Global Home Electronics Safe Market 2016-2020
About Global Safes and Vaults Market
The global safes and vaults market is highly fragmented with the presence of many MSME vendors. The larger corporations are expected to grow organically and inorganically during the forecast period. Safes and vaults can be used for a long period, and hence, the repeat customers for these systems are low. Therefore, vendors generate a major part of their revenues through the sales of new customers and the maintenance services for the systems that have already sold.
Technavio’s analysts forecast the global home electronics safe market to grow at a CAGR of 4.92% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global home electronics safe market for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of home electronic safes.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Home Electronics Safe Market 2016-2020
Technavio recognizes the following companies as the key players in the global home electronics safe market: Assa Abloy, American Security Products, Diebold, Godrej & Boyce, Gunnebo, Kaba, Access Security Products, ACME Security, Alpha Safe & Vault, Bjarstal, Bode-Panzer, Bordogna, Bricard, Brown Safe Manufacturing, Bumil Safe Manufacturing, Cannon Safe, Cisa, Citysafe, CompX International, Fire King, Firelock Fireproof Modular Vaults, Format Tresorbau, Gardall Safe, Hall's Safe, Hamilton Safe, Joli Safe, Juwel, Kale Celik Esya, Phoenix Safe, Securifort, Stark Safes, and Technomax.
Commenting on the report, an analyst from Technavio’s team said: “Personalization and trending of retina detection feature will be a key trend for market growth. With low differentiating factor for electronic safes, vendors are coming up with different color options, styles, and designs to differentiate their product offerings. One of the major roadblocks faced by the vendors in this market is the uniformity maintained across all large and small players. This allows players to come up with new designs and colors. The Browning Pro Series has been designed specifically for home use. The safe comes in five colour varients such as black cherry to titanium metallic. In addition to color, manufacturers are offering safes with two drawer or four drawer options to suit the customer needs. To increase the level of personalization through technology, vendors offers the guest mode options. Also to enhance the level of security, manufacturers are introducing safes with retina scanner. This offers better safety option to the buyer.”
According to the report, security concerns among consumers will be a key driver for market growth. With the improvement in living standards and availability of affordable home security systems, consumers from all income segments are investing on home security products. Consumers are making maximum use of digitization to increase the safety of their homes. Vendors can capitalize on this opportunity to introduce new product offerings to attend to the needs of today’s customers. According to the Electronic Security Association, the average loss on a home with a home security system, is over $3,200, compared to over $5,300 for a home without any security installed.
Further, the report states that a challenge for the vendors of the global home safes market is their high total cost of ownership and high product useful life. The costs start mounting at the time of installation itself, with the movement of heavy iron parts to assemble the safe. Maintenance costs are also escalated during the lifetime of a safe. A brand new or even a used replacement high-security safe can cost in excess of US$15,000. The other problem with these items is that they are very durable, and repeat customers will only result when there is a replacement needed due to damage. High durability removes the need for changing these systems on a periodic basis, leading to low repeat purchases between short lapses of time.
Assa Abloy, American Security Products, Diebold, Godrej & Boyce, Gunnebo, Kaba, Access Security Products, ACME Security, Alpha Safe & Vault, Bjarstal, Bode-Panzer, Bordogna, Bricard, Brown Safe Manufacturing, Bumil Safe Manufacturing, Cannon Safe, Cisa, Citysafe, CompX International, Fire King, Firelock Fireproof Modular Vaults, Format Tresorbau, Gardall Safe, Hall's Safe, Hamilton Safe, Joli Safe, Juwel, Kale Celik Esya, Phoenix Safe, Securifort, Stark Safes, and Technomax.