The Europe safes and vaults market size reached US$ 1,358 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,942 Million by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Europe Safes and Vaults Market Size in 2022
US$ 1,358 Million
Europe Safes and Vaults Market Forecast in 2028
US$ 1,942 Million
Europe Safes and Vaults Market Growth Rate 2023-2028
Safes and vaults refer to secure storage systems wherein various valuable items are stored, such as money, documents, records, and arms and ammunition. These systems protect the contents against unauthorized use, theft, natural disasters, and fire. Safes and vaults are made of metal-framed hollow cylinders that can be accessed through passcodes, passwords, numerical pins, and biometric codes. As a result, these systems are majorly adopted in the residential and commercial sectors.
An increasing number of crime rates across Europe and rising concerns regarding the safety of valuable assets are majorly driving the safes and vaults market growth in the region. The escalating product demand in the retail, banking, entertainment, military and healthcare industries is further contributing to the market growth. Additionally, continuous investments in research and development (R&D) activities to develop innovative product variants integrated with video monitoring systems, alarms, fingerprint scanners, and auto-locking mechanisms are positively influencing the market growth. Moreover, the increasing need to improve residential security and the widespread adoption of safes and vaults in smart cities are catalyzing the market growth across the region.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe safes and vaults market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on type, function type, application and end user.
Breakup by Type:
Breakup by Function Type:
Cash Management Safes
Gun Safes and Vaults
Vaults and Vault Doors
Breakup by Application:
Breakup by End User:
Non Banking Sector
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Base Year of the Analysis
Type, Function Type, Application, End User, Country
Germany,France, United Kingdom, Italy, Spain, Others
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Key Questions Answered in This Report
The Europe safes and vaults market was valued at US$ 1,358 Million in 2022.
We expect the Europe safes and vaults market to exhibit a CAGR of 5.9% during 2023-2028.
The rising number of crime rates, along with the introduction of various product variants integrated with video monitoring systems, alarms, fingerprint scanners, and auto-locking mechanisms, is primarily driving the Europe safes and vaults market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several European nations, resulting in the temporary closure of numerous manufacturing units for safes and vaults.
Based on the type, the Europe safes and vaults market has been segmented into electronic, biometric, and mechanical. Among these, mechanical currently holds the majority of the total market share.
Based on the function type, the Europe safes and vaults market can be divided into cash management safes, depository safes, gun safes and vaults, vaults and vault doors, media safes, and others. Currently, cash management safes exhibit a clear dominance in the market.
Based on the application, the Europe safes and vaults market has been categorized into residential and commercial, where commercial currently accounts for the largest market share.
Based on the end user, the Europe safes and vaults market can be segregated into banking sector and non banking sector. Currently, the banking sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into Germany, France, United Kingdom, Italy, Spain, and others, where Germany currently dominates the Europe safes and vaults market.
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