Last Mile Delivery Market Size, Share & Trends Analysis Report By Type, By Application, and Segment Forecasts, 2022-2028

Due to the COVID-19 pandemic, the global Last Mile Delivery market size is estimated to be worth USD 42860 million in 2022 and is forecast to a readjusted size of USD 75510 million by 2028 with a CAGR of 9.9% during the review period.

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Fully considering the economic change by this health crisis, by Type, B2C accounting for % of the Last Mile Delivery global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR in the post-COVID-19 period. While by Application, 3C Products was the leading segment, accounting for over percent market share in 2021, and altered to an % CAGR throughout this forecast period.

Moreover, rapid product innovations by key players will significantly boost the market expansion during the forecast period. However, traffic problems and high fuel costs will restrict the market growth in the forthcoming years.
Trends Influencing the Global Last Mile Delivery Market
Globalized world

As trade activities rise so do consumer expectations. People are willing to pay higher for same-day deliveries. Companies have to ensure delivery reliability, on-time service, low cost of goods, and short-order processing time. Globalization has increased the average length of travel distances. This has forced logistics service providers to evaluate their network infrastructure for reaching the farthest corners of the world. Efficient shipment with accurate design schedules along with low damage of goods is the priority. This in turn is expected to bolster the growth of the last mile delivery market during the forecast period.

The rapid booming of the eCommerce industry

Ecommerce and omnichannel retailing have opened up new distribution centers for meeting the growing demand for last-mile deliveries. Online purchasing is growing massively due to digitization, increase in income levels, and ease of use. The number of delivery locations continues to grow for ensuring fast and painless delivery. Moreover, smart tracking systems with email notifications, SMS alerts, are being tapped into. The use of sensors, IoT for tracking shipments in real-time for both consumers and shippers allows for superior monitoring of goods. These factors will aid in the last mile delivery market growth during the review period.

Key innovations in the sector

Faster consumer fulfillment has become crucial for gaining a competitive edge. Hence industry players are relying on tech-based innovations for solving the complex challenges related to last-mile delivery. Autonomous vehicles, trucks, drones, and robotic delivery will offer highly specialized and reliable services in both urban and rural areas. Although these developments are in the testing stages the future looks bright in the coming years. The last-mile delivery market will continue to grow in the subsequent years.

Road congestion and rising fuel prices

Last-mile distribution is a complicated industry as a lot of it depends on the local city infrastructure. Crowded streets and densely populated areas suffer from challenges as companies find it difficult to reach consumers in the right place. Moreover, the fuel prices keep on rising thereby increasing operational costs. This in turn will restrict the growth of the last-mile delivery market during the forecasted period.

Last Mile Delivery Market Share Analysis
Based on type, B2C will grow the highest in the last mile delivery market share with 50% during the review period.

Based on application, the 3C products will provide lucrative opportunities for growth in the last mile delivery market share with 35% penetration during the broadcasted period.

Based on region, Asia-Pacific and North America are expected to dominate together with 70% last-mile delivery market share. North America will grow due to its highly developed transportation infrastructure. On the other hand, Asia-Pacific will rise rapidly due to the booming eCommerce industry.

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Last Mile Delivery Market Segmentation

Last Mile Delivery Market by Type
B2C
B2B

Last Mile Delivery Market by Application
3C Products
Fresh Products
Others

Last Mile Delivery Market by Regions/Countries
North America
Europe
China
Japan
Southeast Asia
India
Central & South America

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This release was published on openPR.