The Parcel Delivery Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Parcel Delivery Vehicle Global Market Report 2024, The parcel delivery vehicle market size has grown strongly in recent years. It will grow from $112.41 billion in 2023 to $121.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to e-commerce expansion, urbanization, consumer expectations, rise of courier services, last-mile delivery optimization.
The parcel delivery vehicle market size is expected to see strong growth in the next few years. It will grow to $170.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to electric vehicle adoption, autonomous and drone delivery integration, data-driven logistics, customizable vehicle designs, focus on secure and contactless deliveries. Major trends in the forecast period include innovations in last-mile robotics, incorporation of green technologies, multi-modal delivery networks, modular and adaptable vehicle configurations, mobile parcel lockers and hubs.
The rising development of e-commerce and internet shopping platforms is expected to propel the growth of the parcel delivery vehicle market going forward. E-commerce platform refers to any website that enables online purchasing and selling. Internet shopping platforms are electronic commerce that allows customers to purchase directly from sellers using a computer browser and the Internet. The rising development of E-commerce and internet shopping platforms is boosting the parcel delivery vehicle market as they are utilized in the door-to-door delivery of products ordered on e-commerce or online shopping websites. For instance, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, online retail sales as a percentage of all retail sales climbed from 16% to 19% in 2020 due to the growth of e-commerce. Furthermore, in June 2022, according to an article published by Morgan Stanley, a US-based investment management and financial services company, global e-commerce increased from 15% to 21% of total retail sales from 2019 to 2021, accounting for approximately 22% of total sales. Therefore, the rising development of e-commerce and internet shopping platforms is driving the growth of the parcel delivery vehicle market.
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The parcel delivery vehicle market covered in this report is segmented –
1) By Type: Class 2a, Class 2b, Class 3, Class 4
2) By Vehicle Type: Light Duty Vehicle, Medium Duty Vehicle, Heavy Duty Vehicle
3) By Gross Weight: 3.5-5 Ton, 6-7.5 Ton, >8 Ton
4) By Operation: Manual, Autonomous
5) By End-Use: Courier Companies, Food Delivery Companies, Fleet Management Companies, Medical Courier Companies, Warehouse Service Providers, E-Commerce
Product innovation is a key trend gaining popularity in the parcel delivery vehicle market. Major companies operating in the parcel delivery vehicle market are focused on introducing innovative products and solutions to sustain their positions in the market. For instance, in December 2022, LOXO, a Switzerland-based autonomous vehicle and services company, launched LOXO Alpha, an innovative and unique autonomous delivery vehicle. LOXO Alpha is simply a small, electrically powered box with compartments for parcels that drives itself using a variety of sensors. It has distinctive radar systems, a lidar, a sonar, a camera, and robust algorithms. It results in a 360-degree field of view that identifies people, and objects, and ensures optimal safety. It is said to have no carbon footprint and offers several other advantages, such as reduced delivery expenses for companies and lower shipping costs for consumers.
The parcel delivery vehicle market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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