Parcel Delivery Vehicle Industry Outlook 2025-2029: Market Set to Cross $184.84 Billion Milestone

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How Large Will the Parcel Delivery Vehicle Market Size By 2025?
In recent times, the parcel delivery vehicle market scale has experienced robust growth. There will be an escalation from $118.73 billion in 2024 to $126.72 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.7%. The growth during the historic period is credited to factors like the proliferation of e-commerce, urban development, evolving consumer expectations, the surge of courier services, and improvements in last-mile delivery.

How Big Is the Parcel Delivery Vehicle Market Size Expected to Grow by 2029?
The market size for parcel delivery vehicles is predicted to experience substantial growth in the coming years, expanding to a value of $184.84 billion in 2029, with a compound annual growth rate of 9.9%. Factors contributing to this growth during the forecast period consist of the acceptance of electric vehicles, the integration of autonomous and drone delivery, data-informed logistics, customizable vehicle designs, along with a significant emphasis on secure, contactless delivery methods. Key trends to look out for during the forecast period are advancements in last-mile robotics, the inclusion of environmentally-friendly technologies, multi-modal delivery systems, flexible and adaptable vehicle designs, and the use of mobile parcel pickups and storage centers.

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Which Key Market Drivers Powering Parcel Delivery Vehicle Market Expansion and Growth?
The advancing growth of e-commerce and internet shopping platforms is predicted to spur the expansion of the parcel delivery vehicle market. E-commerce platform pertains to any site that facilitates online buying and selling. Internet shopping platforms consist of electronic commerce that enables consumers to buy directly from vendors using a computer browser and the Internet. The growing popularity of e-commerce and internet shopping platforms is encouraging the growth of the parcel delivery vehicle market as they are used in the direct delivery of products bought on e-commerce or online shopping sites. For example, in August 2024, as reported by the United States Census Bureau, a government agency in the US, the U.S. retail e-commerce sales during the second quarter of 2024 amounted to an estimated $282.3 billion, recording a 5.3% rise compared to the first quarter of 2023. Hence, the flourishing development of e-commerce and Internet shopping platforms is driving the expansion of the parcel delivery vehicle market.

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What Are the Key Trends Driving Parcel Delivery Vehicle Market Growth?
One significant trend that is growing within the parcel delivery vehicle market is product innovation. Top companies in this field are concentrating on introducing ground-breaking products and solutions to retain their market standing. For an example, LOXO, an autonomous vehicle and services company based in Switzerland, unveiled an exceptional autonomous delivery vehicle named LOXO Alpha in December 2022. Essentially, the LOXO Alpha is a petite, electrically driven box equipped with compartments for parcels and can maneuver on its own using a range of sensors. It possesses unique radar systems, a sonar, a lidar, a camera, and potent algorithms, providing a comprehensive 360-degree view to recognize individuals and objects, thereby ensuring maximum safety. It has no carbon emissions and offers various benefits, such as lowering delivery costs for businesses and decreasing shipping expenses for customers.

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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