With the increasing smartphone and internet usage, the trend of online shopping is burgeoning around the world. Due to this, the global last mile delivery market is expected to reach $117.9 billion by 2030 from $15.7 billion in 2019, at a 20.3% CAGR between 2020 and 2030. Rising by 2% from 2018, the share of e-commerce in the total global retail sales had risen to 14.1% in 2019.
The reason the growing e-commerce sector is the key driver for the last mile delivery market is that online shopping portals let people compare product prices, features, and offers, as well as have them delivered right at their doorstep. To keep up with the increasing number of online shopping orders, companies in the e-commerce and logistics industries are tying up with last-mile delivery service providers.
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The business-to-customer (B2C) bifurcation, on the basis of service, is expected to witness faster growth in the last mile delivery market in the coming years. This is attributed to the shifting inclination of people to shop via the internet, as they are now more aware of mobile apps and the various online shopping portals operational. In addition, the middle-class population is growing, so is the reach of the internet, which is enabling more individuals to purchase stuff online.
North America is currently the highest revenue contributor to the last mile delivery market because with people getting accustomed to e-commerce, they are demanding the same level of flexibility and comfort from other services, such as logistics. In the near future, the regional last mile delivery domain would be further strengthened by the usage of data analytics, artificial intelligence, and electric autonomous vehicles.
The major companies operating in the global last mile delivery market are FedEx Corp., United Parcel Service Inc., XPO Logistics Inc., United States Postal Service, J.B. Hunt Transport Services Inc., DHL International GmbH, SEKO Worldwide LLC, ArcBest Corp., DSV Panalpina A/S, and CEVA Logistics AG.
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Market Size Breakdown by Segments
- Package delivery
- North America
- South Korea
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