According to the latest report by IMARC Group, titled “India Safes and Vaults Market: Industry Trends, 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 refer to metal-framed secure storage systems used for safekeeping valuable items under high-risk situations. They are made using thick metal panels, making them impenetrable by external force and are usually accessed through passcodes, passwords or biometric codes. In India, these safes and vaults are installed in various residential and commercial spaces as they are resistant to fire, chemicals, and water and provide protection against robbery, burglary and other unauthorized intrusions.
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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.
The rising crime rates and growing concerns regarding the security of valuable assets represent the primary factors driving the India safes and vaults market. Additionally, their increasing adoption in the healthcare sector to reduce prescription-related thefts and drug burglaries is another major growth-inducing factor. Furthermore, the introduction of technologically advanced product variants integrated with fingerprint scanners, video monitoring systems and alarms by key players has escalated the product demand across the country. Moreover, the high disposable incomes of consumers and rapid development of smart homes with upgraded security solutions are also anticipated to create a favorable market outlook in the coming years.
India Safes and Vaults Market 2022-2027 Analysis and Segmentation:
The report has segmented the market on the basis on region, type, function type, application, end user.
Breakup by Type:
Breakup by Function Type:
- Cash Management Safes
- Depository Safes
- Gun Safes and Vaults
- Vaults and Vault Doors
- Media Safes
Breakup by Application:
Breakup by End User:
- Banking Sector
- Non Banking Sector
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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