The global cash-in transit vehicles market accounted for US$ 2,159.9 Mn in 2020 with a considerable CAGR of 7.5% during the forecast period of 2021 to 2028.
Report coverage
| Market |
Cash-In Transit Vehicles Market |
| Analysis Period |
2017 - 2028 |
| Base Year |
2020 |
| Forecast Data |
2021 - 2028 |
| Segments Covered |
By Capacity Type, By Application, And By Geography |
| Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled |
INKAS Armored Vehicle Manufacturing, Centigon Security Group, International Armored Group (IAG), Harrow Security Vehicles LLC, Mahindra Emirates Vehicle Armouring, Roshel Inc, Koninklijke Ten Cate BV., Martin Williams (Hull) Ltd, Armormax, Bulugaya and Others.
|
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope |
10 hrs of free customization and expert consultation
|
Cash-in Transit Vehicles are built to accommodate currency, precious metals, bullion, and valuables from one location to another such as ATMs, cash centers, banks, vending machines, and retail. These vehicles are gaining popularity among government and financial institutions as a means of ensuring the safety and security of currency in transit. The transport vehicle is equipped with a climate-controlled interior to ensure product freshness and offers excellent maneuverability, dependability, and comfort for all-day driving.
Furthermore, factors such as increased cash circulation, increased demand for safe and vault for cash management, and increased ATM deployment drive market growth. However, an increase in cash-in-transit vehicle robberies and an increase in digital money adoption are expected to hamper market growth. Moreover, the production of fully automated cash-Cash-in Transit Vehicles, as well as an increase in cash demand from emerging economies, creates lucrative opportunities for players in the global cash-in transit vehicles market.
The global market is expanding due to an increase in ATM installations, strict banking regulations, and rising crime rates. Banks, financial institutions, large retailers, and governments are the primary purchasers of cash in transit vehicles. During the forecasted period, the Asia Pacific region leads the market. Due to the increasing growth of the ATMs in the foreseeable term, China and India have the fastest growing cash in transit services industries. Cash in transit services are highly established in developed Asia Pacific economies such as South Korea, Australia, and Japan.
Impact of COVID 19
During the Corona virus pandemic, people were advised to avoid physical contact with one another as much as possible in order to prevent the spread of the COVID-19 virus. As a result, small and local business owners, as well as large corporations and supermarkets were expected to use digital currency for financial transactions. As a result, the cash flow in the market has decreased, creating a barrier to the cash in transit vehicles market in 2020.
Growth in circulation of cash
The increased demand for cash logistics solutions such as cash management, cash-in-transit, ATM services, and others has resulted from the increased circulation of currency in the economy. For instance, the Reserve Bank of India (RBI) estimated that India had more than 3 lakh crore rupees in currency circulation in fiscal year 2020. Increased cash transactions, increased demand for ATM presence, and increased demand for safe & vault for managing cash are key factors driving the global cash in transit vehicles market. Recently, following repeated attacks on cash-in-transit trucks, Ghanaian banks have issued a tender for the purchase of armored vehicles. Moreover, adoption of cash in transit services improves cash management and has benefits such as reduced robberies, efficient cash flow, and others. As a result, an increase in cash circulation stimulates the growth of the global cash in transit market.
Rise of Digital Currency
When CiT works flawlessly, the merchant schedules an armoured car, and cash is quickly and efficiently picked up, processed, and deposited to a bank account. However, a slowdown at any stage of the process can impede a retailer's workflow and cash flow. Despite the fact that most business transactions are becoming paperless and that many financial transactions are now electronic, cash-in transit vehicles continue to grow in a steady manner. However, increased smart phone adoption, combined with a favourable regulatory environment, is pushing the economy toward a less cash-dependent state and encouraging the use of digital payments. These factors are impeding the growth of the market for cash in transit vehicles.
Competitive Landscape
The global cash-in transit vehicles market is characterized by the presence of experienced and established players. Key companies include INKAS Armored Vehicle Manufacturing, Centigon Security Group, International Armored Group (IAG), Harrow Security Vehicles LLC, Mahindra Emirates Vehicle Armouring, Roshel Inc, Koninklijke Ten Cate BV., Martin Williams (Hull) Ltd, Armormax, Bulugaya and Others.
- In February 28, 2018, the unique cash-in-transit vehicle has been added to the INKAS cash-in-transit fleet after a successful track record in European, African, and South American markets. Given the increased number of mid-transport attacks and growing safety concerns, INKAS has developed a secure and dependable vehicle for use by financial institutions, merchants, and related businesses on a global scale.
