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Global Home Electronics Safe Market to Witness Growth in APAC Through 2020, Owing to Low Penetration of Home Security Systems in the Region: TechnavioTechnavio analysts forecast the global home electronics safe market to grow at a CAGR of close to 5% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global home electronics safe market for 2016-2020. The market size is determined on the basis of retail sales of home electronic safes to individual customers across the globe. The report segments the market into product categories which are electronic safes and mechanical safes. Electronic safes use PIN codes, biometric fingerprints, or smart technology, while mechanical safes open with a key. According to Poonam Saini, a lead analyst at Technavio for retail goods and services research, "APAC, is the major contributor to the global home electronics safe market. The primary reason is that the region has high security and theft concerns, and also due to the continuing cultural practice of storing money and jewelry at home. Moreover, the relatively low penetration of home security systems in the region as compared to Western countries, also favors the growth of the home electronics safe market." Request a sample report: http://www.technavio.com/request-a-sample?report=53058 Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Technavio consumer and retail analysts highlight the following four factors that are contributing to the growth of the global home electronics safe market:
Security concerns With the improvement in living standards, consumers from all income segments are investing in home security products. Consumers are making maximum use of digitalization to increase the safety of their homes. Vendors can capitalize on this opportunity and introduce new product offerings. According to the Electronic Security Association, the average loss from burglary for a home that has a home security system is over USD 3,200, compared to USD 5,300 for a home without any security systems installed. Today, even with the best security systems in place, safekeeping of valuables remains a major problem. This is the reason why a large number of consumers are adopting home electronic safes to securely store jewelry, cash, and important documents. Increasing adoption of guns andgun safes Globally, there has been an increase in the number of thefts and burglaries in recent times. In the US, over 2.2 million burglaries are reported each year, which means a burglary happens every 15 seconds in the country. Such factors call for the need for electronic safes in households to protect jewelry, cash, and other valuable items. Increasing adoption of guns is also creating a demand for gun safes. These safes are gaining popularity as they help to prevent unauthorized use, theft, and provide protection. They pack in a host of features such as fire and moisture protection, fingerprint identification, and digital or mechanical locks. Different countries have stringent regulations pertaining to the proper and safe storage of items like guns. These regulations influence vendors to develop innovative offerings, which meet the required regulatory standards. For example, the California Department of Justice has a laid down a set of standards for gun safes. GunVault is a company that specifically caters to this segment with offerings like no-eyes keypad and bio pad. Some of the leading manufacturers of guns such as Smith & Wesson and Sturm, Ruger & Co. Inc. have been registering increased production and profit margins, which indicate a rise in the demand for guns. This is a positive factor for the growth of the home electronic gun safes and vaults segment. Provision of anti-theft dual protection features With the increasing rate of crimes and thefts across the globe, manufacturers are now innovating and adding new features to their safes to provide more safety and security to customers. Both digital and mechanical safes are available in the market. No safe is secure without a good locking mechanism. Mechanical locks involve the use of a series of pins and wheels to engage a metal bolt that passes through the door and a slot, which aid in closing and opening of the door. In electronic safes, usually a digital keypad is used for engaging or releasing the bolt. In order to increase the security further, manufacturers are providing safes with dual digital and key lock options to provide anti-theft dual protection. For instance, the First Alert 2072F Safe features a dual digital and key lock option. In this, an individual can program the safe using the 3-8-digit codes. For additional security, 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 will then indicate the completion of the process. "The availability of such advanced features in home electronic safes will propel their demand over the next five years," says Poonam. Culture of storing valuables at home The culture of storing valuables such as gems and jewelry at homes, in countries like India and China, will help to drive the demand for home electronic safes in the coming years. China and India are the two largest markets for home electronic safes at a global level, and this is largely due to the culture of buying valuables such as gold, platinum, and diamond jewelry, and storing them at homes. In 2014, China stood as the second-largest gems and jewelry market globally in terms of revenue generation. China is also one of the largest markets for gold jewelry. In 2014, gold accounted for 70% of the total revenue of the country's gems and jewelry market. China is also the global market leader for platinum jewelry. It contributed almost 30% to the global retail platinum jewelry sales value in 2014. India was the third-largest gems and jewelry market globally in 2014. Its market share accounted for 20.84% of the overall revenue in 2014. Gold jewelry had a contribution of 46.84% toward the overall revenue of the gems and jewelry market in 2014. India is also the second-largest player globally for the gold jewelry market. The second major product segment is diamond jewelry. This segment contributed 44.61% of the overall revenue of the gems and jewelry market in 2014. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. 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. If you are interested in more information, please contact our media team at [email protected].
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