Smart Parcel Locker Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2032

Smart Parcel Locker Industry Prospective:

The global smart parcel locker market size was worth around USD 906.24 million in 2023 and is predicted to grow to around USD 2,484.94 million by 2032 with a compound annual growth rate (CAGR) of roughly 13.44% between 2024 and 2032.

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Smart Parcel Locker Market: Overview

Smart parcel lockers are storage devices equipped with advanced technology. They are electronic tools that allow secure parcel delivery. Such lockers consist of multiple components such as motors, software systems, sensors, light-emitting diodes (LEDs), and card readers. Some providers of smart parcel lockers also offer additional tools including remote shipment tracking. Smart parcel lockers are considered the latest innovation in the logistics industry with the aim to improve delivery processes and provide security transactions to customers. One of the key advantages of smart parcel lockers is their availability throughout the day. In traditional means of parcel delivery, the recipient has to be physically present at the time of delivery.

In some situations, this may become difficult hence creating demand for smarter systems with round-the-clock accessibility features. They are also cost-effective to the companies using the solutions since smart parcel lockers can prove as cost-saving agents. Delivery partners can avoid visiting the same drop location multiple times thus saving cost and energy. The demand for smart parcel lockers is expected to grow rapidly during the forecast period.

Key Insights:

• As per the analysis shared by our research analyst, the global smart parcel locker market is estimated to grow annually at a CAGR of around 13.44% over the forecast period (2024-2032)
• In terms of revenue, the global smart parcel locker market size was valued at around USD 906.24 million in 2023 and is projected to reach USD 2,484.94 million, by 2032.
• The market is projected to grow at a significant rate due to the growing applications of smart parcel lockers in educational facilities
• Based on deployment segmentation, indoor was predicted to show maximum market share in the year 2023
• Based on application segmentation, commercial building was the leading segment in 2023
• Based on region, REGION was the leading revenue generator in 2023

Smart Parcel Locker Market: Growth Drivers

Growing applications of smart parcel lockers in educational facilities may drive market growth

The global smart parcel locker market is projected to grow owing to the increasing use of smart parcel lockers at college and school campuses. Students across the globe have, at least once in their lifetime, been victims of package theft. As per market research, around 3 out of every 4 citizens in the US have encountered package theft. Against the backdrop of the growing number of incidents reported globally concerning violence in college premises, there has been an urgent need to develop measures in which student safety can be improved. Smart parcel locker systems provide one such means by allowing students to securely retrieve their parcels.

The companies operating in the segment are aggressively promoting the technology as a safety measure, especially for schools and colleges. Students can retrieve or access their packages by scanning a confidential barcode on their smartphones. This way, only the students with the right authorization get access to the locker. Furthermore, companies are investing in developing more student-friendly software programs with seamless experience which may lead to higher adoption of smart parcel locks in educational institutes.

Rising investments in upscale apartment and housing facilities will promote the use of smart parcel locker systems

During the projection period, the demand for smart parcel locker systems is expected to grow due to the increasing construction of high-end luxurious housing facilities offering novel services to the residents. During the projection period, the Indian luxurious real-estate market is expected to grow over a CAGR of more than 22%.

The growing disposable income of the general population will allow more customers to gain access to the novel facilities of upscale housing units thus creating more demand for the global smart parcel lockers market.

Smart Parcel Locker Market: Restraints

Familiarity with the current method of at-home parcel delivery will restrict market expansion

The global smart parcel locker industry is expected to face growth restrictions due to the higher familiarity of consumers with the current method of parcel delivery. Most companies offer at-home delivery services. The customers do not have to make any extra effort as they just have to wait for the delivery companies to carry out the process of parcel shipment.

In addition to this, buyers who are unfamiliar with technology may not find smart parcel lockers helpful since they have to depend on technology to access their products. The use of smart parcel lockers is currently not drafted to remote locations that lack supporting infrastructure and hence offer limited application.

