(MENAFN- GlobeNewsWire - Nasdaq) The global Intelligent parcel locker market is experiencing growth due to factors such as rise in number of housing units in apartment buildings, growth of e-commerce industry, and enhanced security.Wilmington, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Intelligent Parcel Locker Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component (Hardware, and Software), Application (Indoor, and Outdoor), End User industry (Residential, and Non-residential): Global Opportunity Analysis and Industry Forecast, 2021-2031”. The global intelligent parcel locker market size was valued at $732.8 million in 2021, and is projected to reach $2,450.5 Million by 2031, growing at a CAGR of 12.6% from 2022 to 2031.
Prime determinants of growth
The market for Intelligent parcel lockers is anticipated to expand significantly during the forecast period owing to Surge in online shopping increasing demand for efficient parcel delivery solutions. Moreover, integration with smart technology drives market growth. However, High initial costs of installation and maintenance limiting the adoption of intelligent parcel locker. In addition, Growing demand for subscription-based delivery services is expected to provide lucrative growth opportunities for the market during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $732.8 million |
| Market Size in 2031 | $2,450.5 million |
| CAGR | 12.6% |
| No. of Pages in Report | 190 |
| Segments Covered | Component, Application, End User Industry, and Region. |
| Drivers | Rise in number of housing units in apartment buildings Growth of E-Commerce industry. |
| Opportunities | Advancements in technology |
| Restraint | High initial costs of installation and maintenance |
Segment Highlights
Based on Component, the hardware segment dominated the intelligent parcel locker market in terms of revenue in 2021 owing to the essential role of physical components in the functionality and reliability of locker systems. The demand for robust and advanced hardware, including locking mechanisms, user interfaces, and secure storage compartments, has been driven by the need for enhanced security, durability, and user-friendly experiences. As e-commerce continues to grow, businesses increasingly invest in high-quality hardware to ensure efficient parcel management and delivery processes, thereby reinforcing the segment's market leadership.
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Based on Application, the indoor segment dominated the Intelligent parcel locker market in terms of revenue in 2021 owing to the increasing demand for secure and convenient package retrieval solutions within residential buildings, office complexes, and commercial spaces. Indoor lockers provide easy access for users and help alleviate delivery challenges, particularly in densely populated urban areas. Their integration into existing infrastructure and the growing trend of e-commerce have further propelled the adoption of indoor intelligent parcel lockers, making them a preferred choice for consumers and businesses alike.
Based on the end user industry, the residential segment dominated the Intelligent parcel locker market in terms of revenue in 2021 owing to the surge in online shopping and the increasing reliance on home deliveries. With the rise of e-commerce, residential consumers seek convenient and secure solutions for receiving packages, prompting the installation of intelligent parcel lockers in apartment complexes and gated communities. The emphasis on contactless delivery options, particularly during the COVID-19 pandemic, has further fueled demand in this segment, establishing it as a key driver of market growth.
Regional Outlook
On the basis of the region, North America attained the highest market share for the Intelligent parcel locker market in 2021 due to the region's advanced e-commerce infrastructure and high consumer demand for convenient delivery solutions. The proliferation of online shopping, coupled with an increasing focus on efficient last-mile delivery, has driven the adoption of intelligent parcel lockers among retailers and logistics companies. Additionally, strong investments in smart city initiatives and urban logistics solutions have further contributed to the market's growth. The region's emphasis on technological innovation and the availability of advanced locker systems also played a significant role in establishing North America as the leading market for intelligent parcel lockers.
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Players: -
Mobiikey Technologies Pvt. Ltd
Parcel Port Solutions, Inc.
Shenzhen Zhilai Sci and Tech Co., Ltd
Smartbox Ecommerce solutions Pvt. Ltd.
Xiamen Headleader Technology Co
The report provides a detailed analysis of these key players in the global Intelligent parcel locker market. These players have adopted different strategies such as new product launches, acquisition, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
In June 2021, Pitney Bowes Inc. launched ParcelPoint Smart Lockers. It comes with a new suite of robust, secure contactless locker solutions. It is ideal for commercial spaces such as offices, schools, and others.
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