India Safes and Vaults Market 2023, Size, Trends, Growth and Forecast by 2028

The latest report by IMARC Group, titled "India Safes and Vaults Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The India safes and vaults market size reached US$ 165.2 Million in 2022 Looking forward, IMARC Group expects the market to reach US$ 259.7 Million by 2028, exhibiting a growth rate (CAGR) of 7.54% during 2023-2028.

Safes and vaults are containers made of metal frames used to protect valuable items in high-risk situations. They are equipped with features, such as fire, water, and chemical resistance, and offer protection against break-ins, robbery, and unauthorized access. They also facilitate high-security storage solutions using codes, passwords, biometric data, or numerical combinations. At present, they are widely used in both residential and commercial settings across India.

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India Safes and Vaults Market Trends and Drivers:

The rising crime rate and increasing concerns about the protection of valuable assets represent one of the key factors positively influencing the market in India. In addition, the increasing disposable income of consumers and rising investments in the renovation and construction of smart homes with improved security features are contributing to market growth in the country. Moreover, the escalating demand for technologically advanced products equipped with monitoring systems, video surveillance, alarms, and fingerprint scanners are creating a positive outlook for the market. Additionally, the increasing use of safes and vaults in the healthcare sector to curb drug theft and prescription-related crimes is fueling market growth in India. Furthermore, the growing tourism industry is catalyzing the demand for safes and vaults as more hotels require secure storage solutions for the valuables of guests, which, in turn, is driving the market.

Report Segmentation:

The report has segmented the market into the following categories:

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

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This release was published on openPR.