NEW YORK, Jan. 17, 2023 /PRNewswire/ — The last mile delivery market was worth around USD 27.1 billion revenue in 2022, and it is projected to advance at a 20.6% CAGR between 2022 and 2030, to hit USD 121.2 billion by 2030, according to P&S Intelligence.
The growth of the industry can be credited to the snowballing usage of omnichannel retailing, coupled with the growth in internet penetration in developing countries, including Indonesia, India, and Thailand.
Furthermore, with the enhanced website experience, rise in trust among online customers, and the level of convivence that is offered to online buyers, e-commerce has become incredibly popular in the last few years.
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Service Providers Generating Higher Revenue from B2B Clients
In 2022, the B2B category had an approximately 50% revenue share, and it is projected to continue its dominance in the future. This can be ascribed to the numerous benefits provided by online retailers to fascinate B2B consumers, including easy payment alternatives, doorstep delivery of heavy parts decreased management expenses, and fast delivery.
Moreover, B2C sales are projected to grow at the higher pace in the years to come. This can be primarily ascribed to the development of organized and omnichannel retailing, snowballing technical knowledge about the usage of online platforms and smartphone apps, and changing consumer purchasing behavior.
Usage of Real-Time Tracking Technology Propels Market
The logistics and transportation markets are witnessing several changes with the integration of the real-time tracking technology. IoT is becoming dominant within numerous industries, with logistics and transportation among the most significant in this regard. To assist businesses in fulfilling the growing needs of customers, last mile delivery service providers are now offering real-time tracking functionality throughout the dispatch procedure.
North America Is Dominating Market
In 2022, North America generated approximately $9 billion due to the high acceptance level of enhanced technologies in the continent and the higher effectiveness promise of last mile deliveries.
Moreover, Canada and the U.S. are among the key markets for e-commerce and last mile logistics. As per a report, in the U.S., there were almost 2.14 billion online buyers in 2022, who spent $10.7 billion on Cyber Monday.
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The U.S. market holds the dominating position in the region, and it will grow at a rate of about 20% in the years to come. Furthermore, the existence of a large number of businesses that provide last mile delivery services, which are one of the facilities highly needed in the nation, is a key factor driving the market.
In the coming years, the fastest growth in the revenue generated from these services will be witnessed in LAMEA countries. With their burgeoning e-commerce sectors, enhancing logistics infrastructure, and rising internet and smartphone penetration, Brazil, Mexico, South Africa, the U.A.E., and other regional countries offer countless opportunities to service providers.
Last Mile Delivery Market Report Coverage
By Service
By Application
- E-Commerce
- Package Delivery
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- APAC
- Japan
- China
- India
- South Korea
- Australia
- LAMEA
- Brazil
- Mexico
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SOURCE P&S Intelligence