According to the latest report by IMARC Group "India Safes and Vaults Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The India safes and vaults market size reached US$ 165.2 Million in 2022 Looking forward, IMARC Group expects the market to reach US$ 259.7 Million by 2028, exhibiting a growth rate (CAGR) of 7.54% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Safes and vaults are containers made of metal frames used to protect valuable items in high-risk situations. They are equipped with features, such as fire, water, and chemical resistance, and offer protection against break-ins, robbery, and unauthorized access. They also facilitate high-security storage solutions using codes, passwords, biometric data, or numerical combinations. At present, they are widely used in both residential and commercial settings across India.
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India Safes and Vaults Market Trends:
The rising crime rate and increasing concerns about the protection of valuable assets represent one of the key factors positively influencing the market in India. In addition, the increasing disposable income of consumers and rising investments in the renovation and construction of smart homes with improved security features are contributing to market growth in the country. Moreover, the escalating demand for technologically advanced products equipped with monitoring systems, video surveillance, alarms, and fingerprint scanners are creating a positive outlook for the market. Additionally, the increasing use of safes and vaults in the healthcare sector to curb drug theft and prescription-related crimes is fueling market growth in India. Furthermore, the growing tourism industry is catalyzing the demand for safes and vaults as more hotels require secure storage solutions for the valuables of guests, which, in turn, is driving the market.
Report Segmentation:
The report has segmented the market into the following categories:
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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