"Smart Strategies, Giving Speed to your Growth Trajectory"
The global smart parcel locker market size was USD 644.8 million in 2020. Based on fortune business insights analysis, the global market exhibited a lower growth of 11.1% in 2020 than the average year-on-year growth during 2017-2020. The market is projected to grow from USD 718.0 million in 2021 to USD 1,630.2 million in 2028 at a CAGR of 12.4% during the 2021-2028 period.
The market size has slightly declined, owing to a lack of demand across all regions amid the pandemic. In the scope, we have included the following key players and their product offerings for commercial and residential applications. For instance, Cleveron 301 is a parcel locker solution provided by Cleveron that can be operated by a smartphone application. Also, KePol parcel lockers are provided by Keba automation solution manufacturer. These products offer higher reliability, enhance customer satisfaction, and facilitate safety for protecting user's postal and logistics.
Smart locker is autonomous technology adopted for the storage and management of online parcels. An increase in the adoption of e-commerce and online shopping platforms with the surge in investment for advanced lockers adoption by the leading players is expected to drive the demand for market growth during the forecast period. The commercial multi-tenant apartments and buildings are highly adopting advanced parcel lockers technology for managing high quantities of parcels of the multiple recipients. Key companies in the market are focused on launching and developing advanced smart lockers solutions. For instance,
Rising Online Purchase amid COVID-19 to Boost Demand
The pandemic of COVID-19 has enhanced the popularity of home delivery and internet orders. The rise of e-commerce and online shopping has increased parcel and package delivery. This rapid expansion has driven the development of a smart system for managing delivered packages in residential complexes, commercial buildings, institutions, and others.
The common perception that several package handlers provide a significant risk of virus transmission has fuelled demand for touch-free parcel delivery. By removing physical signatures, intelligent package lockers assist courier firms, delivery agents, and recipients in maintaining social distance standards. To maintain social distance, the post package locker company monitored three times higher demand in March 2020 than in February 2020. Following the post-pandemic situations, demand for such lockers is anticipated to increase.
Various end-use companies have adopted this solution to reach out to their workforce in remote locations. For instance,
Request a Free sample to learn more about this report.
Growing Demand for Contactless Smart Cooling Lockers in Foodservice to Surge Market Growth
Grocery, food, and beverage delivery over the internet is growing more common. According to the Digitally Involved Food Shopper survey, over a quarter of the population in the U.S. buys groceries online. It is expected to grow much more in the next few years. Smart cooling lockers are considered a trending technology that is likely to gain popularity in the near future. As a result, several merchants and e-commerce sites have begun to use smart cooling lockers to supply customers with fresh items. This sort of locker has various temperature control technologies that assist preserve and distribute fresh food products to their intended receivers.
The practice of ‘Buying online and picking up in-store (BOPIS) is gaining popularity among merchants. In retail enterprises, smart cooling lockers are used to keep perishable items such as medication, food, plants, beverages, and even cosmetics cold and safe. As a result, as smart cooling lockers become more popular, the market is projected to expand.
Smart cooling lockers are installed to provide consumers with packed meals in a variety of retail enterprises, malls, and fast-food restaurants. Major industry players are developing technology-based smart contactless parcel lockers to limit the spread of the coronavirus. For instance,
Increasing Adoption of Smart Lockers Across E-commerce Industry Aid the Growth of the Market
The market has grown owing to the increasing usage of technologies for online parcel identification, sorting, and delivering correct delivery in logistic warehouses. Online bought items are now kept in smart lockers in separate areas of a large-scale warehouse to ensure appropriate delivery of the products. For example, Amazon expanded its innovative locker program in September 2019 by installing orange delivery intelligent parcel lockers in various locations across the U.S. Throughout the U.S., the company has installed intelligent parcel lockers in hotel lobbies, supermarkets, and convenience stores. As of September 2019, Amazon has over 10,000 smart lockers installed across the country, and the company has planned to add over 1,000 locations for locker installation every month.
The market is developing owing to an increase in post & parcel applications and the use of digital solutions like smart lockers, smartphones, and smart robots. During the projection period, the post & parcel applications would benefit from rising e-commerce popularity and free shipping and home delivery services. In 2020, e-commerce rose by 4% to reach around USD 26.7 trillion, according to the United Nations Conference on Trade and Development (UNCTAD) report. Increased online retail sales induced this growth amid Covid-19. Thus, such a rapid increase in E-commerce sales and surge in demand by the logistics and warehouses have witnessed potential demand for locker solutions.
Limited Locker Capacity to Hinder Market Growth
The sector is struggling to meet the increasing demand for high-capacity and larger lockers. Even though manufacturers provide customized and all-sized capacity lockers, the market's expansion is expected to be hampered by the scarcity of large-sized smart lockers. Furthermore, the high cost of investment in the internet network, real estate, power, and maintenance, among other things, presents a barrier to technological firms. This is likely to have a negative influence on the smart parcel locker market growth.
Further, small and medium scale organizations could not afford to pay monthly the advanced technology lockers, hindering the market growth.
To know how our report can help streamline your business, Speak to Analyst
Modular Parcel Locker is expected to Dominate Market
Based on the type, the market is divided into modular parcel lockers, fresh food cooling lockers, postal lockers, and laundry lockers.
