The last mile delivery market research in North America from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Last Mile Delivery Market in North America 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the growth of e-retailing," says a senior analyst for the Industrials industry at Technavio.
The e-retailing market in North America has recorded significant growth over the past few years. This is contributing to the growth of the last mile delivery market in the region. Major logistics providers such as XPO Logistics, UPS, and FedEx are offering last mile delivery services to small and large enterprises. Most of these vendors account for a dominant share of the business-to-customer (B2C) delivery market. The growing number of online stores has created significant business opportunities, attracting start-ups into the market. Many of these start-ups are focusing on gaining a competitive edge by innovating services to cater to the rising demand for fast and efficient last mile delivery services. These factors will contribute to the last mile delivery market growth in North America over the forecast period.
As the markets recover Technavio expects the last mile delivery market size in North America to grow by USD 44.88 billion during the period 2020-2024.
Last Mile Delivery Market in North America Segment Highlights for 2020
- The last mile delivery market in North America is expected to post a year-over-year growth rate of 12.70%.
- The growing e-retailing sector in North America has significantly created the demand for B2C last mile delivery services.
- The demand is more prominent because of the customers' expectation of receiving online-ordered products within a day.
- Also, such customers are willing to pay additional cost for last mile delivery services. These factors are contributing to last mile delivery market growth.
- The growth of the B2C market segment will be faster than the market's growth in the B2B segment.
Regional Analysis
- 79% of the growth will originate from the US region.
- The large volume of e-retail purchases and the rising number of customers opting for fast and seamless delivery services are contributing to last mile delivery market growth in North America.
- Moreover, many retailers are providing free returns and exchanges that are driving the demand for reverse logistics in the last mile delivery model.
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Notes:
- The last mile delivery market size in North America is expected to accelerate at a CAGR of over 14% during the forecast period.
- The last mile delivery market in North America is segmented by Service (business to customer (B2C) and business to business (B2B)) and Geography (US and Canada).
- The market is moderately fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including CEVA Logistics AG, Deutsche Bahn AG, Deutsche Post DHL Group, DSV AS, FedEx Corp., GEODIS SA, North American Logistics Holdings, United Parcel Service Inc., United States Postal Service, and XPO Logistics Inc.
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