Intelligent Parcel Locker Market Set to Reach $2.5 Billion by 2031: Unboxing Growth

Allied Market Research has recently unveiled a report titled "Intelligent Parcel Locker Market," shedding light on the market's remarkable growth trajectory. Valued at $0.7 billion in 2021, the intelligent parcel locker market is projected to surge to $2.5 billion by 2031, boasting a substantial Compound Annual Growth Rate (CAGR) of 12.6% from 2022 to 2031.

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The past decade has seen significant growth in the intelligent parcel locker market, driven by the flourishing e-commerce industry in both developed and developing countries, coupled with a surge in residential and non-residential constructions. Industry players are strategically expanding their operations to solidify their global market presence. Among the components, the hardware segment led the market in 2021 in terms of revenue, primarily due to high installation costs. In terms of application, the outdoor segment is poised for substantial growth with a higher CAGR, fueled by the expansion of the e-commerce industry. Furthermore, in the end-user industry, the non-residential segment is anticipated to witness a higher CAGR during the forecast period, propelled by the global rise in urbanization.

The intelligent parcel locker market features commonly observed components such as hardware and software. The hardware segment secured the highest market share in 2021. The market analysis extends to different applications, encompassing indoor and outdoor segments, with the latter expected to experience significant growth due to the increasing trend of quick parcel deliveries. In terms of end-users, the residential segment took the lead in 2021. The market's growth is primarily attributed to the escalating e-commerce industry and the growing number of residential and non-residential constructions. However, the high initial cost of hardware remains a constraint to the market's growth.

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In 2021, North America emerged as the dominant force in the global intelligent parcel locker market, followed by Europe and Asia-Pacific. Asia-Pacific is expected to witness substantial growth with a high CAGR, driven by the flourishing e-commerce industry and rapid urbanization.

Technological advancements in Information Technology (IT) and electronics have significantly enhanced the performance and usability of intelligent parcel lockers for both residential and non-residential purposes. These advancements facilitate easy notifications for deliveries and enable product tracking.

Businesses are responding to the growing demand by introducing new smart parcel lockers, sustaining healthy competition. Key players are expanding their reach through business expansion strategies. For instance, in May 2020, Swedish logistics tech company Instabox announced its expansion of smart parcel lockers into Denmark and Norway, aiming to achieve same-day delivery services.

Despite challenges posed by the pandemic, including temporary business closures in key markets like China, the U.S., and India, the intelligent parcel locker market has shown resilience. The initial lockdowns impacted sales, with disruptions in the supply chain due to a lack of manpower and raw materials. However, the pandemic opened opportunities for the development of new and improved contactless parcel lockers. As the severity of the pandemic has diminished after two years of its outbreak and the introduction of vaccinations, key players in the market are on the path to rapid recovery.

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Key companies profiled in the intelligent parcel locker market forecast report include American Locker, Cleveron, Florence Corp., Hollman Inc., KEBA AG, Luxer Corporation, Mobiikey Technologies Pvt. Ltd, Package Nexus, Parcel Port Solutions, Inc., Pitney Bowes Inc., Quadient, Renome Group, Ricoh, Shenzhen Zhilai Sci and Tech Co., Ltd, Smartbox Ecommerce solutions Pvt. Ltd., TZ Limited, and Xiamen Headleader Technology Co.

KEY FINDINGS OF THE STUDY:

The report provides an extensive analysis of current and emerging intelligent parcel locker market trends and dynamics.

The hardware segment held the largest intelligent parcel locker market share in terms of revenue in 2021, and the software segment is projected to grow at a significant CAGR during the forecast period.

The outdoor segment is expected to grow at a higher CAGR based on application.

The residential segment registered the highest revenue in 2021 among end-user industries.

Asia-Pacific is projected to register the highest growth rate in the coming years.

Key players within the intelligent parcel locker market are thoroughly analyzed, offering insights into their strategies and competitive outlook.

The report provides an extensive analysis of the market overview and emerging opportunities, conducting in-depth analysis between 2021 and 2031 for key segments.


https://www.alliedmarketresearch.com/intelligent-parcel-locker-market-A13617

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