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The personal safety alarms market size is estimated to grow at a CAGR of 8.9% between 2022 and 2027. The market size is forecast to increase by USD 84.7 million. The growth of the market depends on several factors, including increasing personal safety concerns, growing premiumization of personal safety alarms, and growing expansion of the product portfolio.
This personal safety alarms market report extensively covers market segmentation by distribution channel (offline and online), type (mobile phone app, stand-alone devices, vehicle-based, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing personal safety concerns are notably driving the market growth, although factors such as personal safety whistles as potential substitutes impedes the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the personal safety alarms market growth is the increasing personal safety concerns. Due to the increasing number of crimes, such as robbery, theft, house break-ins, and dacoity, globally, there is a rising demand for personal safety alarms globally. For instance, of all cognizable IPC crimes in 2021, crimes against the human body accounted for 30%, crimes against property for 20%, and other IPC crimes for 29.7%. In 2021, there were 2.1 murders for every 100,000 people, 7.4 kidnappings for every 100,000 people, and 4.8 rapes for every 100,000 people.
According to the Centers for Disease Control and Prevention (CDC)'s most recent data,more Americans died from gun-related injuries than in any other year on record in 2021. Thus the above factores will drive the growth of global personal safety alarms during the forecast period.
A key factor shaping the personal safety alarms market growth is the increase in product innovations. As vendors are developing new product innovations in terms of technology, product shape and design, and other factors, there is a rising demand for personal safety alarms globally.
For instance, the newly released KATANA Safety Wallet for OtterBox uniVERSE combines Katana Safety's patented safety technology with the OtterBox uniVERSE modular case system. Thus,various vendors operating in the market in focus are offering personal safety alarms with innovative features to ensure a more reliable immediate response if the wearer of the personal safety alarm faces an emergency. Hence, this trend is expected to drive the global personal safety alarms market growth during the forecast period.
Personal safety whistles as potential substitutes is one of the key challenges hindering the personal safety alarms market growth. As personal safety whistles are designed for security applications, it can be a key potential a substitute for personal safety alarms. Moreover, whistles are more affordable and easier to use when compared with personal safety alarms, which can pose as a mjor challenge for personal safety alarms market growth.
Factors such as whistles do not require any battery to function and whistles can be worn on the wrist or can be hung over the neck for easy application are some of the key reasons which leads to the increasing adoption of personal safety whistles. Thus, due to this increasing preference of saety whistles, it can significantly impede the global personal safety alarms market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Personal Safety Alarms Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cutting Edge Products Inc: The company offers personal safety alarms such as mini window alarm, door stop alarm, pro tech door alarm, virtual k9 barking dog alarm and more. Also, the company offers self-defense and security products strun gun, pepper spray, and more.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. In 2022, the offline distribution channel accounted for the highest market share. One of the key reason is that the offline distribution segment is considered the most effective mode of distribution as it offers the touch-and-feel experience, which is the most influential means of marketing to consumers. Additionally, consumers can check the products before purchasing them in physical stores.
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The offline segment was valued at USD 77.22 million in 2017 and continued to grow until 2021. Another type of efficient offline distribution channel are the specialty stores which hold exclusive merchandise of personal safety products, including personal safety alarms, with a comprehensive product mix. In addition, allow prominent vendors to offer a wide assortment of products.Thus the specialty store format has witnessed steady growth as it is the most convenient retail channel for both end-users and vendors which in turn can increase the market growth of offline segment during the forecast period.
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North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the key reasons for the significant market growth of personal safety alarms in North America is due to the rapid adoption of personal safety alarms due to growing crime rates, especially against women, elderly people, and children in the region.
North America is aconsidered as one of the most populated urbanized regions globally as over 80% of the population in the US and Canada and a slightly lower percentage of the population in Mexico live in urban areas. Furthermore, as the US and Canada are among the top countries with high penetration of smartphones and the Internet, the trending e-commerce platform is expected to increase teh demand for trending personal safety products such as personal safety alarms in the region.
In 2020, during the COVID-19 pandemic, the personal safety alarms market witnessed a significant slowdown in North America as there was a decline in outdoor activities due to lockdown restrictions imposed to curb the spread of the disease. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of manufacturing facilities of personal safety alarms. Such factors are expected to drive the market during the forecast period.
The personal safety alarms market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global personal safety alarms market as a part of the global electronic equipment and instruments market within the overall electronics market. Eventhough factors such as increasing demand for electronic test and measurement equipment,growing demand for metrology equipment and services and growing demand for POS terminals drives the market growth, other factors including growing market for equipment rental/leasing, growing e-commerce market and lack of skilled human resources impede the market growth. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Personal Safety Alarms Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.9% |
Market growth 2023-2027 |
USD 84.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.74 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 48% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADT Inc., BASU, Cutting Edge Products Inc., Doberman Security Products Inc., General Electric Co., Honeywell International Inc., JNE Security Ltd., Kasiel Solutions Inc., KATANA Safety Inc., Mace Security International Inc., MaxxmAlarm, Revolar Inc., SABRE, Safelet BV, SeniorWorld, Super Sparkly Safety Stuff LLC, Telefonaktiebolaget LM Ericsson, Unaliwear Inc., Verve Safety, and WEAlarms Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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