Safe & Vault Manufacturing - Industry Market Research Report

Safe & Vault Manufacturing The Safe and Vault Manufacturing industry manufactures safes that are freestanding metal containers and safes that are built into walls in the form of vaults. Over the five years to 2019, improving disposable incomes and rising gun purchases have spurred purchases of safes and vaults by households. Meanwhile, new business formation and general improvements in business sentiment have spurred purchases of safes and vaults from commercial and institutional customers. Despite growing sales, the industry has been going through several structural challenges, including rising import penetration into the domestic market. The operational efficiency of overseas manufacturing facilities enables foreign producers, particularly in China and Mexico, to produce safes at lower prices relative to US producers. Over the five years to 2024, import penetration is expected to remain steady, continuing to undermine industry operators' presence in the domestic market. To remain competitive, the industry is expected to focus more on new product development, particularly within the commercial-certified safes category. This industry manufactures safes for residential, commercial and banking use. Industry products include freestanding safe containers for storing cash and guns, as well as vault safes built into walls. Other services, such as safe cracking and repair, are excluded from industry

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