First and Last Mile Delivery Market to Exceed USD 288.38 Bn by 2031, Registering at a CAGR of 6.12% Says, Transparency Market Research Inc
Greater use of data analytics, artificial intelligence, and machine learning in route optimization, demand forecasting, and customer behaviour analysis to enhance delivery efficiency and customer experience
Wilmington, Delaware, United States, Oct. 18, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The first and last mile delivery market was estimated to have acquired US$ 159.2 billion in 2021. It is anticipated to register a 6.1% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 288.3 billion. The rapid growth of ecommerce is a major driver of the first and last mile delivery market. There is a corresponding increase in the demand for efficient and reliable delivery services, with more consumers shopping online.
The global trend towards urbanization is leading to higher population density in cities. The trend has increased the need for efficient last mile delivery solutions, as urban areas are often the most challenging for logistics due to congestion and limited space.
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Technological innovations such as route optimization software, real-time tracking, and autonomous delivery vehicles are improving the efficiency and cost-effectiveness of first and last-mile deliveries. A growing emphasis on sustainability and environmental responsibility is driving the development of eco-friendly delivery solutions, including electric and autonomous vehicles, and the use of bicycle couriers in some urban areas.
Global First and Last Mile Delivery Market: Key Players
A few number of dominant worldwide firms hold the majority of the market share in the first and last mile delivery industry. The major companies in the market are concentrating on diversifying their product lines.
The primary strategy of big players includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services. The following companies are well-known participants in the global first and last mile delivery market:
- FedEx Corporation
- DHL Global Forwarding
- Cargo Carriers Limited
- J&J Global Limited
- United Parcel Service Inc.
- Concargo Private Limited
- Interlogix Pty. Ltd.
- Tuma Transport
- TNT Express
- Transtech Logistics
- DB SCHENKER
- Swift Transport
- Kerry Logistics Network Limited
- Procet Freight
Key Findings of the Market Report
- In terms of type, the dry goods segment is expected to accelerate the demand for first and last mile delivery services, attributed to the continual rise in ecommerce and online shopping.
- Based on vehicle type, the light duty vehicle segment is anticipated to augment the market growth, owing to the factors such as increase in parcel deliveries, as well as cost-effective services.
- By end use, the pharmaceutical and healthcare segment is projected to proliferate the market growth, attributed to the factors including critical and time sensitive deliveries, as well as advanced technologies such as real-time tracking.
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Market Trends for First and Last Mile Delivery
- The rise of same-day and on-demand delivery services is becoming a significant trend, especially in the food and grocery sectors. The trend has created opportunities for companies to offer faster and more convenient delivery solutions.
- The exploration of drone and autonomous vehicle technology for last mile deliveries has the potential to revolutionize the market by reducing costs and improving delivery times.
- The development of micro-fulfillment centers closer to urban areas is streamlining the last mile delivery process and reducing the need for long-distance transportation.
Global Market for First and Last Mile Delivery: Regional Outlook
- The Asia Pacific region has seen a substantial increase in e-commerce activities, with countries like China, India, and Southeast Asian nations witnessing rapid online shopping adoption. The growth in online retail is driving the demand for efficient first and last mile delivery services.
- The region is witnessing a rapid adoption of advanced technologies in the first and last mile delivery sector. For instance, companies are using route optimization software and real-time tracking systems to enhance delivery efficiency.
- Tailoring delivery services to meet individual customer preferences, such as specific delivery time windows, locations, and other personalized options, is becoming a competitive advantage in the region.
- Many states and municipalities in North America offer incentives, subsidies, and tax credits to encourage the adoption of electric vehicles and other green delivery solutions by logistics companies.
Key Developments in the Global First and Last Mile Delivery Market
- In 2023, DHL Express announced the launch of its new DHL Parcel Connect service in the United States. The service is designed to provide businesses with a more affordable and convenient way to ship packages to residential customers.
- In 2023, FedEx Ground announced the expansion of its FedEx SameDay City service to more than 100 cities across the United States. The service allows businesses to ship packages within the same city on the same day.
- In 2023, UPS announced the launch of its new UPS Access Point network in the United Kingdom. The network provides customers with a convenient way to pick up and drop off packages at local businesses.
Global First and Last Mile Delivery Market Segmentation
- Dry Goods
- Liquid Goods
- Vehicle Type
- Light Duty Vehicle
- Medium Duty Vehicle
- Heavy Duty Vehicle
- Pharmaceutical and Healthcare
- Hi-tech Product Industry
- Food and Beverage
- North America
- Asia Pacific
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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