LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global domestic safety locker market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global domestic safety locker market for 2017-2021. The report also lists electronic safety lockers and non-electronic safety lockers as the two major product segments of which the electronic safety locker segment dominated the market with a share of 55% in 2016.
According to Sarah Haque, a lead research analyst at Technavio, “The global domestic safety locker market has been witnessing growth due to the increasing awareness about high-tech security systems among residential end-users. Also, the market will be driven by increasing concern over burglaries across regions, which will prompt end-users to install high-security safety locker systems in residential buildings.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global domestic safety locker market:
- Growth of home improvement market
- Vendor focus on safety lockers with dual-lock options
- Product differentiation
Growth of home improvement market
The global home improvement market includes maintenance, repair, and remodeling projects undertaken by residential consumers. The growth of the home improvement market has contributed to the replacement of mechanical lockers in various parts of the house with more secure and specialized safety lockers. For instance, most bedroom furniture includes electronic home safes for securing valuables. However, furniture used elsewhere in the house is usually replaced with furniture with non-electronic lockers due to their lower cost. Thus, the growth of the home improvement market also drives the consumption of security products such as safety lockers.
Vendor focus on safety lockers with dual-lock options
With the increasing rate of crime and thefts across the globe, manufacturers are now innovating and adding new features to their safes to provide more safety and security to customers. Safety lockers with mechanical locks contain a series of pins and wheels to engage a metal bolt that passes through the door and a slot to close and open the door. In electronic safes, a digital keypad is used for engaging or releasing the bolt. However, an increasing number of vendors in the market are focusing on the introduction of electronic safety lockers with a key lock option to provide dual protection. For instance, the First Alert 2072F Safe features a dual digital and key lock option.
“Opening the safe requires the individual to enter the code and insert the keys included with the safe once the programming is done. The red, yellow, and green LED lights in this product will then indicate the completion of the process,” says Sarah.
Product differentiation
To neutralize competition, vendors are focusing on product differentiation by adding new features, while maintaining relatively economical price levels. Some of the key features being added include self-automated locking mode, motorized shooting bolts, mechanical override options, LED touch panels, auto-freeze feature, and USB data retrieval. For instance, Godrej & Boyce offers safety lockers equipped with motorized shooting bolts for added protection and a sleek LCD. It also offers a mechanical override option to retrieve the forgotten password. The safe is designed with an emergency direct current electrical source.
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- Global Safes and Vaults Market 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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