The domestic safes market, dominated by banks and other institutions, is pegged at almost Rs 1,200 crore.
The safes and security deposit lockers market has been growing at compounded annual growth rate (CAGR) of 15% in the last 3 years.
“The market would continue to grow keeping pace with the mandated increase in banks in the un-served and under-served pockets for financial inclusion,” Swedish integrated security solutions major Gunnebo India senior vice president Som Gangopadhyay told Business Standard here.
He claimed Gunnebo was growing at 40%, thus outpacing the industry growth rate.
“The proposed commencement of banking operations by select India Post Offices in India would give a major boost to safes market,” he noted.
Godrej is the market leader in domestic safes segment with almost 50% share, followed by Gunnebo with 35% pie.
With increase of 50% in year-on-year orders and 40% increase in revenue, India has emerged as a priority market for Gunnebo. The company recently investment Rs 35 crore at its Halol plant in Gujarat to increase capacity. The plant employs 700 people.
Today, India is Gunnebo’s second largest market after France, Gangopadhyay informed.
Meanwhile, the company launched new security products in the Uttar Pradesh market, including 2-in-1 safes, biometric safes and modular safe deposit lockers and note counting machines.
“We are offering banks a safes package for Rs 3 lakh, which would sufficiently cater to a small branch in the remote and urban pockets,” he said.
