According to the latest report by IMARC Group, titled “India Safes and Vaults Market Trends: Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,” The India safes and vaults market size reached US$ 150.9 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 241.6 Million by 2027, exhibiting a growth rate (CAGR) of 7.9% during 2022-2027.
Safes and vaults are secure storage systems used to safeguard valuable commodities from unauthorized intrusions. They are manufactured using thick metal panels that offer resistance against moisture, fire, water, and chemicals and provide protection from burglary and robbery. They help protect sensitive documents, monetary assets, arms and ammunition, critical records, and medical files. Besides this, they are impenetrable by external force and can be accessed through passwords, biometric codes, and numerical pins. As a result, safes and vaults are extensively adopted in residential and commercial sectors across India.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Increasing incidences of theft, burglary, and robbery, along with rising concerns among individuals about the safety of valuable physical assets, represent one of the key factors positively influencing the market in India. In addition, the growing adoption of safes and vaults by banks, financial institutions, and enterprises for secure cash dispensing and storing media data and files is creating a positive outlook for the market in the country. Furthermore, the rising utilization of password-protected safes and vaults to prevent drug burglaries and prescription-related thefts is contributing to the market growth. Moreover, the escalating demand for technologically advanced variants integrated with alarms, finger-print sensors, video monitoring systems, seismic detectors, and auto-locking mechanisms is driving the market.
Breakup by Type:
Electronic
Biometric
Mechanical
Breakup by Function Type:
Cash Management Safes
Depository Safes
Gun Safes and Vaults
Vaults and Vault Doors
Media Safes
Others
Breakup by Application:
Residential
Commercial
Breakup by End User:
Banking Sector
Non Banking Sector
Breakup by Region:
North India
West and Central India
South India
East India
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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