The inclination of consumers towards quick and timely delivery is projected to magnify growth in the global Last Mile Delivery Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The Last Mile Delivery market is expected to grow at a CAGR of 8.1% to reach US $ 16.7 Bn in 2032.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global Last Mile Delivery chip market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global Last Mile Delivery market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global Last Mile Delivery market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global Last Mile Delivery market.
Last Mile Delivery for light duty vehicle segment to Sustain the Highest Revenues, Followed by heavy duty vehicle
As the scope of parcel delivery is widening, the use of autonomous vehicles, drones is rising as they overcome the challenges caused due to cars. The drones are capable of fulfilling ample of needs as the drones are designed in such a way that evade delays and surface congestion while enabling customized delivery at affordable prices. Owing to these benefits Last Mile Delivery is projected to witness a significant growth over the forecast period.
Fuerhtermore, the heavy duty vehicle segment is expected to grow at the substantial CAGR over the forecast period.
Windows Last Mile Delivery fresh products Segment to be the Most Lucrative
Fresh products segment of the last mile delivery market dominate the application segment and is expected to continue its dominance throughout the forecast period. Last mile delivery is the final process in the logistics industry, which plays a significant role in the food industry. Use of special containers to maintain temperature for fresh products is an essential part. The 3C products is estimated to grow at significant CAGR during the forecast period.
North America to Sweep the Largest Revenue Streams Followed by Asia Pacific
North America is the largest contributor to this market, followed by Asia Pacific. In North America, countries like U.S. and Canada are increasingly adopting Last Mile Delivery systems. The rising number of technological advancement and growing the adoption of Last Mile Delivery is contributing to regional growth.
Further, the growing need for reduced downtime in IT infrastructure, which in turn is favoring rampant expansion of the global Last Mile Delivery market across regions such as Europe and Asia Pacific.
The growing industrial sector such as automotive, manufacturing, retail, food & beverages industries is expected to offer new opportunities in the global Last Mile Delivery market
The transportation of products and services from the distributor to the consumer is known as last-mile delivery. Last-mile delivery is defined by the effective delivery of products and services in good condition within the estimated time frame. During the forecast period, the last-mile delivery market is predicted to expand substantially. Consumers' desire for fast and timely delivery is projected to fuel the growth of the last-mile delivery business.
The explosive growth of internet and e-commerce sales in developing countries has boosted the demand for parcel delivery. This factor may contribute to the expansion of the last-mile delivery sector. Aside from that, omnichannel supply chains are boosting business in the logistics and transportation sectors, which might help the last-mile delivery market grow even faster. The rising popularity of subscription-based services has resulted in a rise in repeat purchases. These reasons may eventually help the last-mile delivery sector thrive. One of the primary market factors that has piqued consumer interest is same-day delivery. This factor is anticipated to bolster the market for last-mile deliveries. The outbreak of COVID-19 across the globe has created a great impact on the economy of all the countries worldwide. Further, it has affected the development and progress of all the sectors. During this situation, all the industries are offering the best possible assistance in terms of security and quality. However, the last-mile delivery market is prospering due to the rising trend for online shopping. The growing preference for online sales and purchases is creating new growth opportunities for the players in the last-mile delivery market. This trend is expected to continue post-pandemic and is predicted to be a growth booster for the last-mile delivery market.
Despite a minor growth dip owing to Covid-19 implications, the global Last Mile Delivery market is expected to recoup growth and register a healthy CAGR over the forecast period.
The future of last-mile delivery is fast shifting. Technology is taking centre stage and evolving to become more responsive, lean, and capable of meeting all client demands. Accepting innovations is helping many trucking firms improve their supply chain and delivery procedure. A mobile warehouse, gig economy and crowdsourcing applications, on-demand drivers, and supply chain management robotization are some of the technologically driven innovations that are helping to improve last-mile delivery. This trend is expected to give lucrative prospects for the market to flourish in the region, which would have a beneficial impact on the last mile delivery market.
Customers are getting more discerning in terms of what they want or anticipate from last-mile deliveries. Furthermore, if quick or same-day delivery is offered at a reasonable price, many buyers prefer it. With the increasing demand for last-mile delivery and fulfilment of the same corporate and consumer items within a set timeframe, final-mile delivery excellence has become important. Fortunately, shippers, logistics, and technology providers are planning ahead to meet all predicted customer demand on schedule by accepting novel last-mile delivery solutions. This element is predicted to have an impact on the market for last-mile deliveries.
The major players of the global Last Mile Delivery market are Cargo Carriers Limited, FedEx Corporation, United Parcel Service Inc., Tuma Transport, Swift Transport, Interlogix Pty. Ltd., Transtech Logistics, and Procet Freight.
The Last Mile Delivery market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Last Mile Delivery Market: a Snapshot
- In February 2021, NextBillion AI launched Hyperlocal Mapping solution for API industry to track deliveries, last-mile logistics and telematics by providing custom geocodes and search functionality.
- In January 2021, Mahindra Logistics Ltd. Launched a new service line called EDel, an electric vehicle which would be used for cargo applications and fulfilment for customers' needs in e-commerce, FMCG and other markets.
Last Mile Delivery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US $ 16.7 Bn|
|Growth Rate||CAGR of 8.1% during 2021-2032|
|Segment Covered||by Type, by Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Oracle,Kahuna,DESCARTES,FarEye,Track-POD,LogiNext,Zippykind,Gloat,Skillnet|
Key Segments of the Global Last Mile Delivery Market
Vehicle Overview, 2018-2028 (USD Billion)
- Light Duty Vehicle
- Medium Duty Vehicle
- Heavy Duty Vehicle
Application Overview, 2018-2028 (USD Billion)
- 3C Products
- Fresh Products
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa