Pune, India, Feb. 04, 2021 (GLOBE NEWSWIRE) -- The global smart parcel locker market size is expected to showcase considerable growth by reaching USD 1,438.9 million by 2027 while exhibiting an impressive CAGR of 12.2% between 2020 and 2027. This is attributable to the rising post and parcel industry that 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 Size, Share & COVID-19 Impact Analysis, By Type (Modular Parcel Locker, Cooling Lockers for Fresh Food, Postal Lockers, and Laundry Lockers), By Deployment (Indoor and Outdoor), By Application (Commercial Buildings, Condos and Apartments, Retail BOPIS, Universities & Colleges, and Others), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 580.5 million in 2019.
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 massive spurt in online sales. For instance, according to the data by Salesforce Inc., the 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, although slow, will exhibit a CAGR of 11.1% in 2020.
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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 details regarding their parcel. Furthermore, they help retailers to reduce cost on last-mile shipping and allows them to leverage the inventory at their stores.
What does the Report Provide?
The 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 2020 and 2027. It includes 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.
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DRIVING FACTORS
Rising Post and Parcel Industry to Promote Growth
The growing e-commerce industry is propelling the 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 is leading to the rising post and parcel industry across the globe. For instance, according to the report by the Parcel Shipping Index by Pitney Bowes, 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.
SEGMENTATION
Modular Parcel Locker Segment Held 35.0% Market Share in 2019
Based on type, the modular parcel locker segment held a market share of about 35.0% in 2019 and is expected to showcase considerable growth due to the increasing demand for efficient and low-maintenance modular smart parcel lockers globally.
REGIONAL INSIGHTS
North America to Remain Dominant; Adoption of Advanced Solutions by E-commerce Players to Stoke Demand
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global smart parcel locker market in the forthcoming years. This is attributable to increasing adoption of advanced parcel management solutions by the prominent e-commerce companies that is likely to propel the demand for innovative smart parcel lockers in the region between 2020 and 2027.
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.
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COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Expand Their Product Portfolio and Boost Sales Revenue
The global market for smart parcel locker is experiencing healthy competition between several players that are focusing on developing innovative parcel management solutions. Additionally, 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:
- March 2020 – Parcel Port Solutions Inc. and Artitalia Group Inc. announced their partnership to develop an advanced smart parcel locker system. Moreover, the companies launched Addobox, a smart locker that aids in facilitating pick-up of parcels in-store or purchase online for the customers.
List of the Players Profiled in the Global Smart Parcel Locker Market:
- TZ Limited (New South Wales, Australia)
- CleverBox Co. (London, UK)
- Smartbox Ecommerce Solutions Pvt. Ltd. (UP, India)
- Abell International Pte. Ltd. (Singapore)
- Package Nexus (California, United States)
- Mobiikey Technologies Pvt. Ltd. (Karnataka, India)
- DeBourgh Manufacturing Co. (Colorado, United States)
- KEBA AG (Linz, Austria)
- Quadient (Bagneux, France)
- RENOME group (New York, United States)
- Vlocker (Colorado, United States)
- ALPHA Corporation (Virginia, United States)
- Kern Limited (UK)
- Shenzhen Zhilai Sci & Tech Co., Ltd. (China)
- Patterson Pope (Carolina, United States)
- Snaile Inc. (Ontario, Canada)
- American Locker (Texas, United States)
- Parcel Port Solutions, Inc. (Ontario, Canada)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply chain Analysis
- Global Smart Parcel Locker Key Players Market Share Insights and Analysis, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Smart Parcel Locker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Type (Value)
- Modular Parcel Locker
- Cooling Lockers for Fresh Food
- Postal Lockers
- Laundry Lockers
- By Deployment (Value)
- Indoor
- Outdoor
- By Application (Value)
- Commercial Buildings
- Condos and Apartments
- Retail BOPIS
- Universities & Colleges
- Others
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (Value)
- Global Smart Parcel Locker Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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