Global Domestic Safety Locker Market 2017-2021

Overview of the domestic safety locker market

Extensive research carried out by the analysts at Technavio has shown that the global domestic safety locker market will witness steady growth and will post a CAGR of more than 4% during the forecast period. Several vendors in the market are increasingly focussing on the development of safety lockers with dual-lock options. The introduction of new safety features for enhanced security is expected to propel the domestic safety locker market growth  over the coming years. 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, these days, the majority of vendors are focusing on the introduction of electronic safety lockers with a key lock option to provide dual protection, which will drive the domestic safety locker market size over the next four years.

An increasing demand for fire-resistant products is one of the major domestic safety locker market trends gaining significant traction in the market. Some of the leading causes of fire in residences include arson, cooking, smoking, equipment malfunction, and natural causes. For example, in the US, cooking accounted for nearly 50% of all fire incidents in 2014. Fire accidents have led to increased demand for fire-resistant safety lockers by residential end users; however, the demand for such products was considerably higher in developed regions such as North America and Western Europe compared with the rest of the world because of the high awareness about fire-resistant safety lockers in developed regions.

Competitive landscape and key vendors