Market Segmentation
Market By Capacity Type
- 5,000-8,000 LBS
- 8,000-12,000 LBS
- 15,000-19,000 LBS
- 25,000-33,000 LBS
Market By Application
- Financial Institutions
- Retail
- Government Agencies
Market By Geography
- North America
- Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Cash-in Transit Vehicles
1.1. Definition and Scope
1.1.1. Definition of Cash-in Transit Vehicles
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Cash-in Transit Vehicles market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Cash-in Transit Vehicles By Capacity Type
1.2.3. Cash-in Transit Vehicles By Application
1.2.4. Cash-in Transit Vehicles by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Cash-in Transit Vehicles Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Cash-in Transit Vehicles Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.8.3. Proportion of Manufacturing Cost Structure
3.8.3.1. Raw Material
3.8.3.2. Labor Cost
3.8.3.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2019
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2019
4.2. R&D Status and Application Source of Cash-in Transit Vehicles Major Manufacturers in 2019
CHAPTER 5. Cash-in Transit Vehicles By Capacity Type
5.1. Introduction
5.2. Cash-in Transit Vehicles Revenue By Capacity Type
5.2.1. Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast, By Capacity Type, 2017-2028
5.2.2. 5,000-8,000 LBS
5.2.2.1. 5,000-8,000 LBS Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
5.2.3. 15,000-19,000 LBS
5.2.3.1. 15,000-19,000 LBS Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
5.2.4. 8,000-12,000 LBS
5.2.4.1. 8,000-12,000 LBS Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
5.2.5. 25,000-33,000 LBS
5.2.5.1. 25,000-33,000 LBS Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
CHAPTER 6. Cash-in Transit Vehicles Market Revenue By Application
6.1. Introduction
6.2. Cash-in Transit Vehicles Revenue (US$ Bn) By Application
6.2.1. Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
6.2.2. Financial Institutions
6.2.2.1. Financial Institutions Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
6.2.3. Retail
6.2.3.1. Retail Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
6.2.4. Government Agencies
6.2.4.1. Government Agencies Market Revenue (US$ Bn) and Growth Rate (%), 2017-2028
CHAPTER 7. North America Cash-in Transit Vehicles Market By Country
7.1. North America Cash-in Transit Vehicles Overview
7.2. U.S.
7.2.1. U.S. Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
7.2.2. U.S. Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
7.3. Canada
7.3.1. Canada Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
7.3.2. Canada Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
7.4. North America PEST Analysis
CHAPTER 8. Europe Cash-in Transit Vehicles Market By Country
8.1. Europe Cash-in Transit Vehicles Overview
8.2. U.K.
8.2.1. U.K. Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
8.2.2. U.K. Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
8.3. Germany
8.3.1. Germany Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
8.3.2. Germany Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
8.4. France
8.4.1. France Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
8.4.2. France Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
8.5. Spain
8.5.1. Spain Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
8.5.2. Spain Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
8.6. Rest of Europe
8.6.1. Rest of Europe Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
8.6.2. Rest of Europe Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
8.7. Europe PEST Analysis
CHAPTER 9. Asia Pacific Cash-in Transit Vehicles Market By Country
9.1. Asia Pacific Cash-in Transit Vehicles Overview
9.2. China
9.2.1. China Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
9.2.2. China Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
9.3. Japan
9.3.1. Japan Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
9.3.2. Japan Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
9.4. India
9.4.1. India Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
9.4.2. India Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
9.5. Australia
9.5.1. Australia Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
9.5.2. Australia Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
9.6. South Korea
9.6.1. South Korea Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
9.6.2. South Korea Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
9.7. Rest of Asia-Pacific
9.7.1. Rest of Asia-Pacific Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
9.7.2. Rest of Asia-Pacific Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
9.8. Asia Pacific PEST Analysis
CHAPTER 10. Latin America Cash-in Transit Vehicles Market By Country
10.1. Latin America Cash-in Transit Vehicles Overview
10.2. Brazil
10.2.1. Brazil Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
10.2.2. Brazil Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
10.3. Mexico
10.3.1. Mexico Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
10.3.2. Mexico Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
10.4. Rest of Latin America
10.4.1. Rest of Latin America Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
10.4.2. Rest of Latin America Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
10.5. Latin America PEST Analysis
CHAPTER 11. Middle East & Africa Cash-in Transit Vehicles Market By Country
11.1. Middle East & Africa Cash-in Transit Vehicles Overview
11.2. GCC
11.2.1. GCC Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
11.2.2. GCC Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
11.3. South Africa
11.3.1. South Africa Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
11.3.2. South Africa Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
11.4. Rest of Middle East & Africa
11.4.1. Rest of Middle East & Africa Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Capacity Type, 2017-2028
11.4.2. Rest of Middle East & Africa Cash-in Transit Vehicles Revenue (US$ Bn) and Forecast By Application, 2017-2028
11.5. Middle East & Africa PEST Analysis
CHAPTER 12. Player Analysis Of Cash-in Transit Vehicles
12.1. Cash-in Transit Vehicles Company Share Analysis
12.2. Competition Matrix
12.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
12.2.2. New Product Launches and Product Enhancements
12.2.3. Mergers And Acquisition In Global Cash-in Transit Vehicles market
12.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 13. COMPANY PROFILE
13.1. INKAS Armored Vehicle Manufacturing
13.1.1. Company Snapshot
13.1.2. Business Overview
13.1.3. Financial Overview
13.1.3.1. Revenue (US$ Bn), 2020
13.1.3.2. INKAS Armored Vehicle Manufacturing 2020 Cash-in Transit Vehicles Business Regional Distribution
13.1.4. Product/ Service and Specification
13.1.5. Recent Developments & Business Strategy
13.1.6. Manufacturing Plant Footprint Analysis
13.2. Centigon Security Group
13.3. International Armored Group (IAG)
13.4. Harrow Security Vehicles LLC
13.5. Mahindra Emirates Vehicle Armouring
13.6. Roshel Inc
13.7. Koninklijke Ten Cate BV.
13.8. Martin Williams (Hull) Ltd
13.9. Armormax
13.10. Bulugaya
