Smart Parcel Locker Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware and Software); By Type; By Application; By Region; Segment Forecast, 2024 – 2032
- Published Date:Feb-2024
- Pages: 118
- Format: PDF
- Report ID: PM4363
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global smart parcel locker market was valued at USD 898.35 million in 2023 and is expected to grow at a CAGR of 12.4% during the forecast period.
The widespread use of smart parcel lockers as an effective autonomous container technology for storing online delivered packages or parcels, as it provides a highly secure and convenient way for the management of packaged deliveries, is a major factor propelling the market’s growth. Additionally, key companies are increasingly investing in research & development activities with the aim of developing and introducing new smart parcel lockers integrated with several smart technologies like smart refrigerators and temperature control, which, in turn, creates lucrative growth opportunities for the market.
For instance, in November 2022, Quadient announced the launch of its new Parcel Pending in Ireland. The newly developed self-service smart parcel lockers will help the country’s economy to capitalize on its various advantages, including increased security, efficiency, digital integration, and reduced footprint.
To Understand More About this Research: Request a Free Sample Report
In recent years, the popularity and proliferation of last-mile delivery have grown drastically and become very crucial for the parcel industry, as it is the final step from the warehouse to the customer’s doorstep or store. Thereby, in order to ensure that packages are delivered on time without any issues, optimizing their routing, scheduling, and predicting pickup times for smart parcel lockers, companies are constantly focusing on bringing new advances in artificial intelligence to make the whole process more streamlined and improved.
However, the high cost associated with the purchasing and installation of smart parcel lockers that creates a barrier for its adoption in low and middle-income countries, is restraining the market growth. Also, the limited capacity of lockers, which could not keep up with growing demand, is expected to hamper the market growth.
Industry Dynamics
Growth Drivers
The Rising Number of E-Commerce Deliveries and the Adoption of Technology-Enable Lockers Will Boost the Market Growth
The exponential increase in online shopping trends and a growing number of people shifting towards online shopping platforms for their different needs and requirements boost the demand for these lockers to manage deliveries efficiently. Besides this, various innovations are being incorporated into smart parcel lockers and the growing proliferation of technology-enabled lockers with advantageous characteristics in terms of contactless delivery, flexibility, and prompt delivery and installation. For instance, in October 2022, Aeropostale unveiled its new smart parcel locker, which is designed to offer customers a convenient, safe delivery solution.
Report Segmentation
The market is primarily segmented based on component, type, application, and region.
|
By Component |
By Type |
By Application |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Component Analysis
Hardware Segment Captured Notable Market Share in 2023
The hardware segment captured a noteworthy market share. Segment’s growth is driven by numerous benefits such as greater convenience in terms of receiving or retrieving parcels, easy accessibility, higher efficiency, and cost savings. They are also widely known for their ability to be easily deployed in various settings or sizes and customized based on the customer and business's specific needs and requirements.
The software segment is expected to exhibit the highest market growth. This growth is due to their growing adoption all over the world because of their ability to easily integrate with e-commerce platforms, real-time tracking, remote monitoring, and robust security features that are crucial to protect parcels from unauthorized access. For instance, in September 2023, Harbor Lockers unveiled its new application programming interface and software development kit that provide on-demand locker access. It is developed with the aim of enhancing efficiency for companies by providing locker-based solutions.
By Type Analysis
The Modular Parcel Lockers Segment Accounted for the Largest Market Share in 2023
The modular parcel lockers segment accounted for the largest market share. This dominance is attributed to their growing demand from warehouses because they work and function like fixed lockers and improve the utilization of parcel lockers. Also, there is an increasing adoption of these lockers due to their ability to help reduce overall costs associated with conventional delivery methods.
