Smart Parcel Locker Market to Hit USD 1,630.2 Million by 2028; Rising Post and Parcel Industry to Stimulate Growth: Fortune Business Insights™

The global smart parcel locker market size is expected to reach USD 1,630.2 million by 2028, exhibiting a CAGR of 12.4% during the forecast period. The booming post and parcel industry is likely to boost the adoption of advanced smart parcel lockers across the globe. This information is published by Fortune Business Insights in its latest report, titled, "Smart Parcel Locker Market Share, 2021-2028." The report further observes that the market stood at USD 644.8 million in 2020.

Lockdown to Lead to Lower Growth at 11.1% CAGR in 2020 amid COVID-19

The first half of 2020 led to reduced sales revenue due to the lockdown announced by the government agencies that halted operations of several industries. However, the second half of the pandemic witnessed a massive spurt in online sales. For instance, according to the data by Salesforce Inc., U.S. online sales grew by over 36% in the first two weeks of December as the customers were finishing their holiday shopping. Owing to this, the market exhibited a declined CAGR of 11.1% in 2020.

Smart parcel lockers are automated systems that provide convenience for businesses to store parcels. They provide secure access to inventories and assets from close and remote locations to the users by automatically notifying them of details regarding their parcel. Furthermore, they help retailers reduce costs on last-mile shipping and leverage the inventory at their stores.

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List of the key Players Profiled in the Smart Parcel Locker Market Report:

• TZ Limited (New South Wales, Australia)
• CleverBox Co. (London, U.K.)
• Smartbox Ecommerce Solutions Pvt. Ltd. (UP, India)
• Abell International Pte. Ltd. (Singapore)
• Cleveron (Viljandi, Estonia)
• Package Nexus (California, U.S.)
• Mobiikey Technologies Pvt. Ltd. (Karnataka, India)
• DeBourgh Manufacturing Co. (Colorado, U.S.)
• KEBA AG (Linz, Austria)
• Quadient (Bagneux, France)

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Driving Factor:

Rising Post and Parcel Industry to Promote Growth

The growing e-commerce industry is propelling parcel delivery companies to adopt advanced smart technologies to enhance customer satisfaction by providing reliable and secure parcel services. Additionally, offerings such as free delivery and no shipping charges lead to the rising post and parcel industry across the globe. For instance, according to the Parcel Shipping Index by Pitney Bowes report, parcel volumes surged by about 17% in 2016 and have since experienced considerable growth. The growing adoption of smart technology such as smart cooling lockers across the food and beverage sector to preserve and provide fresh food products is another factor that is likely to boost the global smart parcel locker market growth in the forthcoming years.

What does the Report Provide?

The Smart Parcel Locker Market report includes a qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth between 2021 and 2028. It consists of the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth during the forecast period.

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SEGMENTATION

Modular Parcel Locker Segment Held 34.2% Market Share in 2020

Based on type, the modular parcel locker segment held a smart parcel locker market share of about 34.2% in 2020 and is expected to showcase considerable growth due to the increasing demand for efficient and low-maintenance modular lockers globally.

REGIONAL INSIGHTS

North America to Remain Dominant; Adoption of Advanced Solutions by E-commerce Players to Stoke Demand

Among all the regions, the Smart Parcel Locker Market in North America stood at USD 227.3 million in 2020 and is expected to remain at the forefront and hold the highest position in the global market in the forthcoming years. This is attributable to the increasing adoption of advanced parcel management solutions by prominent e-commerce companies, which is likely to propel the demand for innovative smart parcel lockers between 2021 and 2028.

On the other hand, Europe is expected to hold the second position in the market due to the presence of established logistics networks in the region.

COMPETITIVE LANDSCAPE

Product Innovation by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue
The global market for these lockers is experiencing healthy competition between several players that are focusing on developing innovative parcel management solutions. Additionally, the adoption of strategies such as collaborations and partnerships by other companies is expected to contribute to the growth of the market in the forthcoming years.

Industry Development:

• June 2021 - Your Pick-Up-Point (YPUP) has launched an advanced pick-up and parcel locker solution. YPUP offers a fully automated collection and drop-off solution for every workplace, industry, and market sector.

• March 2020 - Eroski introduced advanced smart lockers for online food delivery pickers. The smart, safe locker was installed in a hypermarket. The lockers are suitable for all types of refrigerated, frozen, and room temperature food products and guarantee food preservation.

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
Name: Ashwin Arora
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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