During the projection period, the modular parcel locker is projected to dominate the market. The modular parcel locker has a balanced shelf load, is easy to install packages, and is flexible to use. The demand for this type of locker is also anticipated to be fuelled by its minimal maintenance requirements.
Fresh food cooling lockers are becoming popular as the demand grows in the supermarket, retail, mall, and e-commerce sectors. Cooling lockers are in demand owing to the growing trend of consuming fresh meals. For instance,
The postal locker is anticipated to showcase substantial growth due to the growing competition among the post and parcel industry. Thus, to remain competitive, the leading parcel handlers adopt advanced parcel delivery technology that propelled postal locker market growth.
High Convenience Offered by Indoor Locker to Drive Market
Based on the deployment, the global market is bifurcated into indoor and outdoor.
During the projection period, the indoor locker is expected to have a significant market share. Customers can use the inside lockers to store their everyday mail. The lockers are simple to set up and secure against the elements.
Outdoor lockers are expected to become more popular in retail BOPIS. In the future years, this is likely to fuel category expansion.
Increasing Parcel Theft Incidence in Commercial Buildings to Surge Market Growth
Based on the application, the market is divided into commercial buildings, condos, apartments, retail BOPIS, universities and colleges, and others (post offices, parking areas, etc.).
During the projection period, the commercial building is expected to lead. The majority of working individuals request items to be delivered to their work addresses. The online order is dispatched and loaded in the office lobbies and mailrooms, putting additional strain on office workers. As a result, business buildings are increasingly using intelligent parcel lockers to enhance convenience and security.
The condos and apartments have the highest share in the market as it provides anytime access and excellent security of the delivered product. Similarly, universities and colleges are implementing advanced parcel lockers to decrease delivered package theft and liability risks for employees and students.
North America Smart Parcel Locker Market Size, 2020 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
The market has been analyzed across five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
During the forecast period, North America has the highest share in the global market. This is primarily attributed to a surge in the number of parcel deliveries due to the exponential growth of online shopping across the region. Furthermore, leading e-commerce companies are implementing cutting-edge technologies to develop a convenient shopping experience for their customers. During the forecast period, the U.S. is anticipated to lead the region. According to an NPR/Marist poll survey in 2020, more than two-thirds of Americans have preferred to buy online. Smart lockers are implemented in retail, e-commerce, and shopping malls across the country. For instance,
During the projected period, Asia Pacific is predicted to grow at a rapid pace. Due to its large population and top e-commerce companies such as Alibaba, JD.com, and Pinduoduo, China is projected to lead the area in the forthcoming years. Furthermore, India's use of parcel lockers is projected to grow with the highest CAGR owing to a surge in government initiatives for advanced technology adoption for post offices. Further, rapid expansion of the e-commerce industry, surge in population, online purchasing patterns, and rising investment by the top players across the region drive the market growth. For instance,
The increasing dominance of the e-commerce and the logistics industry are projected to drive substantial growth in Europe. During the forecast period, countries like the United Kingdom and Germany have the highest market share. In addition, a number of small businesses are investing in the industry across EU countries. For instance,
The increasing logistics and e-commerce industries in South America is expected to drive the growth during the forthcoming forecast period. In addition, the rising rate of package delivery theft in the region is fuelling demand for secure, intelligent parcel lockers. For example, more than 22,000 cargo thefts were reported in Brazil in 2018. Thus, to avoid parcel delivery theft and secure the packages, demand for the parcel locker increases.
To know how our report can help streamline your business, Speak to Analyst
During the forecast period, the Middle East and Africa region’s market is expected to develop steadily. This is primarily due to a surge in the development of the transportation and logistics industries.
Product Launch & Expansion Strategy to Lead to High Competition among Key Market Players
Key players in the market include Snaile Inc., Quadient, Smartbox Ecommerce Solutions Pvt, Mobiikey Technologies Pvt. Ltd., Package Nexus, Ltd., Abell International Pte. Ltd., among others, are focused on offering advanced solutions. These players are expanding their product portfolio to cater to the increasing needs and requirements of the customer. The players are entering into a strategic partnership and collaboration to grow their businesses across countries.
An Infographic Representation of Smart Parcel Locker Market
To get information on various segments, share your queries with us
The smart parcel locker market research report highlights leading regions worldwide to understand the user better. Furthermore, the market report provides insights into the latest industry and market trends and analyses technologies deployed rapidly globally. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Estimated Year | 2021 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD Million) |
Segmentation | Type; Deployment; Application; and Geography |
By Type |
|
By Deployment |
|
By Application |
|
By Region |
|
The market is projected to reach USD 1,630.2 million by 2028.
In 2020, the market size stood at USD 644.8 million.
The market is projected to grow at a CAGR of 12.4%.
The modular parcel locker is likely to lead the market.
The increasing demand and adoption of advanced parcel lockers in the fastest growing e-commerce industry is escalating the market growth.
Quadient, Snaile Inc., Smartbox Ecommerce Solutions Pvt. Ltd., Abell International Pte. Ltd., Package Nexus, Mobiikey Technologies Pvt. Ltd. are the top players in the market.
North America is expected to hold the highest global share in the market.
Commercial Buildings in the application segment are expected to grow with a CAGR of 11.7%.