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Parcel Delivery Vehicle Market Research 2024 - Industry Analysis, Size, Share, Future Trends, Growth Opportunities And Forecast 2033
Parcel Delivery Vehicle Market Research
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According to The Business Research Company's, The parcel delivery vehicle market size has grown strongly in recent years. It will grow from $112.41 billion in 2023 to $121.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to e-commerce expansion, urbanization, consumer expectations, rise of courier services, last-mile delivery optimization.
The parcel delivery vehicle market size is expected to see strong growth in the next few years. It will grow to $170.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to electric vehicle adoption, autonomous and drone delivery integration, data-driven logistics, customizable vehicle designs,focus on secure and contactless deliveries. Major trends in the forecast period include innovations in last-mile robotics, incorporation of green technologies, multi-modal delivery networks, modular and adaptable vehicle configurations, mobile parcel lockers and hubs.
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Market Drivers and Trends:
The rising development of e-commerce and internet shopping platforms is expected to propel the growth of the parcel delivery vehicle market going forward. E-commerce platform refers to any website that enables online purchasing and selling. Internet shopping platforms are electronic commerce that allows customers to purchase directly from sellers using a computer browser and the Internet. The rising development of E-commerce and internet shopping platforms is boosting the parcel delivery vehicle market as they are utilized in the door-to-door delivery of products ordered on e-commerce or online shopping websites. For instance, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, online retail sales as a percentage of all retail sales climbed from 16% to 19% in 2020 due to the growth of e-commerce. Furthermore, in June 2022, according to an article published by Morgan Stanley, a US-based investment management and financial services company, global e-commerce increased from 15% to 21% of total retail sales from 2019 to 2021, accounting for approximately 22% of total sales. Therefore, the rising development of e-commerce and internet shopping platforms is driving the growth of the parcel delivery vehicle market.
Product innovation is a key trend gaining popularity in the parcel delivery vehicle market. Major companies operating in the parcel delivery vehicle market are focused on introducing innovative products and solutions to sustain their positions in the market. For instance, in December 2022, LOXO, a Switzerland-based autonomous vehicle and services company, launched LOXO Alpha, an innovative and unique autonomous delivery vehicle. LOXO Alpha is simply a small, electrically powered box with compartments for parcels that drives itself using a variety of sensors. It has distinctive radar systems, a lidar, a sonar, a camera, and robust algorithms. It results in a 360-degree field of view that identifies people, and objects, and ensures optimal safety. It is said to have no carbon footprint and offers several other advantages, such as reduced delivery expenses for companies and lower shipping costs for consumers.
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Major Key Players of the Market:
Toyota Motor Corporation, Ashok Leyland, Daimler AG, Ford Motor Company, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, Renault Group, BYD Motors Inc., Isuzu Motors Limited, Mitsubishi Motors Corporation, Iveco Group, Jeep, Mahindra & Mahindra Ltd., MAN Truck & Bus AG, Navistar International Corporation, Peugeot S.A., Rivian Automotive Inc., Mack Trucks Inc., Kenworth Truck Company, Freightliner Trucks, Alkemy SpA, London EV Company Limited, StreetScooter Engineering GmbH, FCA Group Marketing S.p.A.
Parcel Delivery Vehicle Market 2024 Key Insights:
• The parcel delivery vehicle market size is expected to see strong growth in the next few years. It will grow to $170.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Increasing Expansion Of E-Commerce And Online Shopping Platforms To Drive Market Growth
• Product Innovations Transforming The Parcel Delivery Vehicle Market
• North America is expected to be the fastest-growing region in the forecast period
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