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/EIN News/ -- Pune, India, July 12, 2022 (GLOBE NEWSWIRE) -- The global smart parcel locker market size was valued at USD 722.1 million in 2021. The market is projected to grow from USD 806.5 million in 2022 to USD 1833.9 million by 2029, exhibiting a CAGR of 12.5% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Smart Parcel Locker Market Forecast, 2022-2029.”
April 2022: TZ Limited declared its novel agreement with Australia’s NSW Government department to install 3,000 TZ smart locker system. The company upgraded the department’s prevailing lockers with its smart cloud-based systems.
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Expansive Growth in Online Shopping & E-commerce during COVID-19 to Spur Growth
The COVID-19 pandemic has dramatically modified the retail industry. The preliminary onset of coronavirus has startled the brick and mortar vendors for choosing digital platforms and to fast-track incorporating multichannel strategies to safeguard rising deliveries. The consumers became more comfortable with online shopping due to its hassle-free services such as effortless returns, free deliveries, cash on delivery payment, among others. Consequently, with an augmented growth in online shopping and increasingly developing e-commerce amid pandemic, the market is set to observe an elevated boom.
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Upsurge in E-Commerce Deliveries to Fuel the Smart Parcel Locker Market Growth
The drastically developing online retailing trend is rising e-commerce demand. Over a few years, numerous corporations observed growth in delivery volumes. Various industry segments, such as food and beverages, apparels and accessories, personal care, and consumer electronics goods, perceived sharp growth in their parcel delivery volume. Brick and mortar retail stores are now moving toward e-commerce and digital platforms to distribute products to consumers.
Increasing E-commerce and Logistics to Thrust Hardware Demand
Based on component, the market is categorized into hardware, software, and services.
The hardware segment captured maximum market share in 2021 and is expected to preserve its dominance during the forecast period.
Majority Safety and Ease of Admission to Fuel Demand for Indoor Locker
Based on deployment, the market is categorized into indoor and outdoor.
Indoor deployment of smart lockers is greatest in comparison with outdoor deployment as the price of an outdoor locker is three times greater than an indoor model.
Rising Scalability to Thrive Modular Parcel Lockers Segment Share
Based on type, the market is divided into modular parcel lockers, cooling lockers for fresh food, postal lockers, and laundry lockers.
Modular parcel locker holds the largest market share; where, cooling lockers for fresh food is predicted to be the quickest rising locker type.
Surging Online Shopping to Improve Commercial Building Segment Share
Based on application, the market is divided into commercial buildings, condos and apartments, retail BOPIS, universities and colleges, others (post offices, parking areas).
The installation of progressive parcel lockers is largest in and around commercial buildings; however, retail BOPIS are projected to upsurge deployment of smart lockers in their premises in the forthcoming years.
The global market scope is classified across five regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.
North America to Lead Backed by Rising Parcel Deliveries
North America holds the largest smart parcel locker market share, owing to the escalation in the number of parcel deliveries due to exponential growth of online shopping across the region.
Asia Pacific is anticipated to grow at a quick pace, owing to the rising number of online buyers and government programs to develop smart cities.
Smart parcel lockers signify an essential, countrywide, developing digital infrastructure of the future, and Germany and the U.K. are about to turn out to be the biggest parcel locker nations in Europe as a consequence of millions of pounds of capitalization.
Prime Players Sign Considerable Agreements to Make Noteworthy Alterations in Market
The players functioning in the market of smart parcel locker often employ various tactics that will benefit the market growth and product demand. Among the pool of stratagems, one such remarkable strategy to inflate the business prospect is signing multimillion agreements with government bodies and safeguarding a profitable revenue for their own company.
List of Key Players Mentioned in the Report:
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