Smart Parcel Locker Market: Opportunities

Rising rate of innovation in the industry will deliver high-growth opportunities

The global smart parcel locker market will come across several growth opportunities due to the increasing investments in technological innovation. Constant research & development (R&D) helps companies survive in the long run as more players continue to get added to the industry. Furthermore, it helps brands ensure meeting customer expectations. In September 2023, SwipBox, a Danish company, announced the launch of a new range of smart parcel lockers that can be accessed using a smartphone. It leverages the benefits of Bluetooth LE connectivity and is manufactured using Nordic Semiconductor’s nRF52840 (System on a Chip) SoC. Since its launch, the company has installed more than 35000 units worldwide.

In June 2023, Pitney Bowes Inc., a leading mailing and shipping company, announced the expansion of its existing product portfolio of ParcelPointTM Smart Locker. The company has made two new additions in the form of Workplace Day Use functionality and Outdoor Smart Lockers solutions. The launch is in accordance with the growing demand for safer and more secure parcel-oriented transactions. The products are designed keeping in view the requirements of the modern workforce.

Offering customized solutions may prove beneficial for the market players

The global industry for smart parcel lockers may benefit from the growing number of companies offering customized solutions to their customers. Solutions providers can experiment with offering higher scalability to the customers depending on their exact needs. Personalized smart parcel lockers will deliver higher revenue.

Smart Parcel Locker Market: Challenges

Security concerns related to smart parcel lockers may challenge market expansion

The global smart parcel locker market will be challenged by the security concerns associated with the technology. The increasing number of cybercrimes and data thefts is an indication of the number of digital threats that customers may have to come across. In case of QR code hacking, the user may lose access to the parcel locker.

Smart Parcel Locker Market: Segmentation

The global smart parcel locker market is segmented based on deployment, component, application, and region.

Based on deployment, the global market is divided into outdoor and indoor. In 2023, the highest growth was witnessed in the indoor segment. The higher segmental revenue is a result of the greater use and security offered by indoor systems. Outdoor solutions are difficult to maintain since they are exposed to harsh environments. Additionally, indoor smart parcel lockers are widely used in housing facilities and school premises. The cost of smart parcel lockers may vary between USD 5000 to USD 21000.

Based on component, the global smart parcel locker industry is divided into hardware and software.

Based on application, the global market is segmented into condos & apartments, commercial buildings, universities & colleges, retail BOPIS, and others. In 2023, the highest demand was observed in the commercial buildings segment. The rising number of high-rise commercial structures and the growing demand for improved safety in such buildings are the major driving factors. The retail Buying Online & Picking Up In-Store (BOPIS) industry has witnessed a rise of over 50% in its customer reach in the last few years.

Smart Parcel Locker Market: Report Scope

Smart Parcel Locker Market: Regional Analysis

North America to register the highest sales during the forecast period

The global smart parcel locker market will be dominated by North America during the forecast period. During the forecast period, it is expected to grow at a CAGR of more than 10.71%. The high regional revenue is the result of increased sales in the e-commerce segment. As per official reports, more than 70.01% of all American citizens are regular buyers through online channels. The purchases made belong to all industries including consumer electronics, food items, groceries, and other essentials. The higher access to smart technology and familiarity with technical aspects of smart parcel lockers further help the easy adoption of new solutions.

Moreover, the US is the leading contributor to the global e-commerce sector. It is home to the world’s most dominant e-commerce company Amazon which has helped the region gain momentum over its competitors. The presence of smart parcel locker manufacturers in the region along with higher use of the tool across commercial infrastructure and educational facilities further aids regional dominance. Asia-Pacific is expected to become the fastest-growing region during the forecast period. The growing disposable income of the general population and the presence of a larger consumer base will aid regional promotion.

Smart Parcel Locker Market: Competitive Analysis

The global smart parcel locker market is led by players like:

• Parcel Pending (owned by Quadient)
• Quadient
• Snaile
• Cleveron
• Luxer One
• TZ Limited
• SwipBox
• Bell and Howell
• ENGY Company
• KEBA AG
• InPost S.A.
• Smartbox Ecommerce Solutions
• Neopost (Now Quadient)
• ByBox
• Package Nexus.

The global smart parcel locker market is segmented as follows:

By Deployment

• Outdoor
• Indoor

By Component

• Hardware
• Software

By Application

• Condos & Apartments
• Commercial Building
• Universities & Colleges
• Retail BOPIS
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa