Growing Incidences of Theft of Expensive Products from Hotels Propelling the Demand for in Room Safes
Increase in number of incidences of damage of crucial products and theft of expensive products from hotel rooms has increased the concerns towards luggage safety in hotel rooms. Usually stealing of luggage or any expensive product from hotel rooms is not common in three star and five star hotels. Stealing of luggage and expensive product from low grade hotel has become a common issue for travellers, due to less safety and security in hotels.
These incidences have alarmed the hotel owners worldwide as customers have started to sue hotel owners for losing their luggage and expensive products from their hotel rooms. Continuously raising complaints of losing luggage from hotel rooms has forced the growth of in room safes market.
In room safes are used to keep articles inside a small metal chamber. These safes are designed to keep small important and expensive items. In room safes are made up of iron and steel, which is not possible to breakdown easily. One of the key reasons for keeping safes in hotel and houses is that it provide peace of mind to the person after keeping their important and expensive products inside the safes.
What are the Dynamics behind In Room Safes Market Growth?
Traditionally, important luggage and files were kept inside wooden and iron cup boards and wardrobes. These cupboard and wardrobes are protected with locks and clips which are not secured and are vulnerable to theft. Recently, a video went viral shared by the hotel staffs of Bali hotel, Indonesia, according to which a family got busted for stealing accessories from the hotel rooms. Allegations like safety of luggage and important product were raised by the travellers. These types of allegations are not new for three stars hotel owners. Incident like this has boosted the market growth of in room safe globally.
Unlike traditional methods of keeping important files and expensive products, in room safes are highly protected from stealing and also protecting it from moisture & dusts. These safes are meant to protect the belongings with highly advance technology. In room safes locks are tough to break compared to normal locks. They also decrease the chance of misplacing of any important documents and helps in ensuring all traveller (who checked in the hotel) peace of mind during their stay in hotel.
Despite having so many advantages of in room safes, the key issues restraining the market growth of in room safes are that they are highly expensive to buy and three star hotel owners do not want to spend any extra money in their hotels.
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Promising Growth Prospects for Electronic Password Lock in Room Safes Market
Currently, the manual lock based in room safes holds the highest share in the in room safes market. As compared to electronic password in room safes, manual lock based in room safe are easy to use for the users and price of manual in room safes are less as compared to electronic password based in room safes.
However, the market of electronic password-based in room safes is expected to grow in future, due to the advancement in electronic locks. Electronic password based safes are highly protected, and if someone tries to break it, it directly starts alarm system and it will notify emergency alert to the owner. Electronic password base in room safes also decreases the chances of stealing files and expensive things from inside the safes.
What is the Regional Standpoint in In Room Safes Market?
Historically North America, Europe, East Asia and South Asia are the key revenue generators in in room safes market, as most number of in room safe manufacturers are from these regions. The South Asia and Latin America in room safes market is expected to grow at higher pace in future, due to the possible economic development in the emerging countries and the exponential rise in demand for protection, to secure asset, important file and other expensive thing in heavily cash intensive environment. Advancement in technology, growing crime rates globally, supporting and changing infrastructure security need in emerging economies.
North America and Europe hold a strong share in room safes market, due to increased awareness about benefits of having in room safes. Growing number of travellers in these regions, due to extensive travel locations in these region, is also helping in room safes market to grow.
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How Key Players are competing in In Room Safes Market?
Some of the prominent manufacturers of in room safes are
- Global Safe Corporation
- Indel B
- Gunnebo AB
- ASSA ABLOY Hospitality (Formerly VingCard Elsafe)
- Dometic Hotel Equipment
- Minibar Systems
- POITOUX and STOCKINGER BESPOKE SAFES.
Most of these companies are offering in room safes globally. Most of the manufacturers are offering electronic password based in room safes in Europe, North America and East Asia, which help to ensure more safety to the customer belongings. Companies are continuously doing research and development to make in room safes more secure and highly advanced technology. For instance, only few companies are providing artificial intelligence based safes, while rest are trying to implement this in their product lines.
How Covid-19 Outbreak Affected the Sales of In Room Safes Machine
With the implementation of lockdown at global level response to Covid-19 pandemic, industries are badly affected globally, due to halt in business activities by government to avoid the spread of Covid-19 virus. Manufacture industry and tourism and hotel industry are the badly affected sector globally. This has impacted the market growth of in room safes, as most of the manufacturers are from North America, Europe & East Asia regions companies faced issues in transporting their product to other regions due to Covid-19 restrictions. Complete shutdown of hotel and tourism industry has affected the previous orders placed by them, hotel owners cancelled their orders, due to huge loss.
Post lockdown companies are facing issues in procurement of raw materials including steel, iron and aluminium, due to high demand and less supply from raw material manufacturers. Shortage in procurement of raw material has forced the companies to look for other alternative. However, even after huge drop in supply of in room safes during the pandemic times, the growth of market is expected to reach back to normalcy very soon.
The research report presents a comprehensive assessment of the in room safes market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also includes projections using a suitable set of assumptions and methodologies.
The research report of the in room safes market provides analysis and information according to the different market segments such as end-use, type, sales channel, and region.
An Adaptive Approach to Modern-day Research Needs
In room safes report covers exhaustive analysis on:
- Market Segments of the Steering sector shaft market
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends / Issues / Challenges
- Competition & Companies Involved
- Value Chain of the Steering sector shaft market
Regional analysis includes:
- North America (U.S, Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Rest of Europe)
- South Asia (India, Thailand, Indonesia, Malaysia, Rest of South Asia)
- East Asia (China, Japan, South Korea)
- Oceania (Australia, New Zealand)
- Middle East (GCC Countries, Israel, Turkey, Egypt, Rest of Middle East)
- Africa (Nigeria, South Africa, Algeria, Morocco, Rest of Africa)
In room safes market report is a compilation of first-hand information, qualitative and competitive assessment industry analysts, and inputs from industry experts and industry participants across the value chain. The report for the in room safes market provides an in-depth analysis of the parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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- Detailed overview of the in room safes shaft market.
- Changing market dynamics in the in room safes shaft market.
- In-depth in room safes segmentation.
- Historical, current, and projected market size in terms of volume and value.
- Recent industry trends and developments in the Steering sector shaft market.
- Competitive landscape.
- Strategies of key players and products offered.
- Potential and niche segments, geographical regions exhibiting promising growth for the Steering sector shaft market.
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
In Room Safes Market: Segmentation
The in room safes market is bifurcated into seven key segments which are classified as in room safes type, lock types, types of protection offering, based on mechanism type, by application type, types of end users & types of sales channels.
Based on in room safes type, in room safes market is segmented into:
- Wooden Safes
- Iron Safes
- Aluminium Safes.
Based on in room safes lock type, in room safes market is segmented into:
- Manual Lock
- Electronic Password Lock
- Steel Password Lock
Based on types of protection offering in room safes, in room safes market is segmented into:
- Fire Protected Safes
- Depository Protected Safes
- Gun Safes
Based on in room safes mechanism type, in room safes market is segmented into:
- Digital Mechanism
- Mechanical Mechanism
Based on end user type, in room safes market is segmented into:
- Hotel Owners
- Residential Purpose
Based on sales channel type, in room safes market is segmented into:
- Direct sale
- E-commerce websites
- Retail store
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