The global safety locker market is experiencing significant growth, and is expected to grow considerably in the next few years. Safety lockers are storage systems that are secured using electric or non-electric locks to protect valuables from theft and accidents such as fire and prevent unauthorized access to materials inside lockers. Safety lockers come in various types to suit household & commercial purposes. They are available in different models based on factors such as protection, lock style, material used, and size. Major changes in price of safety lockers are related to use of safety features such as biometrics, digital keypad locks, and handle combination locks. Innovation in the industry is related to development of smart safety lockers that are digitally connected to smartphones via Wi-Fi and application that can send messages and alerts to the owner in case the safety locker is broke or opened without a lock system.  

Market scope and structure analysis:

COVID-19 Scenario Analysis: 

• The demand for safety lockers has decreased with increase in COVID-19 cases as people are now more focused on health-related issues.
• Manufacturers are facing problems in manufacturing as labors are not available and raw materials are not reaching factories.
• The demand for safety lockers is expected to increase once the pandemic is handled well. 

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis 

Surge in use of safety lockers for household and commercial purposes to protect important documents, currency, and other materials from accidental damage and theft boosts demand for the global safety lockers market. In addition, growth in modular homes demanding advanced safety lockers with advanced technology including bio-metrics drives the global safety locker market. However, high cost of testing safety lockers against all possible accidents and cost of inspection increases the price of safety lockers, which hampers the market growth. Contrarily investments in digital connectivity of safety lockers with smartphones and devices to provide real-time data for advanced security boosts the market.

The global safety locker market trends are as follows:

New product launches to flourish the market

New products that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve security functions and overall functionality of safety lockers. “Godrej Ritz Bio” launched by Godrej Security Solutions is specifically designed to provide utmost security. The safety locker has an in-built alarm system that alerts the user in case of locker tampering. Moreover, the safety locker has a biometric scanner that can store 30 fingerprints and non-volatile memory, which prevents password to be erased in case of mishaps with battery. 

Growth potentials in the untapped market

Marketing teams of safety lockers manufacturers have been targeting untapped market of developing and developed economies, where people still use traditional safety lockers without technical changes. Manufacturers are focusing on changing lifestyle of millennials and demand for modular houses, which has compromised security, owing to common building areas and joint flats where high chances of theft and burglary persist. Use of advanced safety lockers is expected to increase safety of important papers, valuables, and cash. 

Key Segments Covered:

Key Benefits of the Report:

• This study presents the analytical depiction of the global safety locker industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Safety Locker market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Safety Locker market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global safety locker market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Safety Locker Market Research Report:

• What are the leading market players active in the safety locker market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?
• What would be the detailed impact of COVID-19 on the market?