Intelligent Parcel Locker Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Intelligent Parcel Locker Market," The intelligent parcel locker market size was valued at $0.7 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.

Commonly observed components available in intelligent parcel locker market are hardware, and software. Among these, the hardware segment accounted for the highest market share in 2021. The market is further analyzed with respect to different applications in such as indoor and outdoor. Among these, outdoor segment is expected to witness a growth with high a CAGR, owing to rise in quick parcel delivery trends. And by end-user, it is based on residential and non-residential. Among these, the residential segment registered a high revenue in 2021. Furthermore, the market is mainly driven by rise in e-commerce industry and rise in number of residential and non-residential buildings. However, high initial cost of hardware constraints the intelligent parcel locker market growth.

In 2021, North America dominated the global intelligent parcel locker market, in terms of revenue, followed by Europe and Asia-Pacific. Moreover, the market in Asia-Pacific is expected to witness grow with high CAGR, owing to growth in e-commerce industry and rapid rise in urbanization.

The advancements in the IT and electronics technologies have significantly improved the performance and usability of intelligent parcel locker for residential and non-residential purposes. Owing to this, consumers can easily be notified about the delivery and it can also help in tracking the product.

Furthermore, businesses are launching new smart parcel lockers to sustain the competition. In addition, many key players have also adopted businesses expansion strategy to enhance their reach in different regions. For instance, in May 2020, Instabox, a Swedish logistics tech company, announced that it will expand its smart parcel lockers to two new markets in Denmark and Norway. This is being done to achieve same-day delivery service, by placing hundreds of new smart parcel lockers across the neighboring countries, Denmark and Norway.

However, during the pandemic lockdown, various manufacturers in the intelligent parcel locker market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of intelligent parcel locker manufacturing companies in the initial lockdowns. In addition, lack of manpower and raw materials constricted supply of raw materials for intelligent parcel locker; and negatively influenced the growth of the market. However, COVID-19 opened opportunities for the development of new and better contactless parcel lockers. Now, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.

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 the current and emerging intelligent parcel locker market trends and dynamics. 
• Depending on component, 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.
• By application, outdoor segment is expected to grow at a higher CAGR.
• By end-user industry, residential segment registered highest revenue in 2021.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the intelligent parcel locker market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the intelligent parcel locker industry.
• The report provides an extensive analysis of intelligent parcel locker market overview. 
• In-depth intelligent parcel locker market analysis is conducted by constructing estimations for the key segments between 2021 and 2031.