The cooling lockers for the fresh food segment will grow at the fastest pace because of the rising demand and consumption of fresh food products that require significantly efficient cooling and temperature-controllable lockers to maintain their freshness and taste during delivery. In addition, with consumers increasingly inclining towards online shopping platforms, the number of online grocery orders has increased drastically, which has led to huge demand for temperature-controlled and cooling lockers. For instance, as per our findings, approx. 48% of the total grocery shoppers in the US purchase at least some of their grocery items online, and digital grocery sales in the country is projected to reach USD 59.5 billion in 2023 from USD 23.9 billion in 2018.
By Application Analysis
The Commercial Buildings Segment is Projected to Witness the Highest Market Growth over the Projected Period
The commercial buildings segment is projected to grow at the highest rate. The segment’s growth is highly attributable to the growing deployment of various innovative parcel lockers on the premises of commercial buildings. Moreover, the emerging trend of BOPIS worldwide is also propelling the adoption of smart parcel lockers in commercial settings at a rapid pace.
Moreover, the increasing urbanization and growing focus of leading companies on their market expansion in urban areas because of the surge in the number of commercial buildings being developed that require smart parcel lockers for efficient parcel management solutions. For instance, according to the World Bank estimates, more than 36% of India’s population will reside in urban areas in 2022, and the country’s urban share of the population is projected to be 50% by 2050.
Regional Insights
North America Region Dominated the Global Market Share in 2023
The North American region dominated the global market share. The region’s dominance is attributable to the robust presence of some of the leading market players who are implementing cutting-edge technologies to create a convenient shopping experience. In addition, the constant increase in consumer inclination towards online platforms for their needs d, which boosted the number of parcel deliveries and shipping in the region, also bodes well for market growth. For instance, according to a recent report by Freight Waves, the United States shipped, received, and returned more than 21.2 billion parcels in 2022, which is 1.1 billion shipments that pre-pandemic forecasts had projected. And the annual US parcel volume is projected to reach 28 billion by 2028.
The Asia Pacific region is anticipated to emerge as the fastest-growing region, owing to an increased need for investments in automation technologies and a growing number of smart city initiatives promoting smart parcel locker integration. For instance, in March 2022, Parcel Santa said that they are using facial recognition technology in their lockers to verify and authenticate couriers who deliver parcels to lockers.
Key Market Players & Competitive Insights
The smart parcel locker market is moderately competitive, with the significant presence of both regional and global market players. Key companies are competing on factors like incorporating real-time tracking systems, centralized management systems, user-friendly interfaces, robust security features, and seamless integration with logistic platforms. For instance, in November 2022, BlueBox introduced a new smart parcel locker developed by Bluemyth Technologies. The newly launched smart lockers provide greater security & convenience and can also increase community engagement with features such as a centralized management system and digital bulletin board.
Some of the major players operating in the global market include:
- Focus Action Sdn Bhd
- Hollman Inc.
- KEBA Group AG
- Kern Limited
- Locker & Lock Pte Ltd.
- LUXER Corporation
- Package Nexus
- ParcelPort Solutions Inc.
- Patterson Pope
- Pitney Bowes Inc.
- Quadient SA
- Ricoh Group
- Shenzhen Zhilai Sci and Tech Co.
- TZ Limited
Recent Developments
- In June 2023, Cleveron, announced the launch of its battery-powered outdoor parcel locker that is specially designed to be a grid-independent solution reducing CO2 emissions by 70%.
- In May 2023, SLG Storage introduced a new locker storage system that offers a hassle-free and secure package. It will allow recipients to receive OTP code to retrieve their packages.
Smart Parcel Locker Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 1,005.97 million |
|
Revenue Forecast in 2032 |
USD 2,560.03 million |
|
CAGR |
12.4% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
|
Segments Covered |
By Component, By Type, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The Smart Parcel Locker Market report covering key segments are component, type, application, and region.
The global smart parcel locker market size is expected to reach USD 2,560.03 Million by 2032
The global smart parcel locker market is expected to grow at a CAGR of 12.4% during the forecast period.
North America regions is leading the global market.
Contactless and secure delivery during the pandemic.are the key driving factors in Smart Parcel Locker Market.
© 2024 Polaris Market Research and Consulting. All rights reserved
