Global Smart Parcel Locker Market - WishTree Insight

Global Smart Parcel Locker Market by Type (Cooling Lockers, Laundry Lockers, Modular Parcel Lockers, Postal Lockers), Deployment (Indoor and Outdoor), Application (Retail BOPIS, Commercial Buildings, Universities & Colleges, and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The smart parcel locker market size was valued at USD 0.73 billion in 2021 and is expected to surpass USD 1.91 billion by 2031, expanding at a CAGR of 12.7 % during the forecast period, 2021–2031. The market's growth is attributed to the growing e-commerce industry and the growing adoption of smart technology.

INTRODUCTION

A smart parcel locker is a container technology used for storing parcels or packages. It provides a secure and convenient way of managing packaged deliveries. A smart parcel or package locker is an electronic locker managed by the computer which allows users or receivers to retrieve parcels and mail at any time. These lockers offer a central delivery point that offers audit tracking and increases the chain of custody. It provides immediate notification through messages and emails to the receiver after the package delivery.

It is an automated system that provides convenience for businesses or individuals to store parcels and provide secure access to inventories and assets from a remote location through notification. Commercial buildings, societies, and apartments are highly adopting smart parcel locker technology. It helps retailers to reduce shipping cost and allow them to leverage the inventory at their stores.

Post covid-19 pandemic an immense surge is seen in the growth of online platforms worldwide. This led to the need for efficient parcel management solutions. The increasing focus on providing optimum solutions to customers has led companies to provide advanced solutions for the global smart parcel locker market. The increase in the parcel and post industry has propelled market growth. The growing e-commerce sector has propelled parcel delivery service providers to adopt advanced technologies to enhance customer satisfaction by providing secure and reliable parcel services with offerings such as free delivery and the exclusion of shipping charges. The growing adoption of smart technology such as cooling lockers for food & beverages for keeping them fresh and preserved for a long duration has boosted the market. Moreover, avoiding delayed and unsuccessful deliveries of products imported from another country has resulted in considerable growth for such shipments.

Market Trends, Drivers, Restraints, and Opportunities

• The growing e-commerce industry and the rise in online shopping platform is expected to drive the market.
• The rise in e-commerce platforms specifically post covid, aids market growth.
• The increase in the parcel and post industry has propelled the growth of the smart parcel lockers market globally.
• Rising concern about cyber security threats is anticipated to hamper the market growth.
• Technological advancement in smart parcel lockers and the rising demand for smart lockers in emerging countries are expected to create opportunities for the global smart locker market worldwide.

Scope of the Report

Market Segment Insights

The modular parcel locker segment is projected to register a considerable CAGR

Based on type, the smart parcel locker market is divided into cooling lockers, laundry lockers, modular parcel lockers, and postal lockers. The modular parcel locker segment is expected to expand at a rapid pace during the forecast period. These lockers improve the utilization of parcel lockers, they act as fixed lockers, and the locker's space can be adjusted as per the requirement that’s why they are highly adopted. However, the cooling locker segment is anticipated to hold a key share of the market in the coming years. The increasing order of specific food, beverages, cosmetics, heat-sensitive medicines, temperature-sensitive goods and devices, and others need a specific temperature which is expected to spur the demand and growth of the cooling lockers segment.

The indoor deployment segment is expected to expand at a rapid pace

Based on deployment, the smart parcel locker market is bifurcated into indoor and outdoor. The indoor deployment segment is expected to expand at a rapid pace during the forecast period. The growth of the segment is attributed to the reasonable cost of indoor deployment. However, the outdoor segment is anticipated to hold a less share of the market in the coming years owing to high cost. The maintenance of these lockers is expensive and challenging to maintain. As exposure to weather reduces their lifespan to almost half.

The commercial building segment is projected to register a considerable CAGR

On the basis of application, the smart parcel locker market is segregated into retail BOPIS, commercial buildings, universities & colleges, and others. The commercial building segment is projected to register a considerable CAGR during the forecast period. On the other hand, the retail BOPIS segment is anticipated to account for a major market share during the forecast period owing to the trend of buying online and picking up in-store (BOPIS), almost 50% of consumers prefer this segment.

The North American region is anticipated to constitute a key market share

In terms of regions, the smart parcel locker market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period. The growth in the region is attributed to a surge in the number of parcel deliveries due to growth in online shopping. However, the market of the Asia Pacific region and Europe is anticipated to expand at a rapid pace during the forecast period owing to an increase in the number of buyers and government initiatives to develop smart cities. Countries from these regions such as China, Germany, and others are about to become the largest parcel locker nations due to millions of pounds of investments in the U.K, whereas China is projected to lead in the coming years due to the presence of e-commerce companies.

Competitive Landscape

Key players competing in the smart parcel locker market are Quadient SA (France); Luxure Corporation (U.S.); ParcelPort Solutions, Inc. (Canada); Ricoh Group (Japan); KEBA Group AG (Austria); TZ Limited (Australia); Shenzhen Zhilai Sci and Tech Co. (China); Hollman, Inc. (U.S.).

FAQs

Mention the market size of the smart parcel locker in 2021.

The market size of the smart parcel locker in 2021 was USD 0.73 billion.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 12.7%.

What are the key drivers of the market?

The market's growth is attributed to the growing e-commerce industry and the growing adoption of smart technology.

What segments are covered in the smart parcel locker report?

The segments covered in the report are type (cooling lockers, laundry lockers, modular parcel lockers, postal lockers), deployment (indoor and outdoor), application (retail BOPIS, commercial buildings, universities & colleges, and others).

Mention which region is expected to hold the highest share of the smart parcel locker market.

The North American region is expected to hold the highest share of the smart parcel locker market.

Mention the key players in the market.

Key players competing in the smart parcel locker market are Quadient SA (France); Luxure Corporation (U.S.); ParcelPort Solutions, Inc. (Canada); Ricoh Group (Japan); KEBA Group AG (Austria); TZ Limited (Australia); Shenzhen Zhilai Sci and Tech Co. (China); Hollman, Inc. (U.S.).