Enjoy complimentary customisation on priority with our Enterprise License!
The safes and vaults market size is estimated to grow at a CAGR of 5.34% between 2023 and 2028. The market size is forecast to increase by USD 1.57 billion. The growth of the market depends on several factors, including increasing demand for safes and vaults from the healthcare industry, increasing use of safes and vaults in retail and e-commerce sectors, and an increase in commercial bank branches.
The report includes a comprehensive outlook on the Safes and Vaults Market, offering forecasts for the industry segmented by Product, which comprises cash management safes, depository safes, vaults and vault doors, gun safes and vaults, and others. Additionally, it categorizes End-user into banking and non-banking, and covers Geography regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Safes and Vaults Market Forecast 2024-2028
To learn more about this report, Request Free Sample
The increase in population, coupled with the generation of income opportunities in urban areas, has led to increasing urbanization across the globe. Such an increase in population and urbanization globally is encouraging banks to expand their presence in urban areas. Moreover, considering the large population residing in rural and sub-urban areas, several banks are opening their branches in such areas.
Furthermore, a significant number of bank branches provide locker services for their customers. Consequently, the increase in the number of bank branches across the globe will propel the demand for lockers. In addition, to ensure the utmost security, banks, especially those in developed countries, will invest in technologically advanced, new-generation lockers. Thus, such factors are anticipated to further drive the growth of the global safes and vaults market during the forecast period.
Customization allows for the integration of advanced security features tailored to specific requirements. This includes biometric authentication, electronic locking systems, and real-time monitoring capabilities, enhancing the overall security posture of the safes and vaults. Customized safes and vaults can be designed to meet the specific environmental conditions of diverse settings such as financial institutions, retail spaces, or residential properties. In addition, some of the market players offer customized safes and vaults.
For instance, Godrej offers customizable safes with features such as biometric locks, fire resistance, and varied size options. Their range includes solutions suitable for homes, businesses, and financial institutions. In addition, as the demand for personalized security solutions continues to rise, manufacturers such as Godrej, Alpha Safe and Vault, and Acme Safe are positioned to capitalize on this trend by offering a diverse range of customizable safes and vaults and will drive the growth of the market during the forecast period.
Manufacturing companies are incorporating cutting-edge technologies like alarm systems, sophisticated locks, and surveillance systems in their products to increase the safety and security provided by safes and vaults. Although incorporating such technologies improves the security provided by these products, it also significantly raises the price. In addition, raw materials like bronze, copper, and hardened steel are used to make safes and vaults. The final cost of safes and vaults will be affected by any changes in the price of these raw materials.
Additionally, safes and vaults are made with a much longer lifespan in mind when they are being designed and produced. This significantly lowers the likelihood that customers will make another purchase in a short period. Thus, such factors will hinder the growth of the global market during the forecast period.
The cash management safes segment will account for a major share of the market's growth during the forecast period. Cash management safes provide on-demand cash deposit and dispense services. These are used in banks, retail shops, and cash-in-transit (CIT) applications. These safes are usually integrated with liquid-crystal display (LCD) screens that feature various transaction options such as withdrawal, transfer, or deposit of cash. Moreover, cash management safes are integrated with an all-purpose calculator that tracks the amount of cash deposited and dispensed.
Customised Report as per your requirements!
The cash management safes segment was valued at USD 1.44 billion in 2018. The increasing adoption of cash management safes globally is encouraging the manufacturers of such safes to focus on value addition and add technologically sophisticated features to remain competitive in the market. Therefore, they are integrating advanced technologies and software to enhance the safety and convenience of cash management using such safes. Evolving consumer requirements and the development of advanced software solutions are anticipated to drive technological advances in cash management safes, which will boost the growth of the cash management safes segment of the market during the forecast period.
Based on end-user, the market has been segmented into banking and non-banking. The banking segment will account for the largest share of this segment.?Banks generally use cash management safes because they make on-demand cash deposits and withdrawals possible. Furthermore, cash management safes are included with ATMs. Therefore, it is anticipated that during the forecast period, an increase in the number of bank branches and ATMs will fuel demand for cash management safes. Besides, high-net-worth individuals prefer to store their valuables in such vaults due to their high level of security. As a result, it is anticipated that an increasing number of high-net-worth individuals will increase demand for sophisticated deposit vaults in the banking industry, which will spur the growth of the banking segment of the market during the forecast period.
For more insights on the market share of various regions Download Sample PDF now!
APAC is estimated to contribute 36% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The safes and vaults market in APAC is expected to grow steadily in the coming two decades, and the population of APAC nations is expected to increase significantly, particularly in nations like China and India. Banks, financial institutions, and e-commerce businesses are concentrating on improving their operational networks in the region to accommodate the growing population.
Furthermore, the growth of the e-commerce industry is facilitated by the rising per capita income in the region. Last-mile delivery poses a significant challenge for these businesses in the local e-commerce market and contributes significantly to the overall delivery cost. To avoid such additional cost burdens, e-commerce companies are emphasizing establishing delivery lockers in areas such as IT parks and large residential complexes. Thus, such initiatives by e-commerce companies are anticipated to drive the growth of the market in APAC during the forecast period.
Companies 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.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Acme Safe Co., ADT Inc., ALPHA INDUSTRIES PVT. LTD., American Rebel Holdings Inc., American Security, BJARSTAL sarl, Blue Dot Safes Inc., Bode Panzer GmbH, Brown Safe Manufacturing Inc., Bumilsafe Mfg. Co., CMI Safe Co Australasia Pty Ltd., Diebold Nixdorf Inc., Dormakaba Holding AG, Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., INKAS Safe Manufacturing Ltd., ISM, and Kumahira Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The safes and vaults market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Safes And Vaults Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.34% |
Market Growth 2024-2028 |
USD 1.57 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.18 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Access Security Products Ltd., Acme Safe Co., ADT Inc., ALPHA INDUSTRIES PVT. LTD., American Rebel Holdings Inc., American Security, BJARSTAL sarl, Blue Dot Safes Inc., Bode Panzer GmbH, Brown Safe Manufacturing Inc., Bumilsafe Mfg. Co., CMI Safe Co Australasia Pty Ltd., Diebold Nixdorf Inc., Dormakaba Holding AG, Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., INKAS Safe Manufacturing Ltd., ISM, and Kumahira Co. 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, and market condition analysis for the 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. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.