Market Overview:

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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor. 

Safes and vaults are metal-framed, hollow cylinders that are used for safekeeping valuable commodities under high-risk conditions. These secure storage systems include specifications, like resistance to fire, water and chemicals, and protection against burglary, robbery, and unauthorized intrusions. Safes and vaults are impenetrable by external force and can be accessed through passcodes, passwords, biometric codes, and numerical pins. On account of these properties, they are majorly adopted in various residential and commercial sectors.

A significant rise in crime rates and increasing concerns regarding the safety of valuable assets are majorly driving the India safes and vaults market growth. Rising disposable incomes of consumers and the increasing construction of smart homes with upgraded security solutions are further propelling the market growth. Additionally, the escalating demand for technologically advanced product variants embedded with video monitoring systems, alarms, and fingerprint scanners is creating a positive outlook for the market. In line with this, the increasing utilization of safes and vaults in the healthcare sector to minimize drug burglaries and prescription-related thefts is acting as a growth-inducing factor in the country.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India safes and vaults market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on type, function type, application and end user.

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.

Report Coverage:

Key Questions Answered in This Report:

• How has the India safes and vaults market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the India safes and vaults market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the function type?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the India safes and vaults market and who are the key players?
• What is the degree of competition in the industry?