How Much Revenue Stand-Alone Radio Receivers Market Will Generate Globally Till 2028? |Grand View Research, Inc.

Posted by Mrudula Karmarkar on September 23rd, 2022

The global stand-alone radio receivers market size is expected to reach USD 300.51 million by 2028, registering a CAGR of 1.2% during the forecast period, as per a new report by Grand View Research, Inc. The rising middle-class population in emerging nations such as China, India, and Brazil is driving the demand for stand-alone radio receiver devices. Major players operating in the stand-alone radio receiver industry are focusing on developing easy-to-use and high-performing devices due to steady demand from the consumer side.

The increasing consumer spending and disposable income are driving the growth of the market for stand-alone radio receivers during the forecast period. This industry has progressed substantially over the last few years due to various novel technological advancements. The emergence of the latest devices and technological spread is anticipated to be the major driving factor for the growth during the forecast period. However, the increasing adoption of technologically advanced radio receivers has led to lower sales of traditional standalone receivers, which is estimated to pose a threat and challenge to the market growth.

The impact of the COVID-19 pandemic on the standalone radio receiver market is short-term, as only the manufacturing and supply chain is delayed. As the situation improves, manufacturing, supply chains, as well as demand for stand-alone radio receivers are expected to witness a surge. The COVID-19 lockdown would help firms to think about further advancements in stand-alone radio receivers to increase efficiency.

Several governments are taking initiatives and reforms in energy-effective consumer electronics, which has resulted in a remarkable impact on the market for stand-alone radio receivers. Stringent regulations are being implemented in North America related to energy efficiency. This industry faces numerous challenges due to supply-related delays, changing consumer preferences, and production disorders.

This market is at an inflection point in terms of product development and manufacturing. In order to meet future challenges, the planning of the conventional supply chain is not satisfactory. Therefore, to cope with the ever-evolving customer preferences, shrinking margins, and intense competition, the OEMs are focusing on constructing a well-organized supply chain.

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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.

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.

Stand-Alone Radio Receivers Market Report Highlights

• Asia Pacific is expected to register the fastest growth of 2.6% from 2022 to 2028, owing to the rising demand for radio receivers in developing countries, including India and China
• North America dominated the market by contributing over 60% of the global revenue in 2021, due to the rising adoption of radio receivers among millennials in this region
• The offline distribution channel segment held the largest share in 2021, contributing to over 83% of the overall revenue, owing to the growth of the organized retail sales sector all over the world 

Market players are focusing on extensive R&D and launching energy-efficient products to meet the increasing demand. Key players are investing in acquisitions and mergers to increase their production capacity along with market expansion. These activities have created a way for the development of the business as well as the customer base of companies operating in the market. The industry players in the market for stand-alone radio receivers are expected to provide ample development opportunities during the forecast period. Major companies operating in the global stand-alone radio receivers market are as follows:

• Sony
• Panasonic
• Philips
• Bose
• Roberts Radio
• Tivoli Audio
• Ruark Audio