Cash-In Transit Vehicles Market (By Capacity Type: 5,000-8,000 LBS, 8,000-12,000 LBS, 15,000-19,000 LBS, Others; By Application: Financial Institutions, Retail, Government Agencies) – Global Industry Analysis, Market Size, Opportunities and Forecast 2021-2028

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

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
  • U.S.
  • Canada
• 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