The demand for cash-in-transit vehicles is increasing. This article will discuss the key factors driving the market. It will also discuss the various types of cash-in-transit vehicles, including armored ones. You will also learn about the key players in the industry and the drivers of growth.
Increased demand for cash-in-transit vehicles
The increasing number of robberies and incidents involving cash-in-transit vehicles has led to a rise in the demand for armoured vehicles. These vehicles are designed to protect the valuable cargo while in transit, and they also feature a variety of security features, including 360-degree perimeter ballistic protection and floor and roof protection. They are built to meet industry regulations and can be customized to fit individual needs.
Cash-in-transit vehicles play an important role in cash logistics. In a crisis situation, such as the recent one involving COVID-19, businesses are struggling to find ways to stay open. Many people are hesitant to use cash, and this has slowed their spending. In such situations, cash in transit companies are a lifeline, ensuring that everyone has access to cash when they need it.
The market is dominated by several large players in the cash-in-transit business. These firms offer comprehensive services for safe, secure transportation of cash, as well as coin processing. The safe and efficient management of these assets is crucial to the economy of a country. Most of the growth in the industry comes from the constant expansion of ATMs and increased customer spending on cash. However, corporations must make sure to use top-quality armored trucks and reliable subcontractors to ensure their cash is safe and secure. The first cash-in-transit vehicles were deployed in Chicago during the 1920s. At that time, local gangs started attacking the operators of the vehicles. Thus, metal plates and wires were used to reinforce the vehicles.
Armored vehicle options available
If you are a cash in transit vehicle owner, there are several ways you can increase the security of your cash. One way is to rent or purchase an armored vehicle. While this can be expensive, it can provide you with additional security for your cash. Armored vehicles are also useful for journalists who cover dangerous situations and need to protect themselves from rounds.
Armored cash in transit vehicles come in many sizes and types. You can choose from small, medium, and large vehicles. Smaller vehicles are available with less armor and can be used for smaller cash loads. Larger vehicles have a higher gross vehicle weight rating, so you can carry a larger payload in them. You can even customize the layout to meet your needs.
Armored vehicles are a great way to protect cash in transit vehicles from theft or vandalism. They are typically made on a van or truck chassis and feature bullet-resistant glass. These vehicles can withstand bullets fired from most handguns and rifles. Some are even equipped with sirens and flashing warning lights. They are also normally equipped with CCTV cameras for security.
Key players in the market
The cash in transit vehicle market is growing across the globe due to a rise in cash circulation. This trend is also fueled by the increase in the use of ATMs and safe & vaults. However, the emergence of digital money is limiting market growth. Nevertheless, there are still several opportunities in the market.
As a result, the cash logistics industry is focusing on advanced features and technology in order to gain more customers and increase their client base. For instance, technology has led to the development of contactless ATMs that are promoted as risk-free cash withdrawals. These advancements are expected to increase the adoption of these devices and propel the market growth. Moreover, cash-in-transit holds the largest share in the service segment, owing to standardized protocols and the trend towards outsourcing banking activities.
The Cash-in-Transit vehicle market is dominated by established and experienced players. The leading companies in the market include INKAS Armored Vehicle Manufacturing, Centigon Security Group, Harrow Security Vehicles LLC, Mahindra Emirates Vehicle Armouring, Roshel Inc., and RMA Group. In February 2018, INKAS added a unique cash-in-transit vehicle to its fleet. This vehicle has proven to be a high-security vehicle that provides a high level of protection for the goods it transports.
Drivers of market growth
Cash in transit vehicles are becoming increasingly common in the retail sector. These vehicles can help improve the flow of cash and reduce the risk of theft. However, they can also impede a retailer’s workflow. As a result, fully automated cash in transit vehicles represent a significant growth opportunity for key players in the cash logistics industry.
To complement the benefits of cash in transit vehicles, the industry has adopted advanced technologies. For instance, several vehicle manufacturers have developed electric armored money transporters that are designed to protect both the money and the employees. One such vehicle is the MAN eTGE electric van, which was introduced by a leading international security service provider.
Other factors driving the cash in transit vehicle market include rising ATM deployment, stringent banking regulations, and rising crime rates. Major buyers of cash in transit services include financial institutions, large retailers, and governments. The Asia Pacific region is expected to lead the cash in transit vehicle market during the forecast period. Rapid growth in ATM markets in China and India is expected to accelerate growth in this region.
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