Press release
Key Factor Supporting Parcel Delivery Vehicle Market Development in 2025: Increasing Expansion Of E-Commerce And Online Shopping Platforms To Drive Market Growth
Parcel Delivery Vehicle
How Large Will the Parcel Delivery Vehicle Market Size By 2025?
In recent times, the market size for parcel delivery vehicles has seen significant growth. The expansion is expected to increase from $118.73 billion in 2024 to $127.73 billion in 2025, maintaining a compound annual growth rate (CAGR) of 7.6%. Major factors contributing to this elevation in the historical era include the growth of e-commerce industry, urbanization, changing consumer expectations, the surge in courier services, and advancements in last-mile delivery optimization.
How Big Is the Parcel Delivery Vehicle Market Size Expected to Grow by 2029?
The market size for delivery vehicles is set to surge in the coming years, reaching a staggering $187.48 billion by 2029, with an impressive compound annual growth rate (CAGR) of 10.1%. The expansion during the predicted period can be ascribed to the uptake of electric vehicles, integration of autonomous and drone deliveries, application of data in logistics, emphasis on safe, contactless deliveries and tailored vehicle designs. The period forecasts significant trends like last-mile robotics innovations, integration of eco-friendly technologies, multi-modal delivery systems, adaptable and modular vehicle designs, and portable parcel storage spaces and hubs.
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Which Key Market Drivers Powering Parcel Delivery Vehicle Market Expansion and Growth?
The surge in the evolution of e-commerce and online shopping platforms is predicted to fuel the expansion of the parcel delivery vehicle market in the future. An e-commerce platform is essentially any site that facilities the buying and selling process online. Online shopping platforms enable direct purchasing from sellers through an electronic medium using a computer browser and Internet access. Such an elevation in e-commerce and online shopping platforms is propelling the parcel delivery vehicle market, as these vehicles are primarily employed for door-to-door distribution of products bought on such platforms. To illustrate, in August 2024, the United States Census Bureau, a government agency in the U.S, reported that the retail e-commerce revenues for the second quarter of 2024 touched around $282.3 billion, witnessing a 5.3% surge compared to the first quarter of 2023. Hence, the exponential growth of e-commerce and online shopping platforms is considerably bolstering the parcel delivery vehicle market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Parcel Delivery Vehicle Market?
The increasing popularity of product innovation is a prominent trend in the parcel delivery vehicle market. Major players in the sector are turning towards innovative solutions and products to maintain their standing in the industry. LOXO, a Swiss autonomous vehicle and services firm, exemplifies this in December 2022 by launching LOXO Alpha, a unique and forward-thinking autonomous delivery vehicle. The LOXO Alpha is essentially a small, electric box with parcel compartments that is self-navigating, aided by a set of varied sensors. It features radar systems, a lidar, a sonar, a camera, and sturdy algorithms that provide a comprehensive 360-degree vision, capable of detecting people and objects to ensure maximal security. Boasting a virtually zero carbon footprint, it offers numerous additional benefits such as lowering delivery costs for businesses and shipping expense reductions for the end consumer.
What Are the Emerging Segments in the Parcel Delivery Vehicle Market?
The parcel delivery vehicle market covered in this report is segmented -
1) By Type: Class 2a, Class 2b, Class 3, Class 4
2) By Vehicle Type: Light Duty Vehicle, Medium Duty Vehicle, Heavy Duty Vehicle
3) By Gross Weight: 3.5-5 Ton, 6-7.5 Ton, >8 Ton
4) By Operation: Manual, Autonomous
5) By End-Use: Courier Companies, Food Delivery Companies, Fleet Management Companies, Medical Courier Companies, Warehouse Service Providers, E-Commerce
Subsegments:
1) By Class 2a: Light Commercial Vehicles (LCVs), Small Vans
2) By Class 2b: Medium Commercial Vehicles (MCVs), Larger Vans
3) By Class 3: Heavy Commercial Vehicles (HCVs), Box Trucks
4) By Class 4: Trucks Over 7.5 Tonnes, Delivery Trucks
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Who Are the Global Leaders in the Parcel Delivery Vehicle Market?
Major companies operating in the parcel delivery vehicle market include Toyota Motor Corporation, Ashok Leyland, Daimler AG, Ford Motor Company, General Motors, 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.
Which are the Top Profitable Regional Markets for the Parcel Delivery Vehicle Industry?
North America is expected to be the fastest-growing region in the forecast period. The regions covered in the parcel delivery vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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