USD 131.5 billion
Report ID:
SQMIG20Y2005 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
120 |
Figures:
77
Last Mile Delivery Market size was valued at USD 131.5 billion in 2019 and is poised to grow from USD 142.1 billion in 2023 to USD 288.9 billion by 2031, growing at a CAGR of 8.13% in the forecast period (2024-2031).
Customers' demands for last-mile deliveries are changing as they become more sophisticated. Additionally, if same-day or fast delivery is offered at a reasonable price, many customers choose these services. Excellence in these deliveries has become essential due to the increasing demand for last mile delivery and fulfilment of similar commercial and residential products within a given timeframe. Thankfully, shippers, logistics companies, and technology companies plan ahead to quickly satisfy all customer expectations by embracing cutting-edge technologies created for last-mile deliveries. This component is expected to have an influence on the market.
Furthermore, the last mile delivery sector is growing due to innovations and investments made by major market players. For instance, Amazon unveiled Scout, a delivery robot that can roll along sidewalks and leave packages at customers' door - step. In terms of size, Scout resembles a tiny cooler. This inspired Amazon to create a fresh idea for an autonomous last-mile delivery service. The market outlook for automotive last mile delivery is expected to see a number of improvements made by top companies, that will drive market growth.
The development of the e-commerce industry, an increase in trading activities spurred on by globalization, technology advances in delivery vehicles, and a rise in the need for fast package delivery all have contributed to the growth of the market. The market growth is expected to be hampered by subpar infrastructure, higher logistics costs, a lack of manufacturer and retailer control over logistics services, and an unreliable postal address system.
Additionally, the adoption of autonomous delivery to spur growth, cut costs, and truncate lead - time as a result of the multi-modal system adoption and expansion of the e-commerce sector, combined with an increase in B2C deliveries, is anticipated to open up a wide range of possibilities for the last mile delivery market to expand and grow.
US Last Mile Delivery Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 131.5 billion
Largest Segment
B2B (Business-To-Business)
Fastest Growth
B2B (Business-To-Business)
Growth Rate
8.13% CAGR
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Global Last Mile Delivery Market is segmented based on Type, Technology, Delivery Time, Application, and region. Based on Type the market is segmented into B2B (Business-To-Business), B2C (Business-To-Consumer), C2C (Customer-To-Customer). Based on Technology the market is segmented into Drones, Autonomous Ground Vehicles, Droids, others. Based on Delivery Time the market is segmented into Regular Delivery, Same-Day Delivery. Based on Application the market is segmented into FMCG, E-commerce, Retail, Healthcare, mails & Packages, Others. Based on region the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Last Mile Delivery Market Analysis by Type
The Business to Consumer (B2C) product segment now holds the largest share of the global last mile delivery market as a result of the e-Commerce industry's rapid growth and the development of digital payment methods that enable customers to make instant payments whenever and wherever they choose.
Through the supply of raw materials, semi-produced goods, and finished products, the B2B or Business to Business product segmentation owns the second-largest share of the last mile delivery market share. The bulk orders that the business requests for subsequent procedures are typically handled by the B2B deliverables.
Last Mile Delivery Market Analysis by Application
The other segments, including such manufacturing companies and e-Commerce clients, each hold a significant portion of the market, but with forecast sales of USD 78806. 15 million and an anticipated CAGR of 13.3% in 2030, retail clients hold the lead. The growth rate determines who leads in the market, and in this case, the retail client’s segment has narrowly beaten the e-Commerce segment in terms of CAGR despite the proximity of both segments in terms of valuation in USD.
The manufacturing companies segment includes businesses or companies that use goods for direct sales or for additional processing. With a high order volume, a large order size, and long-term business ties, this quick mile delivery market segment serves a sizeable portion of the global market.
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The Asia-Pacific region is growing at the fastest rate in the global market, with a large market share during the projection period. APAC is one of those high-performing regions for the advancement of the e-Commerce business since major players like India, China, and Japan currently operate at the highest level of technology and deliverables. According to reports, China and India are the countries with the greatest concentration of manufacturing facilities and the greatest demand for delivery services in the APAC area. In 2021, the Asia-Pacific region accounted for over 64.3% of all e-Commerce expenditure.
North America, with a significant market share, currently and going future will be the lead in last mile delivery. The growth of North America's industrial sector, which includes the automotive, manufacturing, retail, food & beverage, and apparel sectors, is driving the growth of the region's freight and logistics markets. The e-commerce company has grown substantially as a result of efficient and effective supply chain and logistics management.
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Last Mile Delivery Market Drivers
Delivery Services as e-Commerce Platforms Grow in Popularity
Door-to-door delivery alternatives growing the last-mile delivery market
Last Mile Delivery Market Restraints
Corruption in the supply chain decreases reliability
Lack of transparency is a growing
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The competition in the market is at an all-time high due to the last mile delivery market's growing pace. By providing the most effective and efficient delivery services, the major competitors on the market fight for the highest loyalty of consumers.
Last Mile Delivery Market Top Player’s Company Profiles
Last Mile Delivery Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Last Mile Delivery market analysis, we found that the market expansion is also aided by major and start-up companies increasing their transportation system. The market is expanding as a result of changing living standards and a high smartphone penetration rate. A few other factors fuelling the development of the market include technological advancement and automation brought on by rising disposable income and expanding capacity. The increase in online orders has boosted the need for last-mile delivery, which has supported the development of numerous businesses in this industry. The reality that several consumers are prepared to pay more for fast delivery has increased demand for last mile delivery and is expected to fuel the market growth in the years to come. The development of light-duty vehicles has improved the ease of operation and transfer of finished goods to consumers through factors such economic fuel, retail price, and acceleration. Moreover, there is an increase in road transportation activities globally, which helps the market grow.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 131.5 billion |
Market size value in 2031 | USD 288.9 billion |
Growth Rate | 8.13% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered | |
Customization scope | Free report customization with purchase. Customization includes:-
|
Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Last Mile Delivery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Last Mile Delivery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Last Mile Delivery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Last Mile Delivery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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REQUEST FREE CUSTOMIZATIONLast Mile Delivery Market size was valued at USD 131.5 billion in 2019 and is poised to grow from USD 142.1 billion in 2023 to USD 288.9 billion by 2031, growing at a CAGR of 8.13% in the forecast period (2024-2031).
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Product ID: SQMIG20Y2005