PUBLISHER: SkyQuest | PRODUCT CODE: 1244236
PUBLISHER: SkyQuest | PRODUCT CODE: 1244236
Global Smart Parcel Locker Market was valued to be USD 0.9 billion in 2021, and it is anticipated to reach USD 1.9 billion by 2028 at a CAGR of 12.5% over the forecast period (2022-2028).
An automated containment system called a "smart parcel locker" is used to store packages or deliveries that have been ordered online and delivered. Package delivery management is secure and useful using this technology. It is projected that the business will be propelled by the growing internet market. Commercial buildings and multi-tenant apartments are heavily utilising this technology to manage huge stacks of deliveries for various recipients. Similar to this, logistics and e-commerce companies are leaning towards using smart technologies.
Delivery companies are being driven to adopt cutting-edge smart technology as the e-commerce industry grows in order to boost customer satisfaction by providing dependable and secure parcel services. Likewise, free shipping and delivery promotions are causing a rise in the international postal and parcel industries. The expanding adoption of smart technologies, such as smart refrigerators, throughout the food and beverage sector for the storage and delivery of fresh food is another reason that is projected to fuel the rise of the global smart parcel delivery locker market in the ensuing years.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Smart Parcel Locker Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this region
The Global Smart Parcel Locker Market is segmented based on component, deployment, type, application and region. Based on the Components, it is categorized into Hardware, Software, and Services. Based on Deployment, it is categorized into Indoor and Outdoor. Based on the Type, it is categorized into Modular Parcel Lockers, Cooling Lockers for Fresh Food, Postal Lockers, and Laundry Lockers. Based on Application, it is categorized into Commercial Buildings, Condos & Apartments, Retail BOPIS, and Universities & Colleges. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Drivers
The demand for online shopping is increasing as a result of trends that are developing rapidly. Throughout time, many businesses have witnessed a rise in delivery quantities. The number of parcel shops or parcel locker outlets significantly increased due to the increase in business-to-customer parcel deliveries. The number of parcels being delivered to stores that sell consumer electronics, apparel, and personal care items has significantly increased. Traditional brick and mortar retailers are increasingly distributing items to customers through digital and e-commerce channels. According to Quantum Metric data, e-commerce platforms used by brick and mortar retailers increased conversion rates by 52%.
Restraints
It can be difficult for parcel locker suppliers to offer lockers with more space and capacity. Although the manufacturers offer custom and all-size capacity lockers, it is anticipated that the lack of enormous-size smart lockers will limit market growth. For instance, in the UK, Amazon Inc. has a restricted number of lockers with a 4.5 kilogramme weight limit. Therefore, if a package is too large or too heavy for the designated space, it is either removed or transported to another location. As a result, customers and the product's supplier could expect issues.
Market Trends
Nowadays, a number of studies show that climate change is having a substantial impact on the world. The world's resources are depleting, making quick changes and decisive action across industries and at the individual level imperative for a sustainable future. The logistics industry is responsible for 24% of greenhouse gas emissions, according to research by CarbonCare's WildVenture GmbH. In a similar vein, the expansion of e-commerce is anticipated to boost greenhouse gas emissions by 78% by 2030, resulting in a 30% increase in carbon emissions. Hence, incorporating sustainability into logistics and e-commerce is the most important aspect of today's enterprises.
Reduce the negative effects that expanding logistics has on the environment by using smart lockers. The smart lockers track usage patterns and modify energy use as necessary. If there isn't a package in the locker, for instance, it shuts off the lights and sensors until the next package shows up. Due to the advantages, a lot of organisations are already implementing green technology lockers.