaways from Market Study
- In 2020, one-third of global market revenue was generated solely by North America.
- AC/DC powered jobsite radios account for more than 90% global sales, and are utilised at large in North American countries.
- In 2020, North America and Europe together accounted for over 70% of the global market share. The European market is expected to offer over US$ 330 Mn absolute dollar opportunity over the next ten years.
- The jobsite radio market is highly concentrated, with companies such as DEWALT and Milwaukee Electric Tool Corporation holding around 33% of the global market share.
- In terms of sales channels, home improvement stores and online retailers held around 86% of the overall market share in 2020.
- By end user, globally manufacturing companies account for the largest market share of over 30%, followed by construction companies at around 20%.
- The market in South Asia is projected to expand at a CAGR of around 10%, offering an absolute dollar opportunity of around US$ 100 Mn from 2021 to 2031.
- Due to the COVID-19 pandemic, the market witnessed a growth rate of -2.7% in 2020.
- The market in the U.S. and U.K. is expected to expand at CAGRs of around 7% and 10%, respectively, while that in India and China at 11% and 12%, respectively, through 2031.
“Manufacturers of jobsite radios can equip these devices with artificial intelligence, which apart from enhancing user experience, will also affirm their sustainable future,” says a Fact.MR analyst.
Recently, there has been significant increase in the usage of lithium-ion batteries in cordless jobsite radios. From 2017, companies have been switching from AC power source to battery supported devices, as they are more portable and convenient for worksite applications. Among all jobsite radios, cordless products cover 88% of the production share, among which, 95% are manufactured with lithium-ion batteries. Growing need for wireless/ cordless jobsite radios with a long battery life is the major reason for the growing demand for lithium-ion batteries in jobsite radios.