The global hotel room safe market size is likely to surge exponentially in the upcoming years. The rising business travels result in a high number of hotel stays, which, in turn, can fuel demand for hotel room safe. The increasing adoption of safes in hotels is likely to propel market growth, shares Fortune Business Insights™ in its report titled "Hotel Rooms Safe Market, 2021-2028."
The emergence of new business organizations and startups in recent years has led to an increase in travel. A hotel room safe is used to secure the client's expensive and important belongings. The hotels set up the safe within the client's rooms to offer comfort and security to clients. Frequent in and out of clients necessitates the demand for security of client's belongings such as documents, electronics, important papers, passport, jewelry, and others. The safe offers advanced security features such as the availability to unlock by fingerprint, eye detection, face detection, voice detection, and others. Its rapid adoption in the hotel room safe can elevate market growth in the foreseeable years.
Restrictions on Travel to Dwindle Market Growth
The restrictions on travel due to the government lockdown have deteriorated the market growth. The rising COVID-19 patients have provoked the governments to take necessary measures to control the spread of the infection. Hotel safe's production activities have come to a halt because of the lockdown and curfews. The lack of raw materials for producing the safes is likely to startle the market growth.
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Segments
By type, the market is segmented into mechanical and digital. Based on applications, it is divided into built-in, free-standing, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
- The report provides an analysis of the leading market trends and the top segments.
- It comprehensively studies the driving and restraining factors and the impact of COVID-19 on the global market.
- This report examines the regional developments and the strategies devised by the market's key players.
Drivers and Restraints
Rising Awareness about Safety Features to Propel Market Growth
The consumer's awareness of hotel room safe's benefits shall fuel the product demand. Increased travel and concerns have led to enhancement in the hotel room safe in several motels. Theft concerns have provoked the manufacturers to incorporate advanced safety features and advanced technology to enhance security. It is available in mechanical and digital types to ensure security. Digital safe uses eye-tracking, fingerprints, face detection, and other technologies to provide safety to consumers' goods. Hence, the strong product demand is expected to drive the hotel room safe market growth.
However, intense competition in the market can likely restrain the market growth.
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Regional Insights
Economic Advancement in Developing Countries to Boost Market Growth in Asia Pacific
Asia Pacific to dominate the hotel room safe market share because of the economic advancement indeveloping countries. Additionally, strong demand for advanced safety features to secure the client's possessions is likely to propel market growth in the region.
In North America, factors such as rising crime, technical advancements, increasing infrastructure security, increasing end-use applications, and capital investment in the research & development strategies are likely to bolster market growth.
In Europe, increasing travel and rising awareness regarding safe’s security featuresis likely to boost the market growth.
Competitive Landscape
Incorporation of New Technology by Prominent Players to Enhance Brand Image
The prominent companies are incorporating the best technologies and features in their products. This attracts several consumers due to the enhanced protection of their assets, thereby enhancing its brand image. In addition, the incorporation of partnership strategies enables companies to enhance their product offerings and improve their reach in the global market. Furthermore, the companies focus on the expansion of their product range to improve their product portfolio. This factor can spur competition, which, in turn, can stimulate market growth.
Industry Developments
- 2020: A Swedish security solutions provider named Gunnebo introduced its 'Experience Center' in Bengaluru. In addition, the company announced a range of external protection devices. The launch of this center can help the company to showcase its Hallmark and Chubbsafes range of biometric safe protection in India under the Steelage brand.
List of Key Players Profiled in the Hotel Room Safe Market Report
- Global Safe Corporation
- Indel B
- CONFORTI
- Gunnebo AB
- ARREGUI
- ASSA ABLOY Hospitality (Formerly VingCardElsafe)
- JVD
- FAS
- Dometic Hotel Equipment
- Itec
- VITRIFIGO
- Minibar Systems
- TECHNOMAX
- POITOUX
- STOCKINGER BESPOKE SAFES
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