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Hyperlocal Delivery App Market Size, Share, Trends And Forecast 2024-2033
Hyperlocal Delivery App Market Size
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According to The Business Research Company's, The hyperlocal delivery app market size has grown exponentially in recent years. It will grow from $1.66 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to rising demand for hyperlocal delivery apps, rapid urbanization across various regions, localized marketing and personalization, increasing number of smartphone users, and increasing number of people who are ordering food online.
The hyperlocal delivery app market size is expected to see exponential growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%. The growth in the forecast period can be attributed to Increasing investments, growing E-commerce ecosystem, ensure fast delivery, changing lifestyle and food habits, and busy lifestyles, increasing smartphone penetration. Major trends in the forecast period include adoption of digital logistics tools, growing popularity of Q-business, increasing smartphone penetration, introduction of product standardization, and digital transformation.
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Market Drivers and Trends:
The growing E-commerce ecosystem is expected to propel the growth of the hyperlocal delivery app market going forward. The e-commerce ecosystem refers to the complex and dynamic network of interconnected entities, processes, and technologies that enable online commercial activities. The growing e-commerce ecosystem is attributed to increasing internet penetration, the proliferation of smartphones, advancements in logistics and supply chain management, a shift in consumer purchasing behavior towards online shopping, and the convenience of digital payment options. Hyperlocal delivery apps enhance the e-commerce ecosystem by providing fast and efficient last-mile delivery services, improving customer satisfaction, reducing delivery costs, and supporting local businesses by expanding their reach. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, the U.S. retail e-commerce sales for the first quarter of 2024 reached $289.2 billion, a 2.1% increase (±0.7%) from the fourth quarter of 2023. Therefore, the growing E-commerce ecosystem is driving the hyperlocal delivery app market.
Major companies operating in the hyperlocal delivery app market are developing innovative solutions such as route optimization algorithms to enhance delivery efficiency, reduce fuel consumption, minimize delivery times, and improve operational cost-effectiveness. Route optimization algorithms analyze multiple variables such as delivery addresses, traffic conditions, vehicle capacities, delivery time windows, and road networks to determine the most efficient routes for delivery personnel. For instance, in April 2022, LocoNav, a US-based technology company providing fleet management solutions, launched an innovative route optimization feature to enhance fleet efficiency. This tool helps fleet managers find the most efficient routes by considering real-time traffic and weather conditions, thus reducing fuel and operational costs. It also improves fleet visibility, increases the number of trips per vehicle, and boosts customer satisfaction by ensuring faster deliveries.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Uber Technologies Inc., Delivery Hero SE, DoorDash Inc, Just Eat Takeaway.com, Glovo, Instacart, Deliveroo, Swiggy, Zomato Ltd., Grubhub, Zepto, Jungleworks, Postmates Inc., GoBrands Inc, DUNZO, FarEye Technologies Inc., Skedulo Holdings Inc., Bringg, Favor Delivery, Shipstation, LogiNext Solutions, Blink Commerce Private Limited, Clickpost, Rappi Inc., Stamps.com Inc.
Hyperlocal Delivery App Market 2024 Key Insights:
• The hyperlocal delivery app market size is expected to see exponential growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 26.0%.
• Growing E-commerce Ecosystem To Drive Hyperlocal Delivery App Market Expansion
• LocoNav Launches Advanced Route Optimization Feature To Enhance Fleet Efficiency
• North America was the largest region in the hyperlocal delivery app market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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