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NEW YORK , Aug. 19, 2022 /PRNewswire/ -- The safes and vaults market is fragmented, as many players are operating at global and regional levels. Vendors are deploying growth strategies such as technological advances to compete in the market. New players are planning to enter the market owing to the increasing demand for last-mile services among consumers, especially in the US and APAC. For instance, DHL offers its Parcel Metro last-mile delivery service in the US. Traditional retailers such as Amazon.com and Target are also planning to enter the safes and vaults market in North America .
The safes and vaults market size is expected to grow by USD 1.79 billion from 2021 to 2026. However, the growth momentum of the market will decelerate at a CAGR of 6.5% during the forecast period.
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Safes and Vaults Market 2022-2026: Scope
The safes and vaults market report covers the following areas:
Safes and Vaults Market 2022-2026: Vendor Analysis
Access Security Products Ltd., Allegion Public Ltd. Co., Alpha Safe and Vault Inc., 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., Diebold Nixdorf Inc., dormakaba International Holding AG, Falcon Safe Marketing Sdn Bhd, Gardall Safe Corp., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., ISM, Kale Endustri Holding AS, and Kumahira Co. Ltd. are among some of the major market participants.
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Safes and Vaults Market 2022-2026: Driver and Challenge
The increasing demand from the healthcare industry for storing prescription drugs and other high-value medicines is driving the growth of the market. The number of reported drug and medicine thefts has grown consistently over the past few years in regions such as North America and Europe . Hence, governing bodies are promoting safe storage and supply of drugs to prevent the illegal use of opioids. For instance, in Australia , the storage of controlled drugs and related wastes in vaults or safes has been made compulsory since April 2011 . In addition, raw materials comprising goods with high illicit value (GHIV) need to be stored in vaults and safes.
The increase in cashless transactions is challenging the growth of the market. Digital payment applications such as Google Pay, PayPal, and Zelle support cashless transactions. Countries such as Norway and Sweden have increased the adoption of digital payment methods. In addition, many banks have stopped providing cash through ATMs. Moreover, e-commerce companies offer secure payment gateways, which is increasing the use of digital payments. This has negatively impacted the adoption of safes and vaults to store cash. These factors are expected to hinder the growth of the market in the forecast years.
Safes and Vaults Market 2022-2026: Segmentation
Safes and Vaults Market 2022-2026: Key Highlights
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Safes And Vaults Market Scope
Decelerate at a CAGR of 6.5%
APAC, Europe, North America, Middle East and Africa, and South America
US, China, Japan, India, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
Access Security Products Ltd., Allegion Public Ltd. Co., Alpha Safe and Vault Inc., 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., Diebold Nixdorf Inc., dormakaba International Holding AG, Falcon Safe Marketing Sdn Bhd, Gardall Safe Corp., Godrej and Boyce Manufacturing Co. Ltd., Gunnebo AB, Hayman Safe Co. Inc., ISM, Kale Endustri Holding AS, and Kumahira Co. Ltd.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
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