Safes and Vaults Market share is expected to grow USD 8,541.60 million at a CAGR 6.50% during the forecast period 2022-2030.
The Global Safes and Vaults Market is projected to register a CAGR of 6.50% and reach a value of USD 8,541.60 million by 2030.
Safes and vaults are systems used to keep and store cash or valuable things such as documents records and devices. Safes are easily shifted whereas vaults are usually built-in construction of building. Both safes and vaults protect valuable things from illegal access, theft, disasters, and fire. The content of the products can be accessed post verification and validation using key, code, or biological identification. Some of the significant reasons for the growth of the global safes and vaults market are rising applications of electronic and biometric safes and vaults, growing commercial banks and retail sector and increase in crime rate and concern about the safety. Moreover, new product launches and rising application of the safes and vaults for protect of the valuable things is expected to be a prime opportunity are for market players. However, duplication of safes and vaults technology at lower price is expected to hamper the growth of the global safes and vaults market during the years to come.
The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to the safes and vaults business. There are numerous risks related to the outbreak of the COVID-19 pandemic. COVID-19 spread across the globe during 2020 and continues to impact economic activity around the globe. COVID-19 caused disruption and volatility in the global capital markets and authored an economic slowdown during 2020. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the safes and vaults market in most geographies and across a variety of customers. In regard to COVID-19, governments around the world have introduced certain measures, such as travel prohibitions, shutdowns of certain businesses, bans on group events and gatherings, shelter-in-place orders, curfews, and recommendations of practicing social distancing. These restrictions have resulted in weakening activity and temporary closures of manufacturing facilities.
The outbreak of the pandemic and subsequent international lockdown of inter-country movements had a substantial impact on the export and overseas trade of safes and vaults. Also, the impact has affected the supply of raw materials in the initial period. With the increased of spread of the virus, the installation of home safes had a substantial impact on general sales and installation in the non-banking sector. The positive impact on the safe and vault market is the e-commerce channel of sales was gaining growth. An indirect impact of the pandemic on the banking sector is the gained momentum of neo-banks and branchless banks which would impact the sales volume of safes and vaults negatively
The global safes and vaults market is expected to register a notable growth rate during the forecast period. The rapidly growing commercial banks and retail sector and increase in crime rate and concern about the safety are mainly driving the market growth. However, the availability of advanced key duplication technologies to hamper the market growth. Nevertheless, the increasing application of smart safes and vaults through innovations and upgrades is projected to create opportunistic areas for market players in the global market in the coming years.
The growing crime rate and concern about the safety of valuable assets are projected to drive the growth of the safes and vaults market. Increasing cases of theft and burglaries are concerning the general population for the safety of their assets. For instance, according to a data published by US Department of Justice, there are 2.5 million burglaries annually in the United States. 66% of these are home invasions. Additionally, in 2019, according to the crime report 2019 by the Indian government, offences against properties which included theft and burglaries rose by 6.5% to 8,54,618 cases between 2018 and 2019. The majority of these cases were theft (6,75,916 cases) and burglaries (1,00,897 cases) which resulted in the loss of assets. The growth in thefts of personal assets has enforced people to invest in safes and vaults to protect their assets from any such misevent. Thus, an upsurge in crime rate and concern about the safety of valuable assets are driving the growth of the global safes and vaults market.
The maximum number of violations in security procedures occur due to unauthorized key duplication. Burglars and thieves that seek to copy a key face few to no challenges. There are advanced technologies available to duplicate most standard keys, such as laser cutting, which maps the exact size and shape of the original key. The ‘do-not-duplicate’ label on keys is only honored by professional locksmiths familiar with the manufacturer. The increasing number of local locksmiths in hardware stores and malls has made the duplication of keys easier by unauthorized users, assuming the specific keyblank is available with the locksmith. Locksmiths are also available online; they process the uploaded image of the original key to prepare a duplicate, which is mailed to the customer. The easy duplication of keys using advanced technologies is anticipated to hamper the growth of the global safes & vaults market during the assessment period.
Over the last decade, there have been rapid technological developments in safes & vaults, resulting in a shift from mechanical to electronic and smart safes & vaults. Fingerprint-based technologically advanced safes are a key trend in the safes and vault market. Fingerprint-based safes consist of a biometric fingerprint scanner, which scans and stores a detailed image of the fingerprint in encrypted digital format. Once the fingerprints are stored, the biometric scanner recognizes each user’s fingerprint for providing safe and secure access to assets within the system.
With growing crime and the rising instances of burglaries and unauthorized access, biometrics have been introduced in locks as a superior authentication tool that scans unique human anatomical features such as retinas, fingerprints, and even the veins in a person’s hand. This advancement helps in quicker access while maintaining a controlled environment. Also, locks controlled via mobile apps and Bluetooth and fingerprint sensors on padlocks are getting introduced in the market. Thus, various technological developments offer the manufacturers of smart safes & vaults lucrative growth opportunities.
Retailers across regions, private-label brands, and international brands offer low-cost substitutes to consumers and increase revenue generation. According to MRFR analysis, retail sales for safes & vaults have increased gradually over the last two years due to increased sales of private-label brands. In addition, these private-label manufacturers sell their products in the unorganized market, thereby limiting the growth of the players in the global safes & vaults market. Furthermore, product pricing by local companies is relatively low compared to those offered by the prominent market players that have achieved economies of scale by investing heavily in raw materials and technology. The sales of private-label products are largely unaccounted for, which creates a gap between the production volume and the revenue generated in the safes & vaults market. Hence, the increase in the number of private-label manufacturers offering products at low costs is likely to hinder the growth of the established players in the global safes & vaults market during the forecast period
Insights By Type
Based on the usage Type of xanthan gum, the global Safes and Vaults market has been segmented into Traditional, Electronic, and Biometric. The traditional segment accounted for 39.27% in 2021, while the biometric segment is likely to register the highest CAGR of 6.91% during the review period.
Insights By Function
Based on Function, the global Safes and Vaults Market has been bifurcated into Cash Management Safes, Depository Safes, Gun Safes & Vaults, Vault & Vault Doors, Media Safes, and Others. The cash management safes segment accounted for the largest market share of 29.63% in 2021, whereas the Vaults and Vault Doors segment is expected to witness the highest CAGR of 7.0%.
Insights By Application
Based on end-use, the global Safes and Vaults have been segmented into Residential and Commercial Safes and Vaults. The Residential segment accounted for a larger market share of 30.84% in 2021 and is likely to register the highest CAGR of 7.1% during the forecast period.
Insights By Industry
Based on Industry, the global Safes and Vaults have been segmented into Banking Sector and Non-Banking Sector. The Banking Sector segment accounted for a large market share of 56.78% in 2021, while the Non-Banking Sector is likely to register the highest CAGR of 6.7% during the projected period.
Sources: MRFR Analysis
By region, the Global Safes and Vaults Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share of 35.60% in 2021. Europe was the second-largest market in 2021 and is projected to exhibit a CAGR of 6.50% during the review period. Whereas the Asia-Pacific is expected to register the highest CAGR of 7.40% during the forecast period.
North America Outlook
The largest region is North America. It includes nations like the United States and Canada. Due to the rise in the number of retail outlets, which has aided in the market's expansion, North America is one of the regions with the biggest revenue contributions for safety systems. Safes and vaults have contributed significantly to the economy of North America for almost a century. Additionally, the extraordinary spread of the COVID-19 epidemic is anticipated to boost the need for safes and vaults in the US as people seek to protect their valuables from theft, natural calamities like earthquakes and floods, as well as man-made risks. During the projected period, increased R&D spending as well as the development of advanced safes technologies are anticipated to fuel market expansion. The market for safes and vaults is anticipated to be strongly influenced by the growing demand for smart safes. Due to non-banking retail outlets greater dependency on small-value transactions to generate significant amounts of cash flow, there is a greater need for smart safes to handle end-of-day deposits
Germany, the UK, France, Italy, Spain, Russia, and the rest of Europe are all included in the analysis of the European market. The market is expanding as a result of rising hotel and residential safe demand, the trend toward negative interest rates, European security regulations, and the availability of modern safe and vault products. The need for better risk management, safety solutions, and a higher penetration rate of highly advanced safes among manufacturing plants, logistics centers, power plants, prisons, casinos, and others to store sensitive information and money all have enhanced the adoption of safes and vaults in this region. The safes and vaults sector is crucial to the development of the European economy because it guarantees security to homes and business owners' precious belongings across the continent.
The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such as Solvay SA (Europe), International Flavours & Fragrances Inc (US), Archer Daniels Midland Company (US), and Jungbunzlauer Suisse Ag (Switzerland) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.
Prominent players in the Global Safes and Vaults Market include The American Security (US), Caradonna (France), Godrej (India), Gunnebo (Sweden), Diebold Nixdorf, Incorporated (US), Alpha Safe & Vaults, Inc(US), Kumahira Co. Ltd (Japan), Kaso (Finland), Safeguard Safes (Australia), Shinjin Safes (South Korea).
Few developments that occurred in recent times influencing the market growth of gardening tools are listed below:
Global Safes and Vaults Market, by Type
Global Safes and Vaults Market, By Function
Global Safes and Vaults Market, by Application
Global Safes and Vaults Market, by Industry
Global Safes and Vaults Market, by region
|Market Size||8,541.60 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Industry|
|Geographies Covered||North America, Europe, Asia Pacific|
|Key Vendors||American Security (US), Caradonna (France), Godrej (India), Gunnebo (Sweden), Diebold Nixdorf, Incorporated (US), Alpha Safe & Vaults, Inc(US), Kumahira Co. Ltd (Japan), Kaso (Finland), Safeguard Safes (Australia), Shinjin Safes (South Korea)|
|Key Market Opportunities||Growing application of smart safes and vaults|
|Key Market Drivers||Increase in crime rate and concern about the safety|
American Security, Caradonna, Godrej, Gunnebo, Diebold Nixdorf, Incorporated, Alpha Safe & Vaults Inc Kumahira Co. Ltd, Kaso, Safeguard Safes, and Shinjin Safes are the Top Companies in Safes and Vaults Industry
Safes and Vaults Market will expect to reach 8,541.60 million USD by 2030.
By Growing application of smart safes and vaults and increase in crime rates.
North America is the biggest revenue contributions for safety systems
The Traditional, Electronic, Biometric and others are major types of safes and vaults.