Technavio Forecasts Worldwide Last Mile Delivery Market to Reach USD 59.81 billion between 2020 and 2025

Vendors will try to incorporate various solutions to enhance their services and increase their market shares, especially because of the growing B2C e-commerce industry particularly in countries such as US and Canada.

 Last Mile Delivery Market Report Highlights:

1. Market growth 2020-2025: USD 59.81 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of almost 16%
3. YoY growth (%): 14.80%
4. Performing market contribution: the US at 82%
5. Key consumer countries: the US and Canada

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Regional Market Analysis
With 82% of the growth originating from the US, this region will record a fast growth rate during 2021-2025. The US and Canada are the key markets for the last mile delivery market in North America.

During the projection period, the last mile delivery market in the United States is expected to increase steadily. The market will grow due to factors such as the large volume of e-retail purchases and the rise in the number of customers opting for rapid and seamless delivery services. The demand for reverse logistics in the last mile delivery model is being driven by a large number of businesses offering free returns and exchanges.

Apart from the rapid economic growth, the other key reasons for the increasing last mile delivery market's growth in the US is:

• The number of last-mile delivery service providers in the United States is likely to increase in the future years, making the industry more competitive. New York, Los Angeles, Houston, Austin, Seattle, Portland, Salt Lake City, and New Orleans, where the density of the millennial population is significantly higher than in other parts of the country, are major cities generating demand for last mile delivery services.

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Key Vendors and Vendor Strategies
Allied Van Lines Inc., ArcBest Corp., Averitt Express Inc., AxleHire Inc., C.H. Robinson Worldwide Inc., CEVA Logistics AG, CRST International Inc., DDC Logistics Inc.., Deutsche Bahn AG, Deutsche Post DHL Group, DSV Panalpina A/S, Fastmile Logistics Inc., FedEx Corp., are a few of the key vendors in the last mile delivery market.

The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.

For instance:

•  In December 2020, Deutsche Bahn AG, was recognized as a global leader in the fight against climate change by CDP
• In December 2020, DSV Panalpina A/S, the company completed the acquisition of Prime Cargo and Globeflight.
• In January 2020, FedEx Corp, announced that it had been ranked among the most admired companies in the world by a survey published in FORTUNE magazine.

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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the last mile delivery market.

• Growing B2C e-commerce industry in the US
• In the United States, the B2C e-commerce industry contributed significantly to overall retail sales. The rise of the B2C e-commerce industry in the United States has been aided by the increasing adoption of the Internet and online purchasing. The B2C e-commerce market in the United States is predicted to increase rapidly. Due to the simplicity of making purchases and the convenience of shopping from home, many individuals nowadays prefer to shop online rather than visiting brick-and-mortar businesses to make purchases. Shopping online also saves time. During the projection period, the online retailing market in North American countries is likely to see continued expansion and investments, fueling demand for last-mile delivery services.

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Healthcare Logistics Market in North America by Product, Service, and Geography - Forecast and Analysis 2021-2025

Dry Bulk Shipping Market by Type and Geography - Forecast and Analysis 2022-2026

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SOURCE Technavio