USD 722.1 million
Report ID: SQSG45J2018 | Region: Global | Published Date: October, 2022 | Pages: 270 | Tables: 118 | Figures: 76
Global Smart Parcel Locker Market size was valued at USD 722.1 million in 2021 and is poised to grow from USD 806.5 million in 2022 to USD 1833.9 million by 2030, growing at a CAGR of 12.5% in the forecast period (2023-2030).
A smart parcel locker is an automated containment technology used to store shipments or deliveries that have been ordered online and delivered. Using this technology, package delivery management is safe and practical. The industry is anticipated to be driven by the expanding online marketplace. This system is being heavily embraced by commercial buildings and multi-tenant apartments to manage tall piles of packages for numerous recipients. Similar to this, businesses involved in logistics and e-commerce are moving toward implementing smart technologies.
As the e-commerce sector expands, parcel delivery businesses are being forced to implement cutting-edge smart technology in order to increase consumer satisfaction by offering dependable and secure parcel services. Additionally, promotions like free shipping and delivery are fueling a global postal and parcel industry boom. Another factor that is anticipated to propel the expansion of the worldwide smart parcel delivery locker market in the upcoming years is the growing usage of smart technologies, such as smart refrigerators, throughout the food and beverage sector for the storage and delivery of fresh food.
US Smart Parcel Locker Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 722.1 million
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The Global Smart Parcel Locker Market is segmented based on component, deployment, type, application and region. Based on the Components, Smart Parcel Locker Market is categorized into Hardware, Software, and Services. Based on Deployment, Smart Parcel Locker Market is categorized into Indoor and Outdoor. Based on the Type, Smart Parcel Locker Market is categorized into Modular Parcel Lockers, Cooling Lockers for Fresh Food, Postal Lockers, and Laundry Lockers. Based on Application, Smart Parcel Locker Market is categorized into Commercial Buildings, Condos & Apartments, Retail BOPIS, and Universities & Colleges. Based on region, Smart Parcel Locker Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Smart Parcel Locker Market Analysis by Component
On the basis of Component, the hardware segment currently dominates the global smart parcel locker market. In 2021, hardware had the most market share, and it is anticipated that it would continue to lead the market during the forecast period. Retailers and organizations are realizing the advantages of implementing a smart locker system into their businesses and commercial or residential premises as a result of increased consumer desire for flexibility and convenience in the way products are picked up or purchased online.
On the other hand, the industry projected to show the biggest CAGR growth throughout the forecast period is software. The demand for software is anticipated to increase due to the increased requirement to track the delivery and pickup of packages in real-time.
Smart Parcel Locker Market Analysis by Application
On the basis of application, the commercial building segment is expected to dominate the global smart parcel locker market over the forecast period. In contrast to retail, where the BOPIS segment expects to see a growth in the deployment of smart lockers on their premises in the next few years, the installation of advanced parcel lockers is most prevalent in and surrounding business/commercial buildings. With approximately 50% of consumers preferring BOPIS in the last 12 months, the rising trend of "buying online and picking up in-store" (BOPIS) is on the increase.
In addition to requiring time and labor, delivering, sorting, and retrieving packages for tenants exposes property managers to risk of theft and damage. For delivery and courier services, smart parcel lockers for condos and flats offer a streamlined procedure, lowering responsibility for management and owners. Similarly, according to data by Spaces4Learning and Quadient, over 42% of college administrators have already made a purchase of smart lockers.
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Based on the region, the North American region currently dominates the global smart parcel locker market with respect to market share, and it is projected that it will continue to hold a sizable share of the market throughout the forecast period. This is due to the dramatic increase in parcel delivery brought on by the region's widespread exponential rise in online shopping. In addition, top e-commerce firms are putting cutting-edge technologies to use to provide a convenient purchasing environment for its clients. In a NPR/Marist poll, more than two-thirds of Americans said they preferred to shop online.
On the other hand, Asia Pacific is expected to show significant growth due to the rising number of online shoppers and government initiatives to create smart cities, over the forecast period. Due to the existence of leading e-commerce firms like Alibaba, JD.com, and Pinduoduo, China is predicted to lead in the upcoming years. However, due to a boom in government initiatives for the use of cutting-edge technology for post offices, India's use of parcel lockers is predicted to grow with the greatest CAGR.
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Smart Parcel Locker Market Drivers
Smart Parcel Locker Market Restraints
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The major market participants are growing their businesses through agreements and alliances. Online platforms and websites that are expanding quickly are looking for innovative ways to provide their products. Additionally, there is a greater demand for home delivery on these channels. As a result, the major suppliers strategically work with organizations that manage big numbers of packages. Additionally, these firms are concentrating on providing cutting-edge and next-generation parcel storage solutions to meet the demands of many sectors, including logistics, retail, education, healthcare, and the food and beverage industry.
Smart Parcel Locker Market Top Players Company Profiles
Smart Parcel Locker Market Recent Developments
Using smart lockers is an effective way to lessen the environmental impact that growing logistics has on the environment. The smart lockers monitor usage patterns and adjust energy use accordingly. For instance, it turns off the lights and sensors until the next parcel arrives if there is no parcel in the locker. Therefore, many businesses are introducing green technology lockers in light of the benefits.
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According to the analysis, the global smart parcel locker market is currently led by countries in the North American region, due to the dramatic increase in parcel delivery brought on by the region's widespread exponential rise in online shopping in the region. Along with this, the hardware segment is projected to dominate the global smart parcel locker market, due to the increasing adoption of smart lockers by retailers and organizations in their businesses.
|Market size value in 2021||USD 722.1 million|
|Market size value in 2030||USD 806.5 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Smart Parcel Locker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Parcel Locker Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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