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Parcel Delivery Market Size, Share, Growth Analysis & Forecast 2024-2033 | Competitive Outlook
Parcel Delivery Market Size
According to The Business Research Company's, The parcel delivery market size has grown strongly in recent years. It will grow from $450.01 billion in 2023 to $474.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to e-commerce growth, rising customer expectation, regulatory changes, and last-mile logistics.
The parcel delivery market size is expected to see strong growth in the next few years. It will grow to $592.50 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to last-mile innovation, sustainability initiatives, on-demand delivery, cross-border e-commerce growth, and regulatory changes. Major trends in the forecast period include real-time tracking, urban micro-warehousing, multi-carrier strategies, dynamic delivery pricing, and personalized delivery experiences.
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Market Drivers and Trends:
The rapid expansion of e-commerce is expected to propel the growth of the parcel delivery market going forward. E-commerce refers to the buying and selling goods or services over the Internet or other electronic networks. The ongoing expansion of e-commerce adoption worldwide is due to technological innovation, changing consumer behaviors, and evolving business models. Parcel delivery services are essential for e-commerce, enabling efficient order fulfillment, expanding market reach, and providing exceptional shopping experiences that drive growth and success. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, e-commerce sales in the United States surged to an estimated $1,118.7 billion in 2023, marking a 7.6% rise compared to the 2022. Therefore, the rapid expansion of e-commerce is driving the growth of the parcel delivery market.
Major companies operating in the parcel delivery market focus on developing innovative delivery methods, such as sustainable parcel delivery solutions, to address growing consumer demands for faster, more environmentally friendly delivery options. Sustainable parcel delivery solutions are delivery services that prioritize sustainability and reduce the carbon footprint by using electric vehicles, optimizing delivery routes, and consolidating shipments. For instance, in September 2022, GoBolt, a Canada-based provider of technology-enabled logistics and delivery services, launched same-day and next-day sustainable parcel delivery services in the U.S. and Canada alongside their large-item deliveries. This expansion enhances their last-mile delivery solutions, utilizing electric vehicles and a partnership with EcoCart to offset carbon emissions. It provides e-commerce businesses with eco-friendly shipping options for small and large parcels, meeting the growing demand for sustainable logistics.
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Major Key Players of the Market:
Amazon.com Inc., United Parcel Service Inc., Deutsche Post AG, FedEx Corporation, Japan Post Holdings Co. Ltd., SF Holding Co. Ltd., La Poste, Emirates Post Group Company, Poste Italiane S.p.A., DPDgroup, Hermes Europe GmbH, International Distributions Services Plc, Canada Post Corporation, Toll Group Pty Ltd, Purolator Inc., General Logistics Systems B.V., PostNL N.V., Sociedad Estatal de Correos y Telégrafos S.A., PostNord AB, Singapore Post Limited, Aramex International LLC, Omniva AS, Shadowfax Technologies Pvt. Ltd., Blue Dart Express Limited, Swiss Post Ltd
Parcel Delivery Market 2024 Key Insights:
• The parcel delivery market size is expected to see strong growth in the next few years. It will grow to $592.50 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• E-commerce Growth Driving Parcel Delivery Market Expansion
• Innovative Sustainable Parcel Delivery Solutions In The Parcel Delivery Market
• Asia-Pacific was the largest region in the parcel delivery market in 2023
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