Last Mile Delivery Market to increase by USD 165.6 billion from 2022 to 2027, Growing global e-commerce industry boosts the market growth – Technavio
NEW YORK, Oct. 23, 2023 /PRNewswire/ — The last mile delivery market size is expected to grow by USD 165.6 billion from 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 15.62% during forecast period. The market is segmented by service (B2C and B2B), application (FMCG, e-commerce, retail, and others), Application (FMCG, e-commerce, retail, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The growing global e-commerce industry is the main factor driving the global last-mile delivery market growth. There is a significant increase in the growth of the e-commerce industry in China and the US. For example, e-commerce retail sales in the US increased by 39% in Q1 2021 over that in Q1 2020, whereas total retail sales showed a growth of only 16.4% in Q1 2021. Hence, such factors are positively impacting the market, which in turn will drive the market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample
- The report recognizes the following as some of the key players in the last mile delivery market: C.H. Robinson Worldwide Inc., CEVA Logistics AG, DB Schenker, Deutsche Post AG, DSV Panalpina AS, CRST The Transportation Solution Inc., FedEx Corp., J.B. Hunt Transport Services Inc., Kerry Logistics Network Ltd., Kuehne Nagel Management AG, LaserShip Inc., Nippon Express Holdings Inc., Postmates Inc, Royal Mail Plc, TForce Logistics, TNT Holdings BV, United Parcel Service Inc., United States Postal Service, Werner Enterprises Inc., and XPO Logistics Inc.
- Last Mile Delivery Market is fragmented in nature.
- Market to observe 13.79% YOY growth in 2023.
- The increasing focus on technological advances is an emerging trend in the market.
- The growing adoption of advanced technology for real-time tracking, which enables consumers to manage and modify their retail deliveries with the help of easily accessible online tools is a key trend in the market.
- As a result, such a tool offers greater transparency to customers besides providing them complete control over package delivery.
- Hence, such factors drive the market growth during the forecast period.
- The operational challenges faced by last-mile delivery companies is a significant challenge hindering market growth.
- The main challenge associated with last-mile delivery operations is to provide transparency and improve delivery efficiency while maintaining profitability.
- In addition, last-mile delivery requires separate deliveries to many locations within a region, thereby increasing logistics costs.
- Furthermore, the labor and fuel costs associated with last-mile delivery is high which hinders the market during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
- The market share growth by the B2C segment is significant during the forecast period. B2C-type last-mile delivery comprises the delivery of various parcels and goods from adjacent transportation hubs to consumers. In addition, there is a significant sale of products through e-commerce sales channels, which increases the emphasis on last-mile delivery. Hence, such factors fuel the growth of this segment, which in turn drives the market growth during the forecast period.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Service
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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