India Safes and Vaults Market Size is Expected to Reach US$ 241.6 Million by 2027

According to the latest report by IMARC Group "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 represent metal-framed hollow cylinders that are designed for safekeeping valuable commodities under high-risk conditions. They are of several types, including electronic, biometric, mechanical, etc., and can be categorized into numerous categories based on functions, such as cash management safes, gun safes and vaults, depository safes, media safes, jewelry safes, etc. Safes and vaults are resistant to fire, water, and chemicals and offer protection against robbery, burglary, and unauthorized intrusions as they are impenetrable by external force and can be accessed only through passcodes, numerical pins, passwords, and biometric codes. Consequently, they find extensive applications across banking and non-banking sectors in India.

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India Safes and Vaults Market Trends:

The rising crime rates and the increasing concerns among the masses about the safety of valuable assets are among the key factors driving the India safes and vaults market. Apart from this, the elevating construction of smart homes with upgraded security solutions and the shifting preferences toward efficient safety solutions that can be utilized for cash dispensing and storing media data and laptops are acting as significant growth-inducing factors. In addition to this, the inflating expenditure on research and development (R&D) activities by leading market players to introduce technologically advanced product variants integrated with video monitoring systems, fingerprint scanners, alarms, and other innovative solutions is also positively influencing the market across India. Moreover, the escalating need for the product in the healthcare segment for minimizing instances of drug burglaries and prescription-related thefts is expected to augment the India safes and vaults market in the coming years.

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 competitive landscape of the industry has also been examined along with the profiles of the key